Nse: NIACL (New India Assurance Company Limited)

Nse: NIACL

A government-owned general insurance provider, The Nse: NIACL (New India Assurance Co. Ltd)., offers insurance-related services. Fire, marine, motor, crop, health, and others are the main segments through which it does business.

The Fire section provides comprehensive risk package insurance policies, business interruption insurance, fire and specific dangers insurance, and insurance against fire.

The marine section includes products for offshore oil and energy insurance, hull and machinery insurance, and maritime cargo insurance.

Both comprehensive and liability-only (third-party and own-damage) automobile insurance products are covered under the automobile section.

The Pradhan Mantri Fasal Bima Yojana farmers’ package insurance, the weather-based crop insurance, the unified package insurance programmes, and the horticulture or plantation insurance are all included in the crop category.

The Health section includes personal accident products and programmes, corporate (group) health insurance products, and individual health products, including mediclaim, floater, and mediclaim products.

Liability insurance, engineering insurance, aviation insurance, nuclear insurance, fidelity guarantee, burglary insurance, homeowner insurance, and commercial insurance that is specialised in insurance are all included in the Others category.

Dorabji Tata established the business on July 23, 1919, and its headquarters were in Mumbai, India.

The New India Assurance Company Announcement under Regulation 30

By Regulation 30 of the SEBI (LODR) 2015, we inform you that the MoF has appointed the following director to the board of The New India Assurance Company Ltd.

As of April 24, 2023: By order dated April 17, 2023, Ms. Smita Srivastava, MD and CEO of Health Insurance TPA of India Limited, was appointed general manager and director.

An overview of Ms. Srivastava: Ms. Srivastava was HITPA’s MD and CEO.

She has more than 20 years of expertise in the insurance sector and is a graduate and AIII of the Insurance Institute of India.

According to the Companies Act of 2013, they have no family ties to any other board members.

We now affirm that the above-mentioned director is not barred from holding the office by any order of the authorities or by the requirements of the circulars dated June 20, 2018 issued by the exchanges on the enforcement of SEBI orders regarding the appointment of directors by listed companies.

New India Assurance Health Insurance Plans

New India Assurance Insurance Company offers customers a comprehensive range of health insurance plans. The list of various health insurance plans offered by New India Assurance is given below:

Plan Name: New India Floater Mediclaim Plan

For family

• Min. Age – 3 months
• Max. Age – 65 years
• Min. Coverage – ₹ 2 lakh
• Max. Coverage – ₹ 15 lakh

Plan name: New India Top Up Mediclaim Plan

For top-up

• Min. Age- 3 months
• Max. Age – 65 years
• Min. Coverage – ₹ 5 lakh
• Max. Coverage – ₹ 22 lakh

Plan name: New India Asha Kiran Plan

For parents with a girl child

• Min. Age – 3 months
• Max. Age – 65 Years
• Min. Coverage – ₹ 2 lakh
• Max. Coverage – ₹ 8 lakh

Plan Name: New India Pravasi Bharatiya Bima Yojana

For emigrants with ECR or ECNR

• Min. Age – 18 years
• Max. Age – 60 years
• Min. Coverage – ₹ 10 lakh
• Max. Coverage – ₹ 10 lakh

Why do we need new India health insurance?

Due to the growing cost of healthcare and the cost of treating various illnesses, India’s health insurance policies have become crucial today.

In addition, people’s modern lifestyles make them more susceptible to illnesses and disorders that need medical care.

In the case of a medical emergency, the growing expense of healthcare combined with a stagnant average income creates a financial dilemma.

To ensure that the financial component of the crisis is at least taken care of by the insurance provider and that medical expenses do not burden the typical middle-class man, it is wise to insure against any potential medical eventualities.

Let’s go through each new Indian health insurance policy in further detail.

New India Top-Up Insurance for Mediclaim

This New India Assurance Mediclaim Policy’s key characteristics are:

1. reimbursement for inpatient hospital costs in India.
2. When the sum of all hospitalisation costs (excluding pre- and post-hospitalization) for one or more members exceeds the specified limitations, the plan will be in effect.
3. This New India Assurance plan will be in effect for every hospitalisation after the initial expenditures have exceeded the restrictions, subject to the sum insured specified in the plan.
4. The sum insured represents the company’s maximum obligation to all members.
5. If any expenditure has been incurred beyond the limitations, the insured can collect it from this insurance or any other firm, but not both.
6. If the sum exceeds the restrictions, the sum insured is accessible under this New India Health Insurance plan and any reimbursement from any other firm.

The sums insured under New India Health Insurance available are:

Eligibility for New India Health Insurance

The proposer and other participants must be aged between three months and 65. This New India Assurance plan covers children from three months to eighteen years old, provided that their parents are also insured at the same time.

Children between 18 and 25 are likewise insured as long as their parents are, too, and as long as they are financially dependent on them, except unmarried daughters and children with mental disabilities.

A health checkup will be necessary for everyone under 50, those above 50, or those with an adverse medical or claims history.

Duration of the Plan

• The insurance is only valid for a year.
• Insurance protection provided by New India Assurance
• The hospitalisation costs consist of the following:
• Maximum daily charges for room rental, boarding, and nursing care are Rs 5000 for Rs 500 000 and Rs 8000 for thresholds of Rs 800 000.
• Fees for specialists, consultants, surgeons, doctors, and anesthesiologists
• Maximum IICCU/ICU costs per day for thresholds of Rs. 500 000 and Rs. 800 000 are Rs. 10 000 and Rs. 16 000, respectively.
• The cost of prosthetic devices placed during surgery includes pacemakers, oxygen, surgical instruments, medicines and drugs, blood, anaesthesia, OT fees, chemotherapy, radiotherapy, artificial limbs, and other costs.
• For anyone sick, the New India Assurance Plan would pay a get-well benefit of Rs 5000 for a threshold of Rs 500 000 and Rs 8000 per day for a threshold of Rs 800 000.
• Only the first four eligible claims under the plan are affected by this. The insured amount will, however, reduce as a result of this facility.

Hospitalisation costs for the donor.

1. Rs 5000 for the Rs 500000 threshold and Rs 8000 per day for the Rs 800000 threshold in ambulance service costs.
2. This plan provides a hospital cash benefit of Rs. 500 per day for thresholds of Rs. 500000 and Rs. 800 per day for thresholds of Rs. 800000.
3. The highest amount of coverage for cataract surgery under this plan is Rs. 50,000.
4. Ayurvedic therapies are also covered by this plan.

New India Family Floater Mediclaim Insurance Plan

The following are covered by this New India Assurance Mediclaim policy:

• a new baby cover The waiting period for mothers is 24 months, and coverage is provided from the time of delivery until the plan’s expiration. However, the same does not include postpartum care or delivery costs.
• Hospitalisation costs for inpatients: up to the sum insured, subject to sublimits; excludes outpatients
• ICU fees: up to 2% of the insured amount daily.
• Room and Board: 1% of the Daily Sum Insured
• Fees for specialists, consultants, surgeons, doctors, and anesthesiologists
• The cost of prosthetic devices placed during surgery, such as pacemakers, oxygen, surgical instruments, medicines and drugs, blood, anaesthesia, OT fees, chemotherapy, radiotherapy, artificial limbs, and other costs
• healthcare costs associated with organ donors.
• outlined nursery practises.
• The highest amount of coverage for cataract surgery under this New India Assurance plan is Rs. 50,000.
• Treatments provided by AYUSH are also covered by this plan.
• 10% of the covered amount for the eleven serious conditions listed

Eligibility

1. Individuals between the ages of 18 and 65 can purchase this New India Assurance health insurance plan.
2. Children between the ages of 18 and 25 are likewise insured as long as their parents are, too, and as long as they are financially dependent on them, with the exception of unmarried daughters and children with mental disabilities.
3. Every person over the age of 50 will need to get a health checkup, but if the firm approves the coverage, 50% of the cost will be covered.

Duration of the Plan

The duration of this New India Assurance coverage is just one year.

Premium and Insurance Amount

There are generally four different kinds of policies, or categories of money insured, namely Rs 2 lakh, Rs 3 lakh, Rs 5 lakh, and Rs 8 lakh. The following factors determine the premium that will be paid:

primary member premium and table premium.

Premium from the Additional Member Premium Table for the additional member who must be covered by the plan. Family Floater, which comprises the proposer, spouse, dependent children, and dependent parents up to 60 years of age, applies to all covered members (minimum 2 and maximum 6).

Sum Insured Zone: There are three zones listed under this heading: Greater Mumbai, Delhi NCR, and Rest of India.