India’s largest non-life insurer New India Assurance Company Limited has bagged yet another aviation insurance business by winning the insurance cover mandate for Air Deccan, the insurer said in an official statement.
Nearly ten years after pioneering low cost air travel model Air Deccan has come back to the sector under regional connectivity scheme. The airline has ambitious plans of expanding in this segment in a big way by riding on the economic boom in smaller cities pan-India.
New India Assurance is the leader in aviation insurance covering all major airlines of India like Air India, Indigo, Spice Jet, Vistara and Go Air.
New India Assurance had also recently bagged the health insurance project of Rajasthan Government under its Bhamasha Swasthya Bima Yojana (BSBY) covering about four crore people. The Company said, it will execute health insurance for about one crore families across the State under the National Food Security Act (NFSA).
This is one of the largest health insurance schemes in the country as it gives cover for cashless treatment for 1401 diseases – of Rs 3,00,000 for 663 critical and Rs 30,000 each for 738 general illnesses.
The total insurance premium involved is more than Rs.1,200 crores per anum with the State bearing Rs 1,261 per family.