New India Assurance Company Limited

Established by Sir Dorab Tata in 1919, New India is the first fully Indian owned insurance company in India. New India is a pioneer among the Indian Companies on various fronts, right from insuring the first domestic airlines in 1946 to satellite insurance in 1990. The latest addition to the list of firsts is the insurance of the INSAT-2E.

With a wide range of policies New India has become the largest non-life insurance company not only in India, but also one of the leading insurer in the Afro-Asian region.

The New India Assurance Company Ltd. has tied up with Union Bank of India to market its non-life insurance products in its quest to become a single point provider of financial services to its customers. Our Chairman-cum-Managing Director Sri R. Beri signed a MOU with Chairman & Managing Director of Union Bank of India, Sri V Leeladhar on 17th July 2002.

In terms of IRDA regulations, more than 100 marketing officers of the Bank have undergone mandatory training and are certified as agents after successful completion of the qualifying examination. Under the agreement, bank will use its network to market non-life insurance products throughout the country with the help of its marketing officers.

Union Bank of India has taken many new initiatives like Cash Management Services, Demat Services, Sale of units of mutual fund of DSP Merryll Lynch during the financial year for improving its profitability. This new initiative jointly taken by Union Bank and New India will not only be helpful in improving the standing of both organizations in financial sector, it will add convenience for the general public who can get banking and non-banking facilities at one place.

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