The state-run Oil and Natural Gas Corporation (ONGC) is expecting a higher insurance premium to renew the cover of its offshore assets which are estimated to be valued at $33.7 billion. Last year, ONGC paid a premium to the tune of $25 million to insure its offshore assets and it may have to pay a higher premium this year to obtain same amount of cover.

There are several reasons cited for probable increase in insurance premiums of ONGC but the primary one could be due to the global rise in...  Read More »

United India Insurance, a public sector insurer, has bagged the Tamil Nadu government’s contract to offer health insurance scheme.

According to the contract, United India will provide a medical cover of up to Rs 4 lakh for a period of 4 years. The health insurance scheme seeks to give priority to government hospitals and will cover 950 types of medical treatment.

The previous government’s health insurance scheme –Kalaignar, provided a cover of Rs 1 lakh covering only 642 types of medical...  Read More »

It is a widely known fact that hiding pre-existing ailments from the insurance company can result in rejection of claim. However, in a recent judgement passed by the South Mumbai District Consumer Disputes Redressal Forum, the insurance company was ordered to pay Rs 5.5 lakhs plus 9% interest to a diabetic policyholder.
 

The policyholder, Kanhaiyalal Ruia, had taken a mediclaim policy from United India Insurance in 1994. After the insurance company rejected his claims, he filed a complaint...  Read More »

Comprehensive Motor Insurance Policy provides cover for own-vehicle damage and third party liability. In addition to this, it covers damages or losses from man-made tragedies like theft, riots, malicious activities, act of terrorism etc; and natural calamities such as earthquake, floods, landslides, and storm. But most people are not aware of the fact that it also covers death or bodily injury to any person including occupants carried in a private car and pillion rider carried on the bike or...  Read More »

Many a times policyholders get medical treatment from a hospital of their choice or convenience. Public sector insurance companies (PSUs) have a tie-up with certain hospitals that feature in their Preferred Provider Network (PPN). These hospitals offer cashless mediclaim facility to policyholders however, there are many hospitals which are not under the PPN and the expenses on treatment have to be borne by the policyholder.

Under the Right to Information Act (RTI), the Central Information...  Read More »

Insurance Regulatory and Development Authority (IRDA) has released the business figures of all general or non-life insurance companies in India. For the month July 2011, these companies have collectively recorded an 18.5% growth over their premium collections in July 2010.

New India Assurance, the country’s largest non-life insurer, has collected Rs 707.15 crore for the month of July this year, with a growth of 18.2% over its collections in July last year. The other 3 public sector insurance...  Read More »

G Srinivasan, Chairman cum Managing Director (CMD) of United India Insurance has taken up interim additional charge as the CMD of New India Assurance as well.

M Ramadoss, Chief of the country’s largest general insurance company, New India Assurance, has been facing the heat regarding CBI investigations for the irregularities in granting insurance cover to Paramount Airways.  In connection to this, last month, the Central Bureau of Investigations raided his residence. In the meanwhile, M...  Read More »

New India Assurance Company, Oriental Insurance Company, United India Insurance Company and National Insurance Company have more than 10 lakh motor accident cases pending against them. In an effort to lower these pending cases and to settle claims, the four public sector insurance companies have launched a motor third party claims settlement centre in Kochi.

These state owned insurance companies further plan to open 50 such centres across various locations in India. Earlier in March this...  Read More »

United India Insurance Company entered into a corporate agency tie-up with Vijaya Bank to expand the distribution net for its non-life insurance products.
 

Last week, United India Insurance Company Chairman & Managing Director, G Srinivasan and Vijaya Bank Chairman and Managing Director, Albert Tauro signed a Memorandum of Understanding (MoU).

The general insurance products of United India include health insurance plans, accident plans, travel insurance plans etc. Vijaya Bank will...  Read More »

The four state-owned health insurance companies New India Assurance, National Insurance, United India Insurance and Oriental Insurance Company, had withdrawn cashless treatment facilities at major hospitals, last year in the month of July.
 

The decision was taken after hospitals started overbilling health insurance policyholders who opted for cashless claim settlement. This caused a lot of discomfort among the four public sector insurers, who collectively held over half of the health...  Read More »