What does NIACL mean in COMPANIES & FIRMS
The initials NIACL signify the New India Assurance Co. Ltd, which is one of the leading insurance companies in India. Founded in 1919 by Sir Dorab Tata, and headquartered in Mumbai, India, NIACL is a completely Government-owned company that offers insurance services through its branch offices spread all over the country. It has a presence in 28 countries and provides various services such as motor insurance, health insurance, travel insurance and personal accident plans to cater to different customer needs.
NIACL meaning in Companies & Firms in Business
NIACL mostly used in an acronym Companies & Firms in Category Business that means New India Assurance Co. Ltd.
Shorthand: NIACL,
Full Form: New India Assurance Co. Ltd.
For more information of "New India Assurance Co. Ltd.", see the section below.
Services Provided
NIACL offers four types of general insurance services - Motor Insurance (which includes third party cover for vehicles), Health Insurance (for individuals and families), Travel Insurance (for travel within India) and Personal Accident Plans (to provide financial security in case of accidental death or disablement). These services are available for both retail customers as well as corporate customers. The company also provides specialized services such as fire protection plans, marine cargo plans, rural and social sector initiatives such as Jan Arogya Bima Yojana etc. to meet specific needs of customers.
Financial Strength
With an earned premium of over Rs 34,000 Crore in 2018-19, NIACL has emerged as one of the leading non-life insurers in India with a market share of 7.51%. The company's net profit after tax was at Rs 2335 crores during this period which speaks volumes about its financial strength and stability. This implies that while adding extensive capacity to absorb shock losses arising out of natural calamities or accidents, it can still pay out claims on time without any hassles or delay.
Essential Questions and Answers on New India Assurance Co. Ltd. in "BUSINESS»FIRMS"
What insurance products are offered by New India Assurance?
New India Assurance offers a variety of insurance products including motor, health, life and travel. Personal accident, property and marine insurance are also covered.
How do I make a claim on my New India Assurance policy?
In order to make a claim on your New India Assurance policy, you will need to provide the necessary documents such as the Claim Form and supporting documents that prove the occurrence of the insured event. You can choose to submit these documents either online or through a branch office.
What is the process for cancelling my New India Assurance policy?
To cancel your New India Assurance policy, you will need to contact the insurer's customer service department or submit a cancellation form at one of their branch offices. The insurer may require proof of payment before processing the cancellation request.
Can I pay for my New India Assurance policy in installments?
Yes, you can opt for an installment plan with New India Assurance. This option allows you to spread out payments over several months or years instead of paying in one lump sum.
Does New India Assurance cover pre-existing medical conditions?
It depends on what type of coverage you purchase from New India Assurance. In general, most policies do not cover pre-existing conditions but some health policies may offer this option if purchased with additional riders or benefits.
Who is eligible to purchase a policy from New India Assurance?
Anyone who is 18 years or older and resides in India is eligible to purchase coverage from New India Assurance. Certain policies may have different age restrictions so it's best to check with them prior to purchasing your desired product.
How do I file a complaint against New India Insurance Company Ltd.?
If you feel like your grievances have not been addressed properly by the insurer then you can file an official complaint via email or telephone by contacting their dedicated customer service centre. If that does not resolve your concern then you can also approach the Insurance Regulatory & Development Authority (IRDA) for further assistance.
Final Words:
Thus it can be concluded that with over 100 years of experience in the field of non-life insurance business coupled with its high financial stability makes New India Assurance Co. Ltd., one of the best choices for all your insurance needs. Be it health cover for you and your family or third party cover for your vehicle; covering yourself against uncertain risks posed by nature or protecting your business from fire losses; you can always rely on NIACL for a hassle free experience!