It has been reported that New India Assurance Insurance Company is planning to launch a 3-in-1 product that will offer combined policy for personal accident, household and health insurance. The company is waiting for the consent from the regulator.
From a much longer time personal accident cover policies are there in use and are much inexpensive than the term insurance covers, but there sales are very low since buyers do not find it economical to sell these policies. The plan will provide a floating sum for household products, which will help the insurer to claim a specified amount rather than claiming for each item individually. The measure of the company is to boost the retail sales. Growth in fire insurance has dropped down, whereas motor and health insurance has grown up.
CMD of the company reported that company will add 20,000 agents during the current fiscal year. There has been a raise of 16% in domestic premium and 15% in global premium.