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What is United India Insurance Company mean?
United India Insurance Company is a leading Indian nationalised general insurance company. It is under the ownership of Ministry of Finance, Government of India. It is headquartered in Chennai, India. It was incorporated on 18 February 1938, and nationalised in 1972.
Previously it was a subsidiary of the General Insurance Corporation of India (GIC). But when GIC became a re-insurance company as per the IRDA Act 1999, its four primary insurance subsidiaries New India Assurance, United India Insurance, Oriental Insurance and National Insurance got autonomy, with effect from March 21, 2003.
Twelve Indian insurance companies, four co-operative insurance societies, five foreign insurers with Indian operations and the general insurance operations of the southern region of Life Insurance Corporation of India were merged with United India Insurance Company Limited to form the company.
After nationalization, United India has 14,322 number of workforce spread across 2,248 offices providing insurance cover to more than 10 million policy holders. The Company has a variety of insurance products to provide insurance cover from bullock carts to satellites.
United India has been in the forefront of designing and implementing complex covers to large customers, as in the cases of ONGC Ltd, GMR - Hyderabad International Airport Ltd., Mumbai International Airport Ltd., Tirumala-Tirupati Devasthanam, Kochi Metro Rail Corporation etc. United India has also been the pioneer in taking Insurance to the rural masses with large scale implementation of Universal Health Insurance Programme of Government of India & Vijaya Raji Janani Kalyan Yojana (covering 4.5 million women in the state of Madhya Pradesh), Tsunami Jan Bima Yojana (in 4 states covering 459,000 of families), National Livestock Insurance and many such schemes.
The Gross Domestic Premium for the Financial Year 2019–20 is Rs. 17500 Crore plus.
On 2 February 2018, the Government of India announced merger of United India Insurance Company with Oriental Insurance and National Insurance Company Limited.
reference| Full Form | Category |
|---|---|
| University Industry Interface Cell | Academic & Science |
| United India Insurance Company | Business |
| Uzbekinvest International Insurance Company | Business |
| United India Insurance Coverage | Business |
| United India Insurance Company Limited | Indian Ministry of Finance |
| UK Irish and Islands Clerks | Regional |
Posted on 26 Dec 2024, this text provides information on Miscellaneous in Business related to Business. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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