However, the process of merger could not be completed due to various reasons, including poor financial health of these companies. The United India Insurance Company gave a cheque of Rs 1 crore to Chief Minister Omar Abdullah for flood-hit people of Jammu and Kashmir. In the Budget 2018-19 speech, the then Finance Minister Arun Jaitley had announced that the three companies would be merged into a single insurance entity. The capital infusion, it added, will enable the three public sector general insurance companies to improve their financial and solvency position, meet the insurance needs of the economy, absorb changes and enhance the capacity to raise resources and improve risk management. “To ensure optimum utilisation of the capital being provided, the government has issued guidelines in the form of KPIs (key performance indicators) aimed at bringing business efficiency and profitable growth,” the statement said. Welcome to Intermediaries (Agents - Brokers - Dealers) Portal of United India Insurance Company Limited Kindly ensure that Engine/Chassis numbers are to be entered correctly as per RC book for all motor (Fresh/Roll-Over) policies. With a motive to provide Insurance protection to all, the company offers a wide range of insurance products ranging from motor insurance, personal accident insurance, household insurance, health insurance, and many. The government in Budget 2020-21 had made a provision of Rs 6,950 crore for capital infusion in these three insurance companies in order to maintain the requisite minimum solvency ratio.īriefing reporters about the Cabinet meeting, Minister of Information and Broadcasting Prakash Javadekar said that recapitalisation will make the government-owned insurance companies more stable. United India Insurance Company has made its presence in more than 1000 tier II & III towns and villages through its micro offices. The soldiers were insured under a Group Personal Accident Policy for salary account holders taken by State Bank of India with United India Insurance Co. The Rs 12,450 crore capital infusion approved by the Cabinet includes Rs 2,500 crore provided to these companies during 2019-20, it said, adding Rs 3,475 crore will be released immediately, while the balance Rs 6,475 crore will be infused later in one or more tranches. The Insurance claim amounts were disbursed on the same day in which the claim papers were received from the Army through State Bank of India. United India Insurance paid all 20 Personal Accident Insurance claims to the next of kin of the gallant soldiers who were martyred in Ladakhs Galwan Valley on. “Further, the process of merger has been ceased so far in view of the current scenario and instead, the focus shall be on their profitable growth,” an official statement said.Īlso Read: Global economy to contract by 5.2 per cent in 2020 as coronavirus continues to spread: Report Insurance : insurance in fancy bazaar Along - United India Insurance Company Limited Fancy Bazaar, AT Road, Exide Life Insurance Ulubari, Blue Hill Capital Advisors Private Limited GS Road.