STUDY MATERIAL INSURANCE PART-3

STUDY MATERIAL INSURANCE PART-3

ABOUT UNITED INDIA INSURANCE COMPANY LTD

United India Insurance Company Limited (UIIC)
United India Insurance co is formed as a subsidiary of General Insurance Corporation of India.
It was incorporated as a Company on 18th February 1938. Their quarters is in Chennai. Now
they are the second largest insurer in India and the largest in Rural insurance and Insurance of
major power plants. They have carved a niche for themselves in this segment because of their
deep rooted commitment combined with experience and expertise over 7 decades. Investment
Information and Credit Rating Agency of India Limited (ICRA) has awarded them with ‘iAAA’
rating indicating sound financial position and highest claims paying capacity.

General Insurance Business in India was nationalized in 1972. 12 Indian Insurance Companies, 4
Cooperative Insurance Societies and Indian operations of 5 Foreign Insurers, besides General
Insurance operations of southern region of Life Insurance Corporation of India were merged with
United India Insurance Company Limited. After Nationalization United India has grown by leaps
and bounds and has 18300 work force spread across 1340 offices providing insurance cover to
more than 1 Crore policy holders. The Company has 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 cases of ONGC Ltd , GMR- Hyderabad International Airport Ltd, Mumbai
International Airport Ltd Tirumala-Tirupati Devasthanam etc. We have been also the pioneer in
taking Insurance to rural masses with large level implementation of Universal Health Insurance
Programme of Government of India & Vijaya Raji Janani Kalyan Yojana ( covering 45 lakhs
women in the state of Madhya Pradesh) , Tsunami Jan Bima Yojana (in 4 states covering 4.59
lakhs of families) , National Livestock Insurance and many such schemes.
The solvency margin is pegged at 3.32 and the net profit of the company for 2008-09 showed a
healthy Rs. 745.485 crores. With over 1350 offices spanning the length and breadth of the
country they have been at advantage to serve customers better. Besides this their core strength
lies in their human resources. Having a work force of 17000+ people and an army of 2000
officers committed to the service of their customers, they are in a position to make light of the
fact that they issue more than 1 crore policies in a year and settle more than 8 lac claims
annually.
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They have 25 Regional Offices, 1 Regional Cell, 2 Large Corporate Brokers Unit, 362 Divisional
Offices, 684 Branch Offices and 288 Micro Offices spread around the country. They have 17488 personnel working with them. There are 4451 officers (Class I) 2013 Development Officers
(Class II) 8508 Staff Senior Assistant and Assistant (Class III),2516 Sub staff, Drivers, Peons
and thousands of agents.
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Important Points to Remember about UIIC :
 United India Insurance Company Ltd was Founded on 18th February 1938
 Head Quarters - Chennai
 CMD - Milind A Kharat
 General Insurance Business in India was nationalized in 1972
 Tag Lines - Solutions That Bring Back Smiles- Real Fast…
 UIIC celebrated its Golden Jubilee (50 Years) in the year 1988
 Platinum Jubilee (75 Years) in the year 2012
 This is a public sector “General Insurance” company wholly owned by govt of India.
Board Of Directors
 Milind A Kharat - Chairman cum Managing Director
 S.Surenther - Director & General Manager
 M. Sashikala - Deputy General Manager
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Policies Offered by UIIC :

Personal Policies
 Householder[disambiguation needed]
 Personal Accident
 Mediclaim
 Unimedicare
 Bhavishya Arogya

Commercial Policies
 Fire Insurance
 Marine Insurance
 Motor Insurance (vehicle insurance)
 Industrial Insurance
 Liability Insurance
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PART1: http://bankexamdiscussion.blogspot.com/2015/01/study-material-insurance-part-1.html

PART2: http://bankexamdiscussion.blogspot.com/2015/01/study-material-insurance-part-2.html