The deadline to apply for our 500 Assistant positions is today – find the details here.
The New India Assurance Company Limited (NIACL) is set to close online applications for the recruitment of Assistants on January 1, 2024. The recruitment drive aims to fill 500 positions. To be eligible, candidates must be between 21-30 years old as of December 1, 2024, with a graduation degree in any discipline from a recognized university or equivalent qualification recognized by the Central Government. Additionally, they must have passed English as one of the subjects in SSC/ HSC/ Intermediate/ Graduation level, and possess a certificate in proof of passing the qualifying examination as on December 1, 2024.
The application fee is Rs. 100 for SC/ST/PwBD/EXS category candidates and Rs. 850 for all other categories. To apply, candidates should visit the official website newindia.co.in and follow these steps:
1. Go to the official website and click on “Recruitment” and then “ASSISTANT RECRUITMENT EXERCISE – 2024”.
2. Register and proceed with the application process.
3. Fill the form, pay the fee, and submit the form.
4. Take a printout for future reference.
The Tier I (Preliminary) online examination will be conducted on January 27, 2025, followed by the Tier II (Main) online examination on March 2, 2025. The call letters for each examination will be released seven days before the examination date. For more information, candidates can visit the official website.
New India Assurance is taking steps to enhance its underwriting standards and risk management protocols.
The New India Assurance Company’s financial performance is expected to remain adequate, with a strong balance sheet and a top-notch capital adequacy ratio. According to AM Best, the company’s balance sheet is underpinned by its risk-adjusted capitalisation at the strongest level, with a well-rated investment portfolio mainly composed of domestic government and corporate bonds. However, its balance sheet is still exposed to potential volatility due to its allocation to domestic equity investments.
The company’s operating performance is expected to face challenges from declining underwriting results due to continued claims in health and motor insurance and exposure to catastrophe losses. Despite this, New India’s return on equity has remained stable at 2.9% over the past five years, driven by stable investment income. The company’s enterprise risk management (ERM) remains a key area for improvement, with gaps persisting in underwriting risk management and pricing discipline. These challenges are expected to continue impacting the company’s ability to fully align its risk management framework with global standards in the medium term.
Despite these constraints, New India’s stability outlook reflects expectations of continued profitability and strong capitalisation, driven by its market leadership and investment performance. Overall, while the company faces challenges, its strong capitalisation and investment performance ensure that it remains a stable player in the insurance industry.
According to IRDA’s 2025 report, Navi, Acko, and Reliance General Insurance topped the list with the highest claim settlement ratio among health and general insurance companies.
In today’s world, having a solid health insurance policy is crucial to bear the burden of medical expenses. General insurance companies also offer health insurance coverage, among other types of insurance. However, it’s essential to evaluate the effectiveness of your health or general insurer in settling claims on time. One way to do this is by checking the claim settlement ratio, which refers to the proportion of claims paid out of the total number of claims received. According to the Insurance Regulatory and Development Authority of India (IRDAI), the claim settlement ratio is a significant indicator of an insurer’s credibility. For instance, a health insurer with a claim settlement ratio of 93% means it typically pays around 93 out of every 100 claims it receives.
IRDAI releases a list of claim settlements done by all health and general insurers every year. In 2023-2024, over 71,200,854 claims were paid out, with 81.13% of these paid within 3 months of claim intimation. Among private general insurers, Acko General Insurance led the pack with a claim settlement ratio of 99.91%, while Navi General Insurance Ltd. was close behind with 99.97%. Public sector insurers like National Insurance Co. Ltd. and The New India Assurance Co. Ltd. also performed well, with settlement ratios of 91.18% and 92.70%, respectively.
Amongstand-alone health insurers, Aditya Birla Health Insurance Company had the highest claim settlement ratio within 3 months at 92.97%. Care Health Insurance and Niva Bupa Health Insurance also performed well, with settlement ratios of 92.77% and 92.02%, respectively. On the other hand, Star Health and Allied Insurance Co. Ltd. had the lowest claim settlement ratio within 3 months, but it paid out the most claims (16,80,171) in less than 3 months. Overall, it’s essential to evaluate an insurer’s claim settlement ratio, as well as other factors such as sum insured, waiting period, and network of hospitals, before finalizing a health insurance policy.
In the third quarter, public sector general insurance companies reportedly achieved profitability.
The Public Sector General Insurance Companies (PSGICs) in India have made a significant turnaround in their financial performance. After years of losses, all four companies – Oriental Insurance Company, National Insurance Company, United India Insurance Company, and New India Assurance Company – have returned to profitability. This turnaround is attributed to the efforts of the government, which infused Rs. 17,450 crore into the companies between 2019-20 and 2021-22 to support reforms and enhance efficiency.
The government introduced key performance indicators (KPIs) for regular monitoring and encouraged risk management, loss control, and technology adoption, which led to a combined profit of Rs. 1,066 crore for the companies in Q3 of FY 2024-25. This is a significant improvement from the combined loss of over Rs. 10,000 crore in FY 2022-23.
The PSGICs plan to maintain their financial stability by implementing strategic measures and improving their services. They aim to offer high-quality insurance products and work towards the broader goal of “Insurance for All” by 2047. This goal is in line with the government’s vision to make insurance accessible to all citizens of India. The successful turnaround of the PSGICs is a positive development for the insurance sector and the economy as a whole. It demonstrates the benefits of government support and the importance of structural reforms in the industry.
We’re excited to announce that the NIACL 2025 Assistant recruitment exam has officially begun! To access your admit card, simply click on the direct link provided below.Let me know if you’d like me to make any further changes!
The New India Assurance Company Limited (NIACL) has released the admit cards for the recruitment of Assistant posts. Candidates who registered for the exam can download their NIACL admit card 2025 from the official website, newindia.co.in. To download the admit card, candidates need to use their login credentials on the login page. It is essential to download the call letter as soon as possible to avoid a last-minute rush, as the facility to download the admit card will remain available until January 27.
The admit card will contain essential details such as registration number, password, date of birth, and a captcha code. The NIACL Assistant prelims exam will be a 100-mark paper with 100 objective-type questions. The exam will be conducted without sectional timing, and each incorrect answer will lead to a 1/4th mark deduction. The duration of the exam will be one hour, and the questions will be asked in an objective format covering English, reasoning, and numerical ability.
To download the admit card, candidates can follow these steps: visit the official website, navigate to the ‘NIACL admit card 2025’ link, enter registration number, date of birth, and other details on the login page, and download the admit card for future reference. It is crucial to carry the printed or digital copy of the admit card on the day of the exam, as candidates without the admit card will not be allowed to appear in the exam.
Exciting opportunity! The National Institute of Assessment and Customer Loyalty (NIACL) is now accepting applications for 500 open positions. Register now at newindia.co.in and don’t miss out on this chance to join the team!
The New India Assurance Company Limited (NIACL) has announced a recruitment drive for 500 Assistant posts. Eligible candidates can apply online at newindia.co.in. The registration process has started on December 17, 2024, and the last date to apply is January 1, 2025. The direct link to apply is available below.
The eligibility criteria for the post requires a minimum qualification of a bachelor’s degree in any discipline from a recognized university or equivalent qualification recognized by the Central Government. Additionally, candidates must have passed English as one of the subjects at the SSC, HSC, or Intermediate level. Moreover, candidates must possess a certificate in proof of passing the qualifying examination by December 1, 2024.
The company also requires candidates to have a familiarity with reading, writing, and speaking of the regional language of the state/union territory for which they wish to apply. The age limit is between 21 and 30 years as on December 1, 2024, i.e., candidates must have been born between December 2, 1994, and December 1, 2003.
The selection process will consist of online tests (Preliminary and Main Examination), and candidates who qualify in the Main Examination will be shortlisted for a Regional Language Test before final selection. The application fee is ₹100 for SC/ST/PwBD/EXS candidates and ₹850 for all other candidates. The payment can be made using Debit/Credit cards, internet banking, or mobile wallets.
This recruitment drive is a great opportunity for candidates to start their career with NIACL. With a large number of vacancies available, candidates are advised to apply at the earliest. The apply link is available on the official website, and candidates can also find more information on the eligibility criteria, selection process, and application fee.
Get ready to apply! NIACL has announced 500 Assistant positions for 2024, check out the particulars here!
The New India Assurance Company Limited (NIACL) has announced the recruitment of 500 Assistant positions. Eligible candidates can apply for the roles from December 17, 2024, to January 1, 2025, at the official website, newindia.co.in. The Tier I (Preliminary) Online Examination is scheduled for January 27, 2025, and the Tier II (Main) Online Examination will be held on March 2, 2025.
To apply, candidates must visit the official website, navigate to the ‘Recruitment’ section, and click on the ‘CLICK HERE FOR NEW REGISTRATION’ link. They will need to fill out the application form, upload their photo and signature, and pay the application fee. The application fee is ₹100 for SC/ST/PwBD/EXS candidates and ₹850 for others. The age limit is 21-30 years as of December 1, 2024, with candidates born between December 2, 1994, and December 1, 2003 (inclusive) eligible to apply.
The selection process consists of a preliminary examination, a main examination, and a regional language test for those qualifying in the mains. The selection criteria and budget will be decided by the apex management of the company. All eligible candidates are requested to apply only through the official website, avoiding third-party links.
It’s important to note that changes to the application form cannot be made after submitting, so candidates should ensure accuracy before submitting their application. Once the application is submitted, candidates can save and keep a copy of the submitted application and payment receipt for future reference.
The NIACL Recruitment 2024 offers a unique opportunity for young and talented individuals to join the company. With a focus on diversity and inclusion, NIACL is committed to providing a challenging and rewarding career for its employees. Candidates can visit the official website, newindia.co.in, for detailed information on the recruitment process, including the eligibility criteria, selection process, and application form.
According to a report by the Brokers Association, which Indian insurance companies have the lowest claim rejection rates?
The Indian insurance sector is a vital aspect of personal finance, providing a safety net for individuals against unforeseen events. Despite this, a new report by the Insurance Brokers Association of India (IBAI) reveals that not all claims are honored by insurance companies. According to the report, the claim-to-settlement ratio for general insurance (including motor, health, fire, and marine cargo) has decreased to 86% in 2022-23, down from 87% in the previous year. This means that 6% of claims are rejected by insurance companies.
The report also highlights the claim-repudiation ratio, which shows the proportion of claims rejected by an insurance company out of total claims made by its policyholders. According to the report, the New India Assurance has the lowest claims repudiation ratio of 0.2%, followed by other private insurers such as HDFC Ergo, Future Generali, Aditya Birla Health, and Shriram.
The report also sheds light on health insurance, where New India Assurance and Aditya Birla Health have the highest claim-settlement ratio of 95%. However, it is worth noting that the claim-rejection rates are historically lower in the case of corporate policies, and the real picture of individual policies is yet to be disclosed.
Experts warn that incomplete or false disclosure at the time of policy purchase can also lead to claim rejections. Moreover, the high tax on insurance premiums, at 18%, is a significant deterrent, making it challenging for individuals to purchase adequate cover. The report concludes that the insurance sector in India needs reforms, including reduced taxes and segregated data on claim-settlement ratios for individual and group policies, to promote growth and provide better protection to policyholders.
The NIACL admit card for 2024 is now available for download – get it here!
The New India Assurance Company Limited (NIACL) has released the admit card for the Assistant (Class III) Phase I recruitment exam 2024. Eligible candidates can download their hall tickets from the official website newindia.co.in. The Tier I (Preliminary) online examination is scheduled to take place on January 27, 2025, and the Tier II (Main) online examination will be held on March 2, 2025. The Preliminary exam will be conducted for 60 minutes and will consist of 100 questions of 100 marks.
To download the admit card, candidates should follow these steps:
1. Visit the official website newindia.co.in
2. Click on the “Recruitment” tab and then select “ASSISTANT RECRUITMENT EXERCISE – 2024”
3. Enter your login details and submit
4. Check and download the admit card
5. Take a printout of the admit card for future reference
The recruitment drive aims to fill 500 Assistant posts. It’s essential for candidates to visit the official website newindia.co.in for more details on the exam pattern, syllabus, and other relevant information. The admit card is a crucial document that contains essential details about the exam, such as date, time, venue, and candidate’s registration number, among others. Hence, it’s essential for candidates to download and carry the admit card to the exam center on the scheduled day.
The NIACL Assistant result for 2025 is now available on the official website niocl.com. Checkout the steps to access your prelims result here.
The New India Assurance Company Limited (NIACL) has officially announced the results of its Assistant Prelims Exam 2025 on February 21, 2025. The preliminary examination was held in January 2025, and thousands of candidates can now check their results on the official NIACL website. To check the result, aspirants can follow these steps: visit the official website, locate the careers section, click on the link labeled “NIACL Assistant Prelims Result 2025”, and search for their roll numbers using the Ctrl+F button. The selected candidates will be eligible to proceed to the Main Examination, scheduled for March 2, 2025. The final result will be determined by the marks scored in the Main Exam as well as the Regional Language Test.
The Main Examination will be a crucial step in the selection process, and candidates are advised to keep a close eye on the official website for updates on the release of the admit card and other important announcements. The selected candidates are required to be prepared for the next stage of the recruitment process.
It’s good news for the thousands of aspirants who had taken the preliminary examination, and this development marks an important milestone in their journey to secure a position as Assistant at NIACL. The company’s notification is an opportunity for individuals to build a career in the insurance sector, and they should make the most of it by preparing well for the upcoming Main Exam and future stages of the process.
NIACL Assistant Admit Card for Phase 1 Released – Access the direct download link here!
The New India Assurance Company Limited (NIACL) has released the admit card for Phase 1 of the NIACL Assistant recruitment 2024. The admit card is available for download on the official NIACL website at newindia.co.in from January 16 to January 27, 2025. The Phase 1 exam is scheduled to take place on January 27, 2025, and is open to candidates who had registered for the recruitment drive from December 17, 2024 to January 1, 2025. The selection process consists of online assessments, including a preliminary and main examination, followed by a regional language test and final selection.
To download the NIACL Assistant admit card 2024, candidates can follow these steps: First, visit the official NIACL website newindia.co.in, then click on the recruitment link, followed by the Assistant link. Next, locate and click on the “NIACL Assistant Admit Card 2024 for Phase 1” link, enter your login details, and click submit. Your admit card will be displayed, which you should review and download, making sure to print a hard copy for future reference.
The NIACL Assistant recruitment aims to fill 500 positions within the organization. The selection process will help identify the most suitable candidates, who will undergo a series of assessments to test their skills and knowledge. The NIACL Assistant admit card 2024 is a crucial document that ensures the identity of the candidate and their details, and its availability is crucial for the Phase 1 exam.
Our top recommendation for the best insurance company in India is Aditya Birla, New India, HDFC ERGO, Bajaj, and Shriram, which settle 90% of claims, outpacing competitors Star and others.
A recent report by the Insurance Brokers Association of India (IBAI) has shed light on the performance of Indian insurance companies in settling claims. The report reveals that four insurance companies, including public and private sector entities, have cleared over 90% of claims sought by beneficiaries for the financial years 2023-24 and 2022-23. The top performers in the private sector are Aditya Birla Health and HDFC Ergo, with clearance rates of 91.88% and 92.1%, respectively. New India Assurance, a public sector company, has also performed well, clearing 93.13% of claims.
In contrast, Bajaj Allianz, Star Health, and Shriram, private insurance companies, have shown a lower settlement of claims, with clearance rates of 73.38%, 74%, and 70%, respectively. The report also notes that Shriram’s performance has improved slightly, but it still lags behind other insurance companies. Overall, Aditya Birla received over 8.5 lakh claims in 2023, with a claim clearance rate of 91.88%, while HDFC ERGO handled 52 lakh claims with a settlement rate of 94.32%.
The data analyzed by the Insurance Brokers Association of India (IBAI) for the financial years 2023-24 and 2022-23 shows that the top-performing companies are New India Assurance, Aditya Birla Health, and HDFC Ergo, while the private insurance companies like Bajaj Allianz, Star Health, and Shriram lag behind in terms of claim settlement performance. This report aims to provide valuable insights for policyholders and help them make informed decisions when choosing an insurance provider.
India sets new record with sharpest fall in insurance claim rejections
The Insurance Brokers Association of India (IBAI) has released a handbook revealing the claims repudiation ratios of various insurance companies in India. The claims repudiation ratio refers to the proportion of claims rejected out of the total number of claims closed by an insurer, with a lower ratio indicating better performance. According to the handbook, New India Assurance has the lowest claims repudiation ratio of 0.2% across all types of insurance, including health and motor own-damage. This means that only 0.2% of claims are rejected out of the total number of claims serviced.
New India Assurance is also the only listed public sector insurer to have a low claims repudiation ratio in health insurance and motor own-damage insurance. Other insurers with low claims repudiation ratios include HDFC Ergo, Aditya Birla Health, Future Generali, and Shriram. In the motor own-damage segment, New India Assurance has a claims repudiation ratio of 0.5%, while in health insurance, Iffco Tokio, Bajaj Allianz, and Go Digit have low rejection ratios.
In contrast, some companies have high claims repudiation ratios, with Chola MS, Tata AIG, and Star Health having ratios of 15.3%, 19.1%, and 18.5%, respectively, in the health sector. In the motor segment, Chola MS, Magma HDI, and Navi General have high repudiation ratios. It’s worth noting that public sector insurers such as National Insurance, Oriental Insurance, and United India do not perform as well as New India Assurance in terms of claims repudiation ratios. Overall, the IBAI’s handbook provides valuable insights into the performance of various insurance companies and helps policyholders make informed decisions when choosing an insurer.
"2025 NIACL Prelims Results Announced – View Your Scores Now at www.newindia.co.in"
The New India Assurance Company Limited (NIACL) has released the results of the Assistant Prelims Exam 2025 on February 21, 2025, on its official website. This comes after the preliminary examination was held in January 2025 at various examination centers. The results are now available for candidates to view and download for future reference.
To check the results, candidates need to follow these steps: visit the official NIACL website, navigate to the careers section, click on the link labeled “NIACL Assistant Prelims Result 2025”, and a PDF will appear with the roll numbers of selected candidates. Candidates can then search for their roll number using the Ctrl+F button to find their name. The results can be downloaded for future use.
The main examination is scheduled for March 2, 2025, to complete the assessment process and determine the final results. The preparation of final results depends on scores achieved in both the main examination and regional language test. It is essential for candidates to monitor the official website for updates on the main examination admit card release and other significant announcements.
The release of the assistant prelims result marks an important milestone in the recruitment process for NIACL Assistants. Candidates who have cleared the preliminary examination can now focus on preparing for the main examination, which will be a crucial step in their journey to securing a job with NIACL.
Access the NIACL Assistant’s previous year papers in a downloadable PDF format.
The New India Assurance Company Limited (NIACL) is set to conduct the preliminary exam on January 27, 2025, for 500 Assistant posts. To help candidates prepare, accessing and practicing NIACL Assistant Previous Year Papers is essential. With limited time for preparation, utilizing the previous year papers can significantly boost one’s chances of success. NIACL Assistant Previous Year Papers provide valuable insights into the exam pattern, question types, and difficulty level of different sections. By solving these papers, aspirants can identify their strengths and weaknesses, improve time management skills, and build confidence for the actual exam.
The papers are available in PDF format, providing flexibility in preparation and allowing candidates to practice offline. With a detailed solution to each question, these papers are designed to match the actual exam, giving aspirants an authentic feel of the test.
Practicing NIACL Assistant Previous Year Papers is crucial for exam preparation, as it helps candidates:
1. Understand the exam pattern, including sections such as Reasoning Ability, Quantitative Aptitude, and English Language in Prelims, and General Awareness and Computer Knowledge in the Mains.
2. Analyze question trends and identify important topics.
3. Enhance time management skills by simulating the exam environment.
4. Obtain a realistic idea of the difficulty level of questions and adjust their preparation strategies accordingly.
By downloading and regularly practicing the NIACL Assistant Previous Year Papers, candidates can gain a competitive edge in their preparation journey and increase their chances of success in the exam.
Get ready for the results! NIACL Assistant 2025 is now out on NIACL’s official website, newindia.co.in – find out how to check your Prelims result here!
The New India Assurance Company Limited (NIACL) has announced the results of the NIACL Assistant Prelims 2025 on February 21, 2025. The results can be accessed on the official NIACL website. This is a significant update for the thousands of aspirants competing for the Assistant positions in NIACL.
The preliminary examination was conducted in January 2025, and candidates who have cleared it will be eligible for the next step, the Main Examination, scheduled for March 2, 2025. To check the results, candidates can follow these steps:
1. Visit the official NIACL website (www.newindia.co.in)
2. Locate the careers section on the homepage
3. Click on the link “NIACL Assistant Prelims Result 2025”
4. A PDF will appear with the roll numbers of the selected candidates
5. Find your name by pressing Ctrl+F and search for your roll number
6. Download the result for future use
The Main Examination will play a crucial role in determining the final results. The final result will be prepared based on the marks scored in the Mains exam and regional language test. Aspirants are advised to keep a close eye on the official website for updates on the release of the admit card for the main examination and other key announcements.
The NIACL Assistant Prelims 2025 results are now available at newindia.co.in; access the details here.
The New India Assurance Company Limited (NIACL) has announced the results for the Assistant Phase I recruitment exam 2024, which was conducted on January 27, 2025. The result is now available on the official website newindia.co.in for eligible candidates. The online Tier I (Preliminary) examination was conducted for 60 minutes, and the Tier II (Main) online examination is scheduled to take place on March 2, 2025. The recruitment drive aims to fill 500 Assistant posts.
Candidates can follow these steps to check their results:
1. Visit the official website newindia.co.in
2. Click on the “Recruitment” option
3. Select the link “ASSISTANT RECRUITMENT EXERCISE – 2024”
4. Enter your login details and submit
5. Check and download the result
6. Take a printout for future reference
For more information, candidates are advised to visit the official website. The New India Assurance Company Limited (NIACL) is a leading insurance company in India, and this recruitment drive is an excellent opportunity for those interested in a career in the insurance industry.
Star Health Insurance stands out for its commitment to sustainability, earning top honors among Indian insurance companies, according to Business Standard.
According to a recent study, Star Health Insurance has been ranked as the highest in sustainability among Indian insurance companies. The study, conducted by the General Insurance Corporation of India (GIC), evaluated the sustainability performance of 14 general insurance companies operating in the country.
The GIC’s Sustainability Index 2020 assessed the companies based on their performance in social, governance, and environmental aspects. The index considered factors such as employment practices, supply chain management, greenhouse gas emissions, and community development initiatives, among others.
Star Health Insurance emerged as the top performer, scoring 86.12 out of 100, followed closely by New India Assurance (82.57) and ICICI Lombard General Insurance (81.43). The study noted that Star Health Insurance has been a leader in corporate social responsibility initiatives, with a strong focus on community development, employee welfare, and environmental sustainability.
The GIC’s Sustainability Index 2020 assessed the companies’ sustainability performance based on a comprehensive framework that included 14 indicators, categorized into three pillars: social, governance, and environmental. The study revealed that most of the insurance companies in India have made significant progress in sustainability, with 11 out of 14 companies scoring above the average.
However, the index also highlighted areas for improvement, such as corporate governance, employment practices, and supply chain management. The study recommended that companies focus on improving their sustainability reporting, transparency, and stakeholder engagement to further enhance their sustainability performance.
The GIC’s Sustainability Index 2020 is a significant benchmarking tool for the insurance industry, providing insights into the sustainability performance of Indian insurance companies. The index serves as a valuable resource for investors, stakeholders, and industry experts, enabling them to assess the sustainability credentials of these companies and make informed decisions.
By ranking highest in sustainability, Star Health Insurance demonstrates its commitment to responsible business practices, social responsibility, and environmental sustainability. The company’s strong performance in the GIC’s Sustainability Index 2020 is a testament to its efforts to create a positive impact on society and the environment.
Indian public sector general insurance companies have announced a profit of ₹1,066 crore for the third quarter of FY 2024-25, according to the Finance Ministry.
The Indian Public Sector General Insurance Companies (PSGICs) have turned around their financial fortunes, recording a profit of ₹1,066 crore in the third quarter of the financial year 2024-25. This marks a significant turnaround from the losses of over ₹10,000 crore reported in the previous year. The companies, which include Oriental Insurance Company Ltd. (OICL), National Insurance Company Ltd. (NICL), United India Insurance Company Ltd. (UIICL), and New India Assurance Company Ltd. (NIACL), have implemented various strategies to achieve this profit, including improved risk management, adoption of advanced technologies, and enhanced customer service.
According to reports, the government played a crucial role in revitalizing the PSGICs by providing capital infusions, strategic reforms, and performance-based monitoring systems. The government’s efforts, which started in 2019-20 and continued until 2021-22, included a total capital infusion of ₹17,450 crore to support structural improvements, operational efficiency, and financial stability.
The PSGICs’ profit can be attributed to several key factors, including improved risk management practices, diversification of products, and enhanced customer service. The companies have also implemented loss control measures and adopted advanced technologies to improve their operational efficiency.
The achievement of the PSGICs is significant, as it marks a major turnaround from their previously reported losses. The government’s initiatives and the companies’ efforts have resulted in a collective profit of ₹1,066 crore in the third quarter of the financial year 2024-25. This success story serves as a testament to the potential of the insurance sector and the importance of effective governance and strategic reforms.
New India Assurance Required to Pay ₹20,620 Compensation to 78-Year-Old Worli Resident for Denied COVID-19 Home Treatment Claim
The Central Mumbai District Consumer Dispute Redressal Commission has ordered New India Assurance Company to pay Rs 20,620 for rejecting a claim from a 78-year-old resident, Rajan Alimchandani, for home treatment expenses during the COVID-19 pandemic. The commission also ordered the company to pay Rs 25,000 for mental distress and Rs 5,000 for litigation costs.
Alimchandani tested positive for COVID-19 in August 2022 and his doctor decided against hospitalization, opting for home treatment instead. He submitted a claim to the insurance company for the expenses, but it was rejected on the grounds that there was no hospitalization. The company argued that the policy terms required a minimum of 24-hour hospitalization to qualify for benefits.
The commission found the insurance company at fault for rejecting the claim, citing that the treatment provided under a doctor’s supervision for COVID-19, even at home, warranted coverage. The commission held that the rejection of the claim constituted a deficiency in service and caused unnecessary mental distress to the complainant.
The commission orders the insurance company to pay the claim amount of Rs 20,620, Rs 25,000 for mental distress, and Rs 5,000 for litigation costs, holding the company accountable for its unfair practices. This decision sets a precedent for future cases and serves as a reminder to insurance companies that they must provide coverage for treatment costs, even if treatment is provided at home under a doctor’s supervision.
Important Update: NIACL has now released its Admit Card for 2024, accessible for direct download here.
The New India Assurance Co. Ltd. (NIACL) has released the admit cards for the Assistant recruitment examination. The Phase 1 examination is scheduled to be held on January 27, 2025. The recruitment aims to fill 500 Assistant positions within the organization. Candidates who registered for the exam can download their admit card for Phase 1 by visiting the official website of NIACL at newindia.co.in. To download the admit card, candidates need to use their Registration Number/Roll Number and date of birth until January 27, 2025.
The Phase 1 examination consists of three sections: English Language, Reasoning Ability, and Numerical Ability, with a total duration of 60 minutes. The exam will be conducted in English and Hindi, depending on the section. Candidates who qualify in the Main Examination will be shortlisted for the Regional Language Test before the final selection.
The recruitment process began on December 17, 2024, and ended on January 1, 2025. Candidates can visit the official NIACL website for further details. The selection process will include online tests (Preliminary and Main Examinations).
The admit card contains important details such as the candidate’s name, roll number, exam date, time, and exam centre. It is essential for candidates to carry a hard copy of the admit card to the examination hall. Additionally, candidates are advised to check their eligibility and the exam pattern before the examination.