United India Insurance Company is a central public sector undertaking under the

ownership Ownership is the state or fact of legal possession and control over property, which may be any asset, tangible or intangible. Ownership can involve multiple rights, collectively referred to as title, which may be separated and held by different ...

Ministry of Finance A ministry of finance is a part of the government in most countries that is responsible for matters related to the finance. Lists of current ministries of finance Named "Ministry" * Ministry of Finance (Afghanistan) * Ministry of Finance and Eco ...

, &

Government of India The Government of India (ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, c ...

. Its headquarters is located in

Chennai Chennai (, ), formerly known as Madras ( the official name until 1996), is the capital city of Tamil Nadu, the southernmost Indian state. The largest city of the state in area and population, Chennai is located on the Coromandel Coast of th ...

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...

, and was incorporated on 18 February 1938. The company was nationalised in 1972. Previously, it was a subsidiary of the

General Insurance Corporation of India General Insurance Corporation of India Limited abbreviated as GIC Re is a central public sector undertaking under the ownership of Ministry of Finance, Government of India. It was incorporated on 22 November 1972 under Companies Act, 1956. GIC ...

(GIC). But when GIC became a

re-insurance Reinsurance is insurance that an insurance company purchases from another insurance company to insulate itself (at least in part) from the risk of a major claims event. With reinsurance, the company passes on ("cedes") some part of its own insu ...

company as per the

IRDA The Infrared Data Association (IrDA) is an industry-driven interest group that was founded in 1994 by around 50 companies. IrDA provides specifications for a complete set of protocols for wireless infrared communications, and the name "IrDA" also ...

Act 1999, its four primary insurance subsidiaries

New India Assurance The New India Assurance Co. Ltd., is a central public sector undertaking under the ownership of Ministry of Finance, Government of India. It is based in Mumbai, Maharashtra. "It is the largest nationalised general insurance company of India ...

, United India Insurance,

Oriental Insurance The Oriental Insurance Company Ltd. is a central public sector undertaking under the ownership of Ministry of Finance, Government of India. The headquarters is present in New Delhi. It has 29 regional offices and more than 1500 active branches ...

and

National Insurance National Insurance (NI) is a fundamental component of the welfare state in the United Kingdom. It acts as a form of social security, since payment of NI contributions establishes entitlement to certain state benefits for workers and their famil ...

obtained autonomy, with effect from 21 March 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 Life Insurance Corporation of India (LIC) is an Indian Public Sector Undertakings in India, central public sector undertaking headquartered in Mumbai, Maharashtra, India. It is under the ownership of Ministry of Finance (India), Ministry of Fi ...

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, BHEL, NTPC, Jindal Industries, 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 4,59,000 of families), National Livestock Insurance and many such schemes. The Gross Domestic Premium for the Financial Year 2019–20 is more than ₹17,500 Crores. On 2 February 2018, the

announced merger of United India Insurance Company with

and

National Insurance Company Limited National Insurance Company Limited (NICL) is a central public sector undertaking under the ownership of Ministry of Finance, Government of India. It is headquartered at Kolkata and was established in 1906 by Gordhandas Dutia and Jeevan Das Dut ...

Organizational structure

References

External links

* {{Insurance in India Financial services companies established in 1938 General insurance companies of India Government-owned insurance companies of India Companies nationalised by the Government of India Financial services companies based in Chennai Indian companies established in 1938