In India, New India Assurance is considered as one of the most trusted names in general insurance space. Be it health coverage, motor protection, travel insurance and even rural micro-insurance New India Assurance has a product that fits your need. This is a complete guide which will provide you all the information regarding New India Assurance its history, Products, Claim Settlement Ratio and much more.
History and Background of New India Assurance
New India Assurance is one of the oldest general insurance companies in India and was founded by Sir Dorabji Tata back in 1919. Following India’s independence, the company was nationalised in 1973 and became a state-owned enterprise where the Government of India held a majority stake. New India Assurance, which today is located at 87, M.G. Road, Fort, Mumbai – 400001, is now a Public Sector Undertaking (PSU) under Ministry of Finance.
New India Assurance is unique among competitors in the sheer scale of its business. New India Assurance have been serving policyholders throughout the range of India with more than 1,594 offices in areas including Regional Offices (ROs), Large Branch Offices (LBOs), Medium Branch Offices (MBOs) and Small Branch Offices (SBO). As of a March 2026, there are more than 10,405 professionals employed with the company.
Apart from India, New India Assurance has a reach in 24+ countries including the UK and Singapore (via India International Pte. Kenya (through Ken India Assurance Co. Ltd., Nairobi); and various Caribbean nations such as St Lucia, Dominica, St. Maarten and Guyana.
Key Financial Highlights of New India Assurance (FY 2024–25)
Market does challenge various aspects of New India Assurance This is a quick look at the most recent financial data from the company:
| Financial Metric | FY 2024–25 | FY 2023–24 |
| Gross Written Premium (GWP) | ₹43,618 Crore | ₹41,996 Crore |
| Net Profit (PAT) | ₹988 Crore | ₹1,129 Crore |
| Combined Ratio | 117% | 120% |
| Loss Ratio | 96.61% | 97.36% |
| Solvency Ratio | 1.91x | 1.81x |
Likewise, new India assurance recorded a year-on-year increase of 3.86% in its gross written premium in FY25. The enhancement in combined ratio and loss ratio show improved efficiency. New India Assurance’s management has promised more improvement in profitability during FY26 led by NIA’s focus on new retail and MS-ME product developments.
Products and Insurance Plans Offered by New India Assurance
The diversified product portfolio is one of the important strengths of New India Assurance. The insurance company caters to individuals, families as well as small and medium-sized enterprises and large corporations.
1. Health Insurance
New India Assurance are the best health insurance providers in India and provide plans like:
- New India Yuva Bharat Health Insurance policy: Provides coverage for people aged 18-45 years, available with an option of family floater and Sum Insured starting from ₹5 Lakh to ₹1 crore. They will have Base, Gold and Platinum plans.
- New India Mediclaim Policy: A traditional indemnity policy that takes care of hospitalization expenses
- New India Floater Mediclaim: Sum Insured to cover an entire family
- Senior Citizen Mediclaim Policy: Designed for insured persons who are 60 of age or more.
It has over 7,500 network hospitals across India to provide cashless treatment facilities for policyholders.
2. Motor Insurance
Motors Cover for Cars, Two wheelers and Commercial Vehicles from New India Assurance
- Third Party Insurance – Required by motor vehicles act.
- Comprehensive – Third-party as well as own damage coverage.
- Covers offered as add-ons – that is, zero depreciation cover, engine protection cover, accessories cover and NCB (No Claim Bonus) protector.
For motor claims, New India Assurance has more than 3,000 cashless garages in India.
3. Travel Insurance
Travel insurance is offered by New India Assurance for/
- Domestic travel within India
- International travel (Individual and Group)
- Student travel insurance for Indian students going abroad
4. Rural and Agricultural Insurance
About NewIndia AssuranceRecognising India’s agrarian rootsNew India assurance offers:
- Crop Insurance
- So far Cattle, Sheep & Goat Insurance and Poultry insurance.
- Horticulture and Plantation Insurance
- Agricultural Solar Pump Set Insurance
- Micro-insurance products for underserved communities
5. Other Products
New India Assurance also covers:
- Fire Insurance
- Marine Cargo and Marine Hull Insurance
- Engineering Insurance
- Aviation Insurance
- Credit Insurance
- Personal Accident Insurance
- Liability Insurance
- Home and Contents Insurance
- Bancassurance Products
- Government Schemes
Product Portfolio Overview Table
| Insurance Category | Key Products | Target Audience |
| Health Insurance | Yuva Bharat, Mediclaim, Floater, Senior Citizen | Individuals, Families, Senior Citizens |
| Motor Insurance | Car, Two-Wheeler, Commercial Vehicle | Vehicle Owners |
| Travel Insurance | Domestic, International, Student | Travellers |
| Rural & Agriculture | Crop, Cattle, Micro-Insurance | Farmers, Rural Communities |
| Fire & Property | Fire, Home, Engineering | Homeowners, Businesses |
| Marine | Marine Cargo, Marine Hull | Traders, Shipping Industry |
| Aviation | Aviation Insurance | Airlines, Aircraft Owners |
| Liability | Personal Accident, Liability | Individuals, Corporations |
| Credit & Engineering | Credit Insurance, Engineering | MSMEs, Large Industries |
Claim Settlement Process at New India Assurance
New India Assurance is well known for its transparent and easy claim settlement process. The company provides two basic types of claim settlement mode- Cashless and Reimbursement.
Health Insurance Claims
In the general insurance sector, New India Assurance at 97.7% for FY 2021–22 amongst one of the best claim settlement ratio in the industry. This is how the claims process works:
Cashless Claim Process:
- Admission to an Network hospital empanelled with New India Assurance.
- Intimate the TPA (Third Party Administrator) 48 hours ahead of a planned hospitalization or within 24 hours in case of an emergency.
- The hospital charges the pre-authorization request to the TPA.
- Once approved, New India Assurance settles the hospital treatment costs directly.
Reimbursement Claim Process:
- Get Treatment at Any Hospital (Network or Non-Network)
- Discharge all bills at discharge time.
- Please provide the necessary paperwork to TPA within time such as discharge summary, bills, prescriptions, investigation reports.
- New India Assurance examines and compensates the approved amount.
Motor Insurance Claims
New India Assurance also offers cashless repairs at the garages authorised by them for motor claims. The process involves:
- Informing the insurer within a few hours post an accident.
- Filing an FIR (if required).
- Cashless repairs in a network garage or reimbursement at any garage you wish to choose.
- Filing of papers such as claim form, driving license, RC book and repair estimates.
After verification of all documents submitted, New India Assurance closes motor claims within a reasonable time frame.
Claim Settlement Performance
| Parameter | Value |
| Health Insurance Claim Settlement Ratio | 97.7% (FY 2021–22) |
| Network Hospitals | 7,500+ |
| Cashless Garages (Motor) | 3,000+ |
| Offices Across India | 1,594 |
| Countries of Global Operation | 24+ |
| Total Employees (March 2026) | 10,405 |
Why Choose New India Assurance?
Here are a few compelling reasons why millions of Indians and multiple clients across the globe trust New India Assurance:
- Govt. Backed Trust: New India Assurance is a PSU (Public Sector Unit) under the Government of India so it gives you the highest level of Secured Financial Strength and Credibility.
- Largest presence: New India Assurance operations span the globe with 1,594 offices in India and an international footprint across more than 24 countries.
- Wide product portfolio: New India Assurance has a wide range of coverage, from crop insurance for a micro farmer in rural India to aviation insurance for a commercial airline.
- High claim settlement ratio: 97.7% claim settlement ratio indicates most of the promises made by New India Assurance are delivered on time.
- Robust Financials: New India Assurance has a solvency ratio of 1.91x, and registered GWP (Gross Written Premium) of ₹43,618 crore
- Digital Accessibility: Buy, renew or register a claim online at New India Assurance official website.
- Social Responsibility: The New India Assurance caters to the rural and unprivileged sections of Indian society through micro-insurance and government schemes. More specifically, it addresses social issues such as illness and disability insurance.
How to Buy a Policy from New India Assurance
Lets say you are buying a policy via New India Assurance:
- Online: newindia. Go to co.in, choose a product, complete the form and make payment.
- Branch Visit: Walk in to any of the 1,594 New India Assurance branches sprawl across India for assisted purchase.
- Agents and Brokers: Licensed representatives who can assist you in navigating plans for New India Assurance
- Bancassurance: New India Assurance policies are also sold via partner banks.
New India Assurance and Government Schemes
New India Assurance is involved in implementing insurance schemes funded by the government to the people. New India Assurance, remaining a credible PSU insurer, implements national programs that provide coverage at an affordable cost to farmers, low-income population and lower income households living in rural areas. Furthermore, this commitment reiterates the vision of New India Assurance as an insurance company for every Indian not only those who are well to do.
For New India Assurance, Co-promoter of:
- Agricultural Insurance Company of India
- GIC Housing Finance Ltd.
- Health Insurance TPA of India (a common TPA promoted with other public sector general insurers).
How to Contact New India Assurance
| Contact Method | Details |
| Official Website | www.newindia.co.in |
| Headquarters | 87, M.G. Road, Fort, Mumbai |
| Customer Care | Available through the official website and branch offices |
| Online Claim Registration | Available on the official portal |
| Network Hospital Locator | Available on newindia.co.in |
Frequently Asked Questions (FAQs) About New India Assurance
1. Who owns New India Assurance?
The Government of India is the majority shareholder of New India Assurance. Established in 1919 by Sir Dorabji Tata, it was nationalized in 1973. Today New India Assurance is a PSU listed in the Indian stock exchanges.
2. What is the claim settlement ratio of New India Assurance?
New India Assurance is one of the top-ranking general insurance companies with a great claim settlement ratio. New India Assurance has the highest claim settlement ratio of 97.7% in health insurance sector (based on Gross Direct Premium data for FY 2021–22) which is an important indicator of reliability.
3. How many hospitals are in the New India Assurance network?
New India Assurance has a large network of over 7,500 hospitals across the country that are empanelled for cashless health insurance claims. One can even use the hospital locator tool on the official site of New India Assurance to find nearby network hospitals.
4. Can I renew my New India Assurance policy online?
Yes. New India Assurance Offers an end-to-end digital platform to buy, renew & manage your policy online. You can also file claims online using the official page of New India Assurance.
5. Does New India Assurance offer rural and agricultural insurance?
Absolutely. New India Assurance is a pioneer in rural insurance in India. The company provides crop insurance, insures cattle, poultry, micro-insurance and horticulture coverage making New India Assurance the premier ally of India’s farming community and rural economy.
Conclusion
New India Assurance is Not just an insurance company, it is a National Institution serving carefree over a century of Indians and their properties. A legacy stretching back for 100 years, and a powerful distribution network of 1,594 offices in the country spanning 1,70,000 clients across sectors from rural farmers and online retailers to airline manufacturers this ‘New India Assurance’ validates its position as India’s largest general insurer. The strong financial performance, high claim settlement ratio and ongoing digital innovation make New India Assurance one of the best assurance for anyone looking for trustworthy, low-cost to complete insurance service in India and globally.
Whatever be your role – an individual, a family or responsible for a small business or headed towards a big corporates, New India Assurance has due diligence plan for you. Do check out New India Assurance product range & spread to safeguard all your financial needs.
