New India Assurance launches Global Mediclaim Policy
New India Assurance Company, India’s largest non-life insurance Company, today launched a comprehensive world-wide mediclaim policy named ‘New India Global Mediclaim Policy.’ The policy will cover an insured’s hospitalization expenses for treatments like cancer, neurosurgery, hearty surgery, organ transplant and bone marrow transplant in hospitals outside India.
New India Global Mediclaim is a revolutionary Critical Illness product with two major plans, one covering hospitalization with medical centers in Asian countries while the second plan offers the same service, worldwide. The Asian countries medical coverage plan offers a lifetime cover of USD 1 million and the worldwide lifetime coverage insures an individual for USD 2 million. The policy covers an entire gamut of services like medical second opinion for the covered illness of the insured to the expenses like travel, accommodation and treatment in a foreign land.
Speaking on the launch, Mr. G. Srinivasan, Chairman and Managing Director, New India Assurance said, ‘Global Mediclaim policy has been designed to ensure that Indians will now get a choice to pursue the best medical treatment available anywhere in the world with a comprehensive insurance cover from an Indian insurer. With a cover offering annually, of USD 0.5 million and life time coverage of USD 1 million for Asian plan and USD 1 million and USD 2 million life time coverage for other than Asian Plan , Global Mediclaim Policy is a new milestone in Indian health insurance industry.’
The entry age of Global Mediclaim Policy is between 18-65 years and will be issued only to Indian citizens residing in India. The product is available to any person who already has a health insurance policy with sum insured of INR 8 lakhs and above. Global medical centers like Cedar-Sinai Medical Center, John Hopkins Medical Center and Kings College Hospital are among the 99 top notch hospitals worldwide who are a part of New India’s empanelled hospitals.
New India Assurance, has achieved a profit after tax of Rs 1865 Cr for the nine months ended 31.12.2017. The net worth of the Company including fair value for this period stands at Rs. 40922 crore. The Asset base of the Company has crossed Rs. 78000 crore. The Solvency ratio of the Company is 2.39 times.
About The New India Assurance Company Ltd.:
The New India Assurance Company Limited (“NIA”) is the largest general insurance company in India in terms of net worth, domestic gross direct premium, profit after tax and number of branches as of and for the fiscal year ended March 31, 2017 (Source: The report titled “Analysis of General Insurance Industry – The New India Assurance Company Limited” dated July 27, 2017, prepared and issued by CRISIL Limited (“CRISIL Report”)). The Company has been in operation for almost a century. In Fiscal 2017, NIA had the largest market share of gross direct premium among general insurers in India (Source: CRISIL Report). As of March 31, 2017, NIA had issued 27.10 million policies across all product segments, which is the highest among all general insurance companies in India (Source: CRISIL Report). As of June 30, 2017, NIA’s operations were spread across 29 States and seven Union Territories in India and across 28 other countries globally through a number of international branches, agency offices and Subsidiaries including a desk at Lloyd’s, London. NIA’s insurance products can be broadly categorized into the following product verticals viz. fire insurance; marine insurance, motor insurance, crop insurance, health insurance and other insurance products. In Fiscal 2013, 2014, 2015, 2016 and 2017, despite increasing competition from private players, NIA have maintained market leadership in the general insurance industry in India and they were the leaders in all segments except crop insurance.