NIACL Assistant - SPLessons

NIACL Products and Services

SPLessons 5 Steps, 3 Clicks
5 Steps - 3 Clicks

NIACL Products and Services

shape Introduction

The largest general insurance company of India, New India Assurance Co. Ltd. or NIACL, is a public sector general insurance company. Previously a subsidiary of the General Insurance Corporation of India, NIACL today stands ahead of many financial institutions in India. moreover, its operations are now extended to many foreign countries. In order to increase its reach and distribution network, NIACL has also collaborated with many leading public sector banks of India and financial institutions with the main aim to provide their products and services to maximum people. Operations in over 28 countries through its 2329 offices, NIACL successfully targets a huge mass of the population.

shape History

Initiated in 1919, NIACL was nationalized in 1973. Later in 1999, the Insurance Regulatory and Development Act (IRDA Act) was passed. NIACL became a primary insurance subsidiary of GIC when GIC became a re-insurance company. Since then NIACL has visioned to be the most respected, trusted and preferred non-life insurer of the world.

Headquartered in Mumbai, Maharashtra, this insurance company is known to provide a wide range of products and services. Products and services are designed placing the highest priority on the customer needs and public conduct. There is transparency in operations that have been improved over time with initiatives and innovations. With the view to provide financial security to individuals and all other segments including trade and commerce, making it a pioneer in various filed;

  • Setting up the Aviation Insurance Department.

  • Handling of the Hull Insurance requirements of the Indian Shipping Fleet.

  • Establishing its own training school.

  • Introducing the concept of model office training.

  • In setting up satellite insurance.

  • Creating a department in engineering insurance.

shape Products List

List of Products Offered by NIACL:

NIACL offers insurance products and services at affordable cost. Here is a list of products and services offered by NIACL:

Product Services offered
  • Commercial Vehicle Insurance
  • Private Car Insurance
  • Two Wheeler Insurance
  • New India Global Mediclaim Policy
  • Asha Kiran
  • Jan Arogya Bima
  • Swasthya Bima Policy
  • Universal Health Insurance
  • New India Medicalim Policy
  • Cancer Medical Expn-Individual
  • Senior Citizen Mediclaim
  • Universal Health Insurance BPL
  • BMB Sakhee
  • BMB Parivar Suraksha
  • BMB Nirbhaya
  • Family Floater Mediclaim
  • Janata Mediclaim
  • New India Premier Mediclaim Policy
  • New India Sixty Plus Mediclaim Policy
  • New India Top Up Mediclaim
  • Rashtriya Swasthya Bima Yojna
  • Universal Health Insurance
  • Standard Group Mediclaim 2007
  • Universal Health Insurance BPL
  • Swathiya Bima Policy
  • Overseas Mediclaim (ES)
  • Overseas Mediclaim (Bus & Hol)
  • Personal Accident (Death & PTD)
  • Advance loss of Profit Ins
  • Airline Hull Deductible Ins
  • Airline Hull Spares Liability
  • Airline Hull War Excess Liab
  • Aviation- Hull All Risk
  • Aviation Liability Insurance
  • Aviation LOL (Group Named)
  • Baggage Insurance
  • Bhagyashree Insurance
  • Bankers Indemnity
  • Burglary Insurance
  • Carriers Couriers Legal
  • Contractor All Risks Insurance
  • Contractors Plant & Machinery
  • Directors & Officers Liability
  • House Holder
  • Raasta Aapatti: Kavach Policy
  • Machinery Insurance
  • Fire Declaration
  • Fidelity Guarantee Insurance
  • Electronic Equipment Insurance
  • Good Health Mediclaim
  • Jewelers Block Insurance
  • Janata PA Sukshma Bima Policy
  • Large Risk Project Insurance
  • Liability Insurance Act Policy
  • MIP2- Cattle Sukshma Bima
  • MIP5- Pig Sukshma Bima
  • MIP6- Camel Suksma Bima
  • Neon Sign Insurance
  • Money Insurance
  • New India Griha Suvidha Policy
  • Office Protection
  • Shop Keeper
  • Package Policy
  • Package Protections
  • Plate Glass Insurance
  • Portable Equipment Insurance
  • Special Contingency Insurance
  • Standard Fire and Special Perils
  • Student Safety
  • Stock Broker Indemnity
  • Student Safety Package
  • Loss of Profit Insurance (MB)
  • Marine Cum Erection Insurance
  • Stand Alone Terrorism
  • Animal Driven Cart Insurance
  • Cattle Insurance
  • Farmers Package Income
  • Honeybee
  • Horticulture? Plantation
  • Duck Insurance
  • Elephant Insurance
  • Gobar gas Insurance
  • Rural Lghu Nima Hut
  • Poultry Insurance
  • Personal Janta Insurance
  • Pump Set Insurance
  • Pedal Cycle Insurance
  • Pig Insurance
  • Rabbit Insurance Scheme
  • Seeds Fertilizers Pesticides
  • Raj Rajeshwari Mahila Kalyan Yojna
  • Sheep and Goat
  • Silkworm
  • Zoo and Circus Animal Insurance Scheme
  • Group Janta Insurance
  • Open Policy
  • Annual Policy
  • Open Cover Certificate
  • Sellers Interest Insurance
  • Tea Crop Insurance
  • ALOP Insurance
  • Annual TurnOver Policy
  • Duty Insurance
  • Specific Voyage
  • Marine Builders Risk
  • Charters Liability
  • Hull & Machinery
  • Marine Hull- War Risk
  • Marine Ship Repairs Liability
  • Open cover Agreement
  • Open Policy
  • Port Package Policy
  • Ship Breaking Insurance
  • Sellers Interest Insurance
  • Specific Voyage
  • Tea Crop Insurance
  • Voyage Insurance

Here is what few of these policies are for:

  1. Commercial Vehicle Insurance: This policy covers all types of commercial vehicles on public roads. Two types of covers are available; one is the Liability only policy that covers the third party liability for bodily injury and the second is the package policy that covers loss or damage to the vehicle.

  2. Private Car Insurance: This policy covers all types of private cars. The two types of covers available for commercial vehicle insurance is also available for this product.

  3. Two Wheeler Insurance: This policy covers all types of scooters and motorcycles. The two types of covers available for commercial vehicle insurance is also available for this product.

  4. New India Global Mediclaim Policy: This product is available only to individuals who have a health insurance policy sum insured of INR 8 lakhs and above. The eligibility to avail of this product also includes a proposed age of 18 to 65 years. While people above this age group can continue with the policy if they are insured without any break.

  5. Asha Kiran: The policy is specifically designed for individuals between the age group of 18 to 65 years who are parents with only one girl child whose age is from 3 months to 25 years. The policy covers the unforeseen hospitalization expenses and accidental cover.

  6. Jan Arogya Bima: This product is designed to provide cheap medical insurance to poorer in the society. Service tax is not applicable while one can avail of the tax benefits on it. Premium can go up to INR 10000.

  7. Swasthya Bima Policy: This health insurance product covers individuals and family.

  8. Universal Health Insurance: This policy product is available for groups consisting of more than 100 families, all of them covered under one policy cover. It is issued in the name of any group, institution, or association.

  9. New India Medicalim Policy: The policy product is designed to protect the proposer, the insured, against the unforeseen expenses of hospitalization. Minimum 1 and a maximum of 6 members can be insured within one policy cover.

  10. Cancer Medical Expn-Individual: The scheme is only offered to the members of the Indian Cancer Society. This product covers the insured members and the spouse.

  11. Senior Citizen Mediclaim: The policy covers the expenses incurred during hospitalization for the treatment of illness or injury to a senior citizen up to 30 and 60 days respectively. Though ambulance charges are included, there is a limited cover for Ayurvedic, Homeopathic and Unani hospitals.

  12. Universal Health Insurance BPL: This product can be issued in the name of the earning member of the family including the details of the family members or as a group policy.

  13. Overseas Mediclaim (Bus & Hol) and Overseas Mediclaim (ES): The premium is payable in rupees and the claims are to be settled in the foreign currency of the country in which the claims are made. The product is best suitable for frequent foreign travelers.

  14. Shopkeeper: This product is a package policy designed keeping in minds the needs of the small shopkeepers. It combines various insurance requirements of the shopkeepers in one single policy and discount in premium is available.

  15. Raasta Aapatti Kavach Policy: This r insurance policy product offers compensations against the personal accident. The policy covers reimbursement of hospitalization expenses and the sum insured shall range from INR 25000 to 1 lakh. The hospitalization limit allowed shall be equal to and up to the maximum accident limit.

  16. ALOP insurance: The product is also known as advanced loss of profit. It covers the particular class of business and relates to the financial consequences resulting from a project delay occurring due to the material damage during shipment.

shape Services List

Despite offering this wide range of products, NIACL is also committed to providing the following services:

  • Providing reasonably fair dealing with all its customers.

  • Providing all policy documents to its customers and make claim procedures clear to the customers with complete information.

  • The grievances have to be met quickly and sympathetically. There is also a grievance redressal mechanism that is informed to the client.

  • Responding to all commercially viable general insurance requirements catering the needs of even the weaker sections of society; senior citizens, poor, and small shopkeepers.

  • Regular monitoring and consultative process for the purpose of delivering good services through all service providers.

  • Make the policy documents and other information available to the customers in regional languages for them to understand easily.

  • Enhancement of access to helplines, call center, portal, and personalized interactions.