Important Points to know about United India Insurance Company (UIIC)

    Important Points to know about United India Insurance Company (UIIC)
    Important Points to know about United India Insurance Company (UIIC):
    Important points that we have to know about the United India Insurance Company (UIIC) were given here, which will be more helpful for the candidates those who are preparing for the upcoming exams.

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    1). United India Insurance Company(UIIC) is a public sector General Insurance Company of India wholly owned by the Government of India

    2).It operates under theDepartment of Financial Services of the Ministry of Finance

    3).It is one of thetop General Insurersin Asia

    4).Headquarters –Chennai, Tamil Nadu

    5).Chairman& Managing Director –Milind Kharat

    6).It was founded on18thFebruary 1938

    7).Net worth –Rs. 5407 crores

    8).Gross Premium –Rs. 9709 crores

    9).Fourmain schemes implemented by the United India Insurance Company are as follows
    ·        Universal Health Programme
    ·        Vijaya Raji Janani Yojana
    ·        Tsunami Jan Bima Yojana
    ·        National Livestock Insurance

    10).United India Insurance Company offerstwo types of policies
    ·        Personal Policies
    a)   Householder
    b)   Personal accident
    c)   Mediclaim
    d)   Unimedicare
    e)   Bhavishya arogya
    ·        Commercial policies
    a)   Fire Insurance
    b)   Industrial insurance
    c)   Liability insurance
    d)   Marine insurance
    e)   Motor insurance

    11).The company is planning to focus onretailandsmall& medium(SME)segments for its growth

    12).At present the company has over48,000agents and100 one-man offices across the country

    13).The company at present has more than2046 offices including
    ·        Regional offices – 28
    ·        Large corporate offices – 8
    ·        Divisional offices – 406
    ·        Branches – 673
    ·        Micro-offices – 876

    14).On 26th January 2015, US PresidentBarack Obama’s visit has brought new challenge to the Indian government owned insurance companies withnuclear energy risk capital

    15).Five government-owned insurance companies will providehalf the capacity for theRs. 1500 crore pool and the rest will come from the government to insurenuclear reactors. The5 general insurance companies selected are
    ·        United India Insurance Company
    ·        General Insurance Corporation of India
    ·        New India Assurance
    ·        Oriental Insurance
    ·        National Insurance

    16).Awards and Acknowledgments of UIIC
    ·        Was awarded‘iAAA’ rating for its claims paying ability byICRA(Investment and Credit Rating Agency) for the 3rdsuccessive year
    ·        In2010, UIIC got theBest Non-Life Insurance Company award – byNDTV Profit-Business Leadership Awards 2010
    ·        UIIC selected among thetop 3 General insurance companies in Asia by the14th Asia Insurance Industry Awards
    ·        UIIC received theSkoch award 2010 for its successful implementation of the financial inclusion initiatives particularly for the success ofRashtriya Swasthya Bima Yojanain Kerala. This award was given bySkoch Consultancy services
    ·        In2013 UIIC again won theSkoch Financial Inclusion Award for M-power project in the ICT based innovation category.M-power is a premium payment service which can be accessed through mobile

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