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Combination product for lower income group launched by New India Assurance

Mr. G. Srinivasan, Chairman and Managing Director at New India Assurance, announced the launch of a combination product, “a product for lower income group”.

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Last Updated - May 16, 2023
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Mr. G. Srinivasan, Chairman and Managing Director at New India Assurance, announced the launch of a combination product, “a product for lower income group”. This product for lower income group will have life, medical and accidental covers in addition to other things.

Elaborating further, on the above, Mr. Srinivasan told that this product is launched for the lower income population like domestic servants etc and the annual premium amount will be around Rs. 800 per annum. This plan will insure life of Rs. 1 lakh to the family in case of the death and in case of critical illness and other hospitalization cost it will cover upto Rs. 20,000 to Rs. 30,000. This plan will also cover accidental insurance, he added.

He further clarified that this product is currently rolled out on pilot basis and will be later put into effect in retail market soon.

Mr. Srinivasan, during the insurance summit organized by IMC, also raised the concern about low insurance penetration in India and especially the non life sector. Reading out the statistics, he said that approximately 25% people covered under non – life insurance out of which 15% are covered under health basis government scheme and around 70% are under motor insurance cover.

Mr. T.S. Vijayan, Chairperson IRDA, appreciated the move taken by New India Assurance. He said that combination products are the key and the way to go forward. He also raised the concern on the challenges that might arise with the launch of these types of products.

New India Assurance Company Limited is a 100% Government owned multinational general insurance company. It was founded in 1919 by Later Shri Dorabji Tata. The company is the only direct insurance company that has been rated A-(Excellent – stable outlook) by AM Best. Indian business of the company touched Rs. 10,000 crores in 2012 – 13 and global business crossed Rs. 12,500 crores.

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