Company name - the new India assurance co.

ltd
find: 1. its history
2. What products they offer and their sub policies and plans
3. Then come to motor insurance
4. Everything about motor insurance, ok??
5. Then incase of claim
6. Steps after registering
7. And other available info about motor insurance..

What is Insurance ?

It is a system by which the losses suffered by a few are spread over many,
exposed to similar risks. Insurance is a protection against financial loss
arising on the happening of an unexpected event.

Profile

History

Present Position

International Presence

Our Strengths

Pioneers

Citizens' Charter

stablished by Sir Dorab Tata in 1919, New India is the first fully Indian
owned insurance company in India.

New India was a pioneer among the Indian Companies on various fronts,
right from insuring the first domestic airlines in 1946 to satellite
insurance in 1980. The latest addition to the list of firsts is the insurance
of the INSAT-2E.

With a wide range of policies New India has become one of the largest
non-life insurance companies, not only in India, but also in the Afro-Asian
region.

History

Incorporated on July 23rd, 1919 Founded by the House of Tata Founder

member - Sir Dorab Tata. Nationalised in 1973 with merger of Indian
companies.

Top

Present Position

Gross Premium (in India) of Rs. 5017.20 crores in the year 2006-2007, as
against Rs. 4791.49crores in the year 2005-2006. Assets Rs.
27444.57crores as on 31st March 2007. Network of Offices-26 Regional
Offices, 393 Divisional Offices, 614 Branches and 34 Direct Agent
Branches. Rank No. 1 in the Indian market. Largest Non-Life insurer in
Afro-Asia excluding Japan. First Indian non-life company to cross Rs. 5000
crores Gross Premium. Global Re-insurance facilities. Over-seas presence
in countries like Japan, U.K, Middle East, Fiji and Australia.

Top
International Presence

Overseas operations commenced in 1920. Operations in 24 countries in the

year 2004-05. Network of 19 Branches, 12 Agencies, 2 Associate
companies and 2 Subsidiary companies in the year 2004-05. Overseas
Premium of Rs. 892.35 crores in the year 2004-05, which accounts for more
than 80% of total overseas premium in India.

Top

Our Strengths

Largest number of Offices - In India and Abroad Trained and technically

qualified staff 1068 fully computerised offices across India. "A-" (Excellent)
rating by A.M.Best & Co (Europe) First domestic company to be rated by
an International Rating Agency Rating based upon following factors:
Superior capital position Strong operating performance Strong market
position Only company to develop significant International operations, long
record of successful trading outside India.

Top
Pioneers

First company to set up an Aviation Insurance Department in 1946.

First company to handle the Hull Insurance requirements of the Indian

Shipping Fleet.

First company to establish its own Training School.

First company to introduce the concept of 'Model Office Training'.

First company to create department in Engineering insurance.

Pioneer in Satellite insurance.

Top

Citizens' Charter

Our Mission

To develop general insurance business in the best interest of the

community.

To provide financial security to individuals, trade, commerce and all other

segments of the society by offering insurance products and services of high
quality at affordable cost

Our Values

Highest priority to customer needs.

High standards of public conduct.

Transparency in operations.

Our Commitment to the citizens

We will respond to all commercially viable general insurance requirements

of the citizens, including products for weaker sections of the society at
affordable price within three months from the date on which such a
requirement is received.

We will ensure issuance of 100% of documents within a period of seven

days.

We will ensure that prospectus of the various insurance products are

provided to the customers and the extent of coverage is explained for his
choosing the appropriate product. A written proposal will be obtained from
the insured wherever necessary and accordingly the policy will be
prepared.

We will settle all claims within a time schedule envisaged hereunder:

A. Personal line insurance claims within 30 days on completion of all

requirements.

B. Property claims within 30 days on completion of all requirements.

C. Liability claims within 30 days on completion of process of law.

We will promote customer education in general insurance

products/services by holding workshops in various centers.

We will open a customer service cell in all ROs/DOs in addition to the

existing 'May I Help You' counters.

We will set up proper grievance redressal mechanism in every operating

office and will educate the clients about the same including the system of
grievance redressal thorough ombudsman.

On request to the policy issuing office, we will make available to a

customer, the status of his claim and/or claim settlement details within
seven working days.

We will adhere to the IRDA guidelines in protecting the policyholders'

interest.

All the above services and commitments will be honoured without

the citizen having to pay any gratification/bribe.

Workforce

Employee Strength
 Total
Category Number of Function
Employees

Class I 4913 Supervisory

Class II 3073 Development

Force

Class III 10050 Clerical/Secre

tarial

Class IV 2238 Substaff/Drive

rs

P. T. S. 412

Total 20686

Training:

Corporate Set Up

Name Designation Direct Tel. Email

Mr NSRC Director and Off: 022- nsr.chardraprasad@newin

Prasad General 27081 dia.co.in
Manager 00

Fax: 022-
26722
41

Mr. N. Dy Gen. Off: 022- n.toppo@newindia.co.in

Toppo Manager 26758
23

Resi: 022-
36850
04

Fax: 022-
26970
 44

Mr. Atul Chief Manager Off: 022- atul.sahai@newindia.co.in

Sahai 27083
02

Resi: 022-
26285
31

Fax: 022-
27004
72

Intermediary

Brokers

Third Party Administrators (TPA)

Agents

Surveyors

Agents

How To Become An Agent.

Age: Completed 18 years.

Qualification: Minimum qualification of pass in 12th standard or

equivalent examination conducted by any recognized Board or Institution in
places where there is a population of five thousand or more (As per 1991
census), otherwise a pass in 10th standard or equivalent examination from
recognized board or institution if the applicant resides in any other place.

Training: Practical training will be of 100 hours at our IRDA approved

training centers and 150 hours of training in case of composite ( life and
general) insurance agency. Training is to be spread over 3 weeks and 4
weeks respectively. There is relaxation of hours to 50 and 70 respectively in
case he posses certain extra professional qualification. In case of 2nd
renewal of licenses for existing agents, the hours of training required is 25
and 50 respectively.

Insurance Examination: Pass in examination with 50% marks to be

conducted by Insurance Institute of India, Mumbai, or other body approved
by IRDA for 100 marks in 2 hours on course IC-34.

An interview by insurance company is to be conducted after the

examination; for 25 marks. The agent has to score minimum of 15 marks to
be successful in the interview.

License fee of Rs 250/- payable to IRDA and Rs.150/- for renewal license.
The bank draft to be submitted to designated person through reporting
office alongwith the Application Form.

Third Party Administrators (TPA)

The job of a TPA is to maintain databases of policy holders and issue them
identity cards with unique identification numbers and handle all the post
policy issues including claim settlements. In terms of infrastructure, the
TPAs run a 24-hour toll-free number, which can be accessed from
anywhere in the country. And they will have full-time medical practitioners
under their employment who will immediately take a decision on whether
the ailment is covered under the policy.

TPA license can be granted to any company registered under the

Companies Act 1956. IRDA, which licenses and regulates these TPAs, has
specified stiff entry norms some of which include a minimum capital
requirement of 1 Crore, capping the foreign equity at 26% etc. License is
usually granted for a period of 3 years.

Below is an overview of the activities of TPA

All the records of medical insurance policies of an insurer will be

transferred to the TPA.

TPA may issue identity cards to all the policy holders, which they have to
show to the hospital authorities before availing any hospitalisation
services.
In case of a claim, policy holder has to inform TPA on 24 hr toll free line
provided by the TPA.

On informing the TPA, policy holder will be directed to a hospital where

the TPA has a tied up arrangement. However policy holder will have the
option to join any other hospital of his choice, but in such case payment
shall be on reimbursement basis.

TPA issues an authorisation letter to the hospital, for the treatment

wherein the TPA will pay for the treatment.

TPA will be tracking the case of the insured at the hospital and at the
point of discharge, all the bills will be sent to TPA.

TPA makes the payment to the hospital.

TPA sends all the documents necessary for consideration of claims, along
with bills to the insurer.

Insurer reimburses the TPA.

New India has tied up with 18 TPAs

Surveyors

Licensing Procedure for Surveyors

Every person who is an individual and intending to act as a surveyor and

loss assessor in respect of general insurance business shall apply to the
Authority for grant of licence in FORM-IRDA-1-AF as given in the Schedule
to these regulations.

The Authority shall, before granting licence, take into consideration all
matters relating to the duties, responsibilities and functions of surveyor and
loss assessor and satisfy itself that the applicant is a fit and proper person
to be granted a licence. In particular and without prejudice to the foregoing,
the Authority shall satisfy itself that the applicant, in addition to submitting
the application complete in all respects:-
satisfies all the applicable requirements of section 64UM read with section
42D of the Act and rule 56A of the Insurance Rules, 1939;

possesses such additional technical qualifications as may be specified by the

Authority from time to time;

has furnished evidence of payment of fees for grant of licence, depending

upon the categorisation;

has undergone a period of practical training, not exceeding 12 months, as

contained in Chapter VII of these regulations; and

furnishes such additional information as may be required by the Authority

from time to time.

The Authority on being satisfied that the applicant is eligible for grant of
licence, shall grant the same in FORM-IRDA-2-LF as given in the Schedule
to these regulations and send an intimation to the applicant together with
an identity card mentioning the particular class or category of general
insurance business namely, fire, marine cargo, marine hull, engineering,
motor, miscellaneous and loss of profit for which the Authority has granted
licence and the licence shall remain valid for a period of five years from the
date of issue thereof, unless cancelled earlier.

A surveyor and loss assessor, whose licence has been cancelled or

suspended for any reason, may submit an application for issuance of
licence, after the expiry of three years from the date of such cancellation or
suspension, and, such an application shall be treated as a fresh case, and,
accordingly, the applicant shall satisfy all the requirements of sub-
regulation (2).

A surveyor and loss assessor shall be subject to categorisation as specified

in Chapter V of these regulations.

A licence issued, before the commencement of these regulations, by the

Controller of Insurance or his authorised representative shall be deemed to
have been issued in accordance with these regulations.

The applicant referred to in (1) shall apply in FORM-IRDA-3-AF as given in

the Schedule to these regulations.

The Authority on being satisfied that the applicant is eligible for grant of
licence, shall grant the same in FORM-IRDA-4-LF as given in the Schedule
to these regulations, and, all the provisions of regulation 3 above, shall
apply mutatis mutandis to corporate surveyors.
For more details visit IRDA's website www.irdaindia.org

Products

• Pravasi Bharatiya Jewellers Block

•
Bima Yojana Policy
Policy
Bankers
•
• Health Plus Indemnity Policy
Medical
Expenses Policy Shopkeepers
•
Policy
• Mediclaim Policy
Marine Cargo
•
Personal Policy
•
Accident Policy
Plate Glass
•
Overseas Insurance
•
Mediclaim Policy
Special
• Householders Policy • Contigency
Policy
• Motor Policy
• Neon Sign Insurance
• Money Insurance
Multi Peril Policy for L.P.G.
•
Rasta Apatti Kavach (Road Dealers
•
Safety Insurance)
Fidelity Guarantee Insurance
•
• Suhana Safar Policy Policy

• TV/VCR/VCP Insurance • Marine Hull Policy

 Mobile/Cellular Phone • Aviation Insurance
•
Insurance

• Other Personal Insurance

Public Liability
•
Policy

• Fire Policy Products

•
Liability Policy
• Burglary Policy
• Professional
• Machinery Indemnity Policy
Breakdown
Policy Directors and
• Officers Liability
Electronics Policy
• Equipment
Policy • Lift (Third Party) Insurance

Consequential • Employers' Liability Policy

•
Loss Policy
• Carrier's Liability Insurance
• Contractors All Risk Policy
• Liability Insurance Act Policy
• Marine cum Erection /
Storage cum Erection Policy • Golfers Indemnity Insurance

• Advanced Loss of Profit /

Delay in Startup Policy

• Contractor Plant and

Machinery Policy
• Universal Health
• Mega Package Policies Insurance
Scheme

• Jan Arogya Bima

Policy
Carrier's Liability Insurance
• Raj Rajeshwari
Liability Insurance Act Policy Mahila Kalyan
Yojana
Golfers Indemnity Insurance
• Bhagyashree
Child Welfare
Social Policy

Universal Health Insurance Scheme• Janata Personal Accident

Insurance
Jan Arogya Bima Policy
• Student Safety Insurance
Raj Rajeshwari Mahila Kalyan Yojana

Bhagyashree Child Welfare Policy • Ashrya Bima Yojana

Janata Personal Accident Insurance • Rural Insurance

Student Safety Insurance

Ashrya Bima Yojana

Rural Insurance
 OUR
Your sights are firmly set on STRENGTH
steering your business in the right
direction, getting new contracts New India :'A'
under your belt, achieving growth -(Excellent)-
and increasing profits. The Rating by
continuous expansion of world A.M.Best &
trade demands that your business Co.
must be increasingly competitive,
notwithstanding a steady stream
of economic and political New India:
difficulties. Prospects for the largest
increasing business can be general
significant, but bring with it a insurance co.
variety of operational and financial in India with
risks, including constraints on a large all
working capital, unacceptable india service
concentrations of accounts network of
receivable and payment defaults. 1123 offices,
and 29
In the modern business overseas
environment your clients ask offices in 23
you for credit terms so you countries.
need to give credit terms. At the
same time, there are greater ATRADIUS
concentrations of risks and (Erstwhile
increases in failures. The Client Gerling NCM)
Account is the only account not Credit
covered in your balance sheet. Insurance
Are your customers going to Group:
pay you? Are they going to be
bankrupt? There could be a host The world's
of reasons for non-payment, and most
the loss of a large payment may extensive
spell disaster for your business, credit
whatever the prudence and insurance
competence exercised. On the service
other hand, too cautious an network and
attitude in evaluating risk and the second
selecting buyers may result in loss largest in the
of hard-to-get business world with
opportunities. 25% market
 share.

ATRADIUS
(Erstwhile
Gerling
NCM):
Present in 36
countries
through 93
offices

Access to to
the extensive
Data Base of
ATRADIUS
(Erstwhile
Gerling NCM)
for Export
Risk.

Tailor- made
solutions to
suit specific
needs

High quality
under writing
decisions

For more
detail :
www.niacl.co
m
www.atradius
.com

New India's Business Credit Shield can make all

the difference!
Motor Policy

Top of Form

Type of Vehicle
 Type of Policy

Note:

1 No Claim Bonus and Loading will be done as per Claim Experience of

. Insured.

2 Extra premium will be charged for electrical fittings, CNG unit, LPG fuel
. tank, Fibre glass tank and Trailer attachment.

3 Discount will be allowed for Automobile Association Member, Vintage car,

. Anti-theft device.

4 Concession will be given for laid up vehicle, use of vehicle within Insured's
. premises and attaching side car for Two wheeler.

Articles

Education and Training in New India Assurance

A) Initiatives taken by New India to train their officers and staff

FOR AGENTS:

In addition to our Corporate Training College (CTC), Mumbai, Zonal

Training Centres (ZTC) at Kolkata and Chennai and 19 Regional Training
centres (RTC) at Regional offices ; we have received accreditation for 23
other Agencies training centres in interior parts of the country. The
training is for pre-licencing exam preparation and subsequent trainings
for skill developments are also to be imparted.

In the year 2002-03 around 6000 prospective agents were trained at

various training centers.

FOR STAFF:

RTC and ZTC caters training to the employees under the zone/ region's,
from time to time. ZTCs generally conduct trainings on special topics for
which faculties are rare and even target- participants from one RO is not
sufficient for a programme.

College of Insurance (Under GIC ,Mumbai) also imparts training

programmes for our staff from Mumbai and Pune Regions only.

On Management topics and specialized topics , we look forward to

external agency's training centers at various places throughout India.

FOR OFFICERS:

RTC, ZTC & CTC make their yearly calendar for regular training, and
special trainings on technological changes, departmental changes, for
transfers and promotions.

National Insurance Academy (NIA), Pune takes up specialized training

programme on Insurance, IT, Law and Management topics. In the year
2002-03 in 98 programs 657 persons participated.

Officers are also nominated to various external institutionsfor training

programmes/seminars and conferences. In the year 2002-03, 87
programmes for 305 persons were considered.

College of Insurance also caters to the needs of our officers of Mumbai &
Pune region. In the year 2002-03 , in 36 programmes 154 persons were
trained.

Ours being a International Company, our top executives and officers are
nominated for overseas training, around 10 cases per year.

We have created 10 Computer Learning centres in large cities like

Ahmedabad, Kanpur and Mumbai CTC etc for Computer literacy training
and specialized courses.

We have also initiated 'E- training', initially on Management courses with

various outside agencies.

With 'Personalitree.com' , 71 persons in 21 programmes were trained

through Internet.

With 'Macmillan India Limited' and Indian Institute of Management, 9

executives persue their 'On line Executive Development Training' during
year 2002-03.

FOR SC/ST STAFF:

Special Training programmes in preparation for competitive examination

are being organized in all Regional Training Centres.
Special training programmes and workshops in 2/3 batches per year are
also being organized at all India level at some outside venues.

Special attention is also given to them while nominating for training at

various Institutes.

FOR TPAS / BROKERS/ SURVEYORS / ADVOCATES:

Basing on the need to improve the productivity and professionalism and

also to clear our pending cases in an effective way, special workshops are
being organised under various Regional Offices.

FOR CUSTOMERS:

All Regional offices organise various workshops / seminars for their

existing and Prospective clients throughout the year at various hired
places.

FOR CORPORATE AGENTS:

We have initiated pre-licencing agency training for Corporate

'bancassurance' agents in the year 2002-03, as below :

a. Union Bank of India:-, 150 officers at 9 centres throughout India.

b. Corporation Bank:- at 3 centres, around 45 officers.

c. Many other small banks:- 4 programms at CTC, Mumbai were

organized.

For first hand information and soft skill in Insurance Underwriting 3 days
training programme for Bank officials were taken up at around 10 places
throughout India.

B)Areas of focus of training and Research:

1.IT (Information Technology)

For computerization of all our offices and for manpower development, the
following trainings were conducted at various places in our Computer
Learning centres and other Training Centres.

Maintainance of PCs, Servers and network

Maintainance of RDBMS by ORACLES & SILVERLINE.

Genisys users training by CMC

Genisys implementation training by CMC

Technological support training by CMC.

2.Computer Literacy Programme to achieve 100% literacy in all our

offices , the following actions were taken:

Training at our centres by our faculties and hired faculties with rented
hardware.

Training at Computer Learning Centres in the same fashion as above.

Training at external computer learning centres.

Training at National Insurance Academy ,Pune for our top officials.

3.Development of bank officials to make the 'bancassurance' a success, we

have initiated various short time courses on Insurance Under-writing,
collection of premium and retail insurance management.

4.New Products-development by our Research development departments

and the trainings by NIA, Pune have been ensured.

5.Courses on Insurance Management in collaboration with Symbosis

Centre of Distant Learning (SCDL) is initiated in 2002-03 and one batch is
ready to come out with diploma.

6.Insurance Law is a changing place due to regular additions and

modifications of Insurance Law by IRDA. We have created a New India
Assurance chair of Insurance Law at National Law University, Jodhpur.

C)Relevance of new courses offered by various Institutes

throughout India.

1.Courses on Risk and Insurance Management:- Llarge number of

Institutes have initiated Post Graduate Diploma courses and other diploma
courses on Risk and Insurance Management. Some of them are :

MAEER's MIT (Management Institute of Technology), Pune

NMIMS, Vile Parle.

AIMA, CME, with National Insurance Academy.

CIRMS, Gurgaon

BIMT, New Delhi.

RNIS, New Delhi.

AMITY School, New Delhi.

IIIF at Hyderabad

IILM at New Delhi

ICRIM of ICFAI, Hyderabad

GICD, Mumbai

2. Indian Institute of Bankers has initiated courses at Banking and

Insurance.

3. Actuary Society of India has initiated courses on Actuarial science.

As the Public Sector Insurance Companies have no provision for campus

recruitment; the diploma holders do not get opportunity for campus
recruitment in Government Sector.

Private Insurance Companies , employ very few executive cadres among

them, hence the employment in officers cadre from those diploma holders
are very rare.

Non-life Insurance Fast Gaining Prominence In Asia

30th September,
Source: Financial Express

Non-life insurance markets in China and India are fast gaining importance
in the Asian region, the latest Swiss Re sigma study has concluded.
The study, titled "Asia's non-life insurance markets", has forecast a positive
outlook for non-life insurance in Asia, asserting that the outbreak of the
Severe Acute Respiratory Syndrome (Sars) early in 2003 had only
temporarily dampened market growth.

At the same time, the study observed, the corporate landscape and
competitive behaviour in the insurance industry were changing fast. After a
break in 2001, growth rates in the non-life insurance business resumed
their faster pace. Premia rose across the region with strong growth
recorded in most emerging markets. It expected growth to substantially
exceed that of most OECD markets. Nonetheless, it added, weak stock
markets in 2001 and 2002 had taken their toll on insurers' capital bases,
thus reinforcing the need to focus on underwriting quality.

According to the study, deregulation and phase-out of state ownership were

fast reshaping the insurance landscape, and the industry would see further
consolidation in the coming years. This would lead to more concentrated
and polarised markets. State-owned insurers were still a significant force in
Asia - accounting for over a fourth of the premiums outside Japan, while
foreign insurers - though making up some 40 per cent of all insurers - had
only a 10 per cent market share. Nevertheless, foreign insurers were poised
to take on a more active role in the development of the region's insurance
business over the medium to longer term, despite recent reticence in
business expansion.
NIA-Indian Assurance Even In Japan

Japan is the 2nd largest non-life insurance market in the world, after the
USA. There are 32 Japanese companies and 21 foreign companies
operating in Japan. The market share of 21 foreign companies is just over
4.5%. There is only one company that has kept the flag of the Indian and
Asian insurance industry high for more than 5 decades in the highly
competitive market- The New India Assurance Co. Ltd.

One of the major business operations of the company in Japan is to assist

the Indian office in procuring business emanating from Japanese
companies that undertake projects in India. New India Japan is
approached by not only Japanese companies but also by Japanese
insurance companies whose clients are in the process of acquiring interest
in India, for guidance.

Its gross premium income in 2002-03 was Yen 3.8 billion (Rs.153 crore),
which was 15 percent higher than the previous year. The company made a
profit around Yen 40 million (Rs.1.64 crore) during the year, all this
despite a nearly zero growth and zero interest economy and continuing
recession in Japan.

New India writes all classes of traditional non-life insurance business and
more than 95% of its business is derived from Japanese clients through its
agents network.
Corporate
 Corporate Head office Address:

The New India Assurance Co.

Ltd.
87, M.G. Road, Fort,
Mumbai 400 001.
Our Offices

Corporate Domestic Overseas

What are the policies available for covering the vehicles ?

There are two policies: Motor Liability Only Policy and Motor Package
Policy.

Top^
Is it mandatory to have insurance for plying vehicles on the public
place ?

As per Motor Vehicle Act, it is mandatory to have Motor Liability only

Policy for covering Third Party.

Top^

What is covered under Liability Only Policy ?

Owners' liability towards Third Party Personal Injury and Property Damage.

Top^

What does Motor Package Policy Cover ?

This type of policy covers all the risks covered under Motor Liability policy
plus loss or damage caused to the vehicle due to:

Accident, Fire, Explosion, Self Ignition, Lighting, Burglary, House Breaking,

Theft, Riots & Strikes, Earthquakes, Flood, Typhoon, Hurricane, Storm,
Cyclones, Malicious Acts, Terrorism, Transit by rail/road, air and
waterways and also include towing charges.

Top^

What are the exclusions under Package Policy ?

Damage caused due to:

Driver being under intoxication, Vehicle being driven by a person not

holding an effective valid license, Damage to tyres (unless the vehicle is
damaged at the same time),Wear and tear and mechanical breakdown
damages.

Top^

What are documents required at the time of claim ?

Copy of claim intimation given to insurer with xerox copy of policy and
premium receipt, duly filled Claim Form, Driving License, Registration
Certificate of Vehicle, Estimate of repairs from repairer and stamped
receipt, Bills and Cash Memo of repairs, verification of road tax, Police
Panchanama/FIR, Permit and Fitness Certificate and any other documents
deem feet for the situation.

Top^
Can the amount be paid directly to the repairer ?

Yes - In case of Approved Garage

No - In case of any other Garage

Top^

What is the amount I have to bear ?

Compulsory excess, Reasonable value of salvage if not surrendered to

insurer and depreciation.

Top^

What is "No Claim Bonus" ?

It is a special discount given on premium for every claim-free year.

Top^

What is Solatium Fund Scheme ?

It is the Scheme formed by the Central Govt. to provide compensation to

the victims of "Hit and Run " motor accident. The amount of compensation
is Rs. 25,000/- in the event of death and Rs. 12,500/- for grievous hurt.

Top^