United India Insurance Co. Ltd

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United India Insurance Co. Ltd- Overview

The United India Insurance Co was established on February 18, 1938. In 1972 the general insurance industry was nationalized and afterwards 12 Indian insurance organizations, the Indian arms of 5 international insurers, 4 cooperative insurance societies, and LIC's general insurance operations in southern India merged together with the organization.

At present the insurer has 1340 offices with a combined work force of 18300 workers and caters to more than a crore policyholders. It specializes in a wide range of insurance products.

United India Insurance has been one of the prominent names when it comes to creating and providing insurance products for big organizations such as the following:
  • ONGC Ltd
  • Mumbai International Airport
  • GMR
  • Tirumala - Tirupati Devasthanam
  • Hyderabad International Airport
It has also been a leading name when it comes to providing insurance products to the rural areas and has been at the forefront of implementing the Vijaya Raji Janani Kalyan Yojana that covers 45 lakh women in Madhya Pradesh and the Government of India's Universal Health Insurance Programme.

It has also played a leading role in implementing the Tsunami Jan Bima Yojana that covers 4.59 lakh families across 4 states as well as the National Livestock Insurance.

United India Insurance has also expanded its presence to 200 and more tier II and tier III towns, and villages through its various micro offices.

United India Insurance Management

The top management team at the United India Insurance may be mentioned as below:
Name Designation
G Srinivasan Chairman cum Managing Director
A Balasubramanian Deputy General Manager
Milind A Kharat Director
M Elango Deputy General Manager
V Harshavardhan General Manager and Director
V Easwara Kaimal Deputy General Manager
Asha Nair General Manager
K Govindarajan Deputy General Manager
Joseph J Plappallil General Manager
P Hemamalini Deputy General Manager
B Krishnamurthy General Manager
PK Mahapatra Deputy General Manager
BM Thakkar General Manager
SP Nanda Deputy General Manager
Rajasekharan Chief Vigilance Officer
M Sashikala Deputy General Manager
A Hoda Deputy General Manager
R Shivakumar Deputy General Manager

The following individuals comprise the Board of Directors at the bank:

Name Designation
G Srinivasan Chairman cum Managing Director
A Thrivikraman Thampi Director
Priya Kumar Director, Department of Financial Services, Government of India
Milind A Kharat Director, UIIC
TM Bhasin Managing Director and Chairman, Indian Bank
V Harshavardhan General Manager and Director, UIIC

United India Insurance Co. Ltd Products

Following are some of the products offered by United India Insurance: Fire
  • Fire Loss of Profit Policy
  • Standard Fire and Special Perils Policy
  • Family Medicare
  • Senior Citizen
  • Gold
  • Super Topup
  • Platinum
  • Topup
  • Motor Package and Liability Only Policies
  • Marine Hull
  • Marine Cargo
  • Boiler and Pressure Plant Policy
  • Electronic Equipment Policy
  • Contractors Plant and Machinery Policy
  • Machinery Breakdown Policy
  • Deterioration of Stock
  • Industrial All Risk Policy
  • Workmen Compensation Insurance
  • Professional Indemnity Policy
  • Public Liability Policy
  • Motor Liability Policy
  • Product Liability Policy
  • Accident and Hospitalization Policies - Personal Accident Policy, OMP for Corporate Frequent Traveller, Mediclaim Policy, Road Safety Package Policy, OMP for Business and Holiday, Unimedicare Policy, and OMP for Employment and Studies
  • Social Policies - Janata Personal Accident Policy, Mother Teresa Women & Children Policy, Bhagyashree Policy, Jan Arogya Bima Policy, and Raja Rajeshwari Policy
  • Rural Policies - Cattle and Livestock Policy, Gramin Accident Policy, Agricultural Pumpset Policy, Plantation Insurance, Poultry Insurance Policy, and Animal Driven Cart/Tonga Policy
  • Travel Policies - Baggage Policy, Marga Bandhu Policy, and Suhana Safar Policy
  • Package Policies - House Holder Policy, Dukan Mitra Policy, and Compact Policy
  • Business Policies - Shop keepers Policy, Jewellers Block Policy, Burglary Policy, and Money in Transit Policy
  • Other Policies - All Risk Policy, Life Insurance Policy, Baggage Policy, Bankers Indemnity Policy, Money Insurance Policy, Compact Policy, Plate Glass Insurance Policy, Directors or Officers Policy, Shopkeepers Insurance Policy, Fidelity Guarantee Policy, Students Safety Insurance Policy, Film Production Policy, TV Insurance Policy, Gun Insurance Policy, Uni Study Care Insurance Policy, and House Holder's Policy
Micro Insurance Products
  • Uni-Micro Insurance Policy
  • Bio-gas Plant Insurance
  • Floriculture Insurance
  • Dairy Package Policy
  • Bhagyashree Child Welfare Scheme
  • Agricultural Pumpset Insurance
  • Rural Accident Policy
  • Universal Health Insurance Scheme
  • Tribal/Rural Accident Package Policy
  • Swasthya Bima Policy
  • Sericulture Insurance
  • Farmers Package Policy
  • Hut Insurance
  • Honey Bee Insurance

In addition to the above mentioned products the insurer also offers Credit Insurance facilities.

United India Insurance Co. Ltd Offices

The regional offices and other major establishments of the organization are located at the following locations:

  • Northern India - Ludhiana, Chandigarh, Dehradun, New Delhi
  • Central India - Jaipur, Lucknow, Bhopal, Nagpur
  • Eastern India -Patna, Guwahati, Kolkata, Bhubaneshwar
  • Western India - Vadodara, Ahmedabad, Mumbai, Pune
  • Southern India - Vishakhapatnam, Hyderabad, Hubli, Bangalore, Chennai, Ernakulam, Coimbatore, and Madurai

United India Insurance Co. Ltd Financial Highlights

The following table highlights the financial performance of the organization in 2011-12:
Domain Figure in INR crores
Gross direct premium 8179.29
Net earned premium 6087.24
Profit before tax 469.28
Profit after tax 386.79
Net worth 4541.58

United India Insurance Co. Ltd News and Future Plans

The Tamilnad Mercantile Bank (TMB) has collaborated with the United India Insurance to bring out a family healthcare policy that will provide specialized health plans for the bank's customers.

The CEO and Managing Director of Tamilnad Mercantile Bank, KM Nagendra Murthy, has stated that the cobranded policy is an important one given the increasing cost of healthcare plans. The product will provide good levels of risk coverage in lieu of a nominal premium.

In 2010 TMB had tied up with the United India Insurance for a Bancassurance deal and so far has promoted the insurer's various products through its 288 branches. It is expected that the bank will be able to market the product to almost 50 thousand customers in the present financial year.

G Srinivasan, the MD and Chairman of United India Insurance, has stated that though the penetration of these products is on the lower side the demand for health insurance is always growing.

He has said that approximately 15% of the Indian population avails insurance products and 60% of these people go for schemes operated by the national and the state governments.

United India Insurance expects that its premium income will go up to INR 10,000 crores at the end of 2012-13 and it will be able to add 300 more offices in the Class III and IV cities. This will be part of its program of financial inclusion.

United India Insurance Co. Ltd Contact Details

Following are the contact details of United India Insurance:

Registered & Head Office
United India Insurance Co. Ltd
24, Whites Road,
Chennai - 600014
Telephone number - 91-044-28520161

Last Updated on 09/04/2012

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