Financial Year 2012-13 (27 MB) - The New India Assurance Co. Ltd.

Leadership and BeyondCompany has also designed , developed and implemented specially designed mass insurance schemes aftersizing the target group and their risk profile. Such schemes include Insurance of fishermen in Odissa, coveragefor 60 lakh farmers in Maharashtra, policy for 28 lakh sugar cane farmers and sugar cane crop insurance policies.Our Rajeev Gandhi Medical Insurance scheme for Insurance for 29,000 BPL families in Karaickal, in associationwith Pudussery Govt , has earned us a an award in Micro Insurance from SKOCH foundation. This scheme is beingextended to Mahe & Yanam also. Our unique offerings included cover for Bullock Cart race in Pawna Nagar villagenear Pune.MICRO INSURANCE :Hon’ble Finance Minister , Shri P Chidambaram launched our multi cover Micro Insurance flag ship product in MicroInsurance segment, Jan Suraksha Laghu Bima Yojana in a major function at Devakottai in Tamil Nadu. Apart fromthis the Company has a number of products in its stable of Micro Insurance ranging from low cost PA & healthpolicies to farmers package. The Company also is working with leading business correspondents to market theseproducts in rural & semi urban areas.AGRICULTURE INSURANCE :New India has entered into an agreement with Agriculture Insurance Company of India Ltd. for a period of 3 yearsfor marketing Agriculture Insurance products. New India covered Mango crops of Alphonso variety of mangoes inRatnagiri in the year 2012-13 and procured a premium of `42 lakh. Sugarcane Insurance Scheme at various partsof the country has been in operation for more than a decade.LOCALISATION OF PRODUCTS :In order to facilitate general insurance spread and education we have translated most of the policy documents inregional language – Marathi and provided to all the distribution channels in the region. This literature has beenwidely welcomed by six grampanchayats involved in spread of general insurance and also has helped in strengtheningthe agency channel.MICRO OFFICES – A STEP TOWARDS FINANCIAL INCLUSION :Govt of India had embarked upon a project to create brick & mortar presence of non life Insurance Companies inareas, hitherto unrepresented and New India Assurance, being the largest , has been actively participating in thisventure.. Hon’ble Finance minister has announced in the Budget for 2013-14 that all towns having a populationof more than 10,000 would have an office of at least one Public sector general Insurer and this would be completedby 31st March 2014. New India Assurance has opened 281 micro offices in various parts of the country to meetthis laudable objective of Government of India.CORPORATE SOCIAL RESPONSIBILITY INITIATIVES :New India Assurance adopted 2 villages in Tamil Nadu under its Corporate Social Responsibility initiative. Thesetwo villages, Nenmeni and Thathakudi falls in Sivaganga District, which is already an Adhar District. The companywould be providing drinking water facilities by construction of water tank and digging of bore well. Moreover, thegirl children and women of these villages would be provided with public conveniences. The Panchayats of thesevillages have passed resolutions to hand-over the land to the Company and this would facilitate the actualconstruction.The adoption of these villages were launched in a function held at nearby Devakottai village on 2nd February 2013and in the same function company also launched 21 Micro Offices in Tamil Nadu and also flagged off New India’sMicro Insurance Policy.Company would be stepping up the CSR activities in the coming year.ANNUAL REPORT43