United India Insurance Co. Ltd
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 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
- 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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