New India Assurance bags insurance mandate for Air Deccan

India’s largest non-life insurer New India Assurance has bagged the aviation insurance cover mandate for Air Deccan.

Nearly 10 years after pioneering low-cost air travel model, Air Deccan has come back to the sector under regional connectivity scheme. The airline has ambitious plans of expanding in this segment in a big way by riding on the economic boom in smaller cities pan-India.

New India Assurance is the leader in aviation insurance covering all major airlines of India like Air India, IndiGo, Spice Jet, Vistara and Go Air.

Among other big projects in non-aviation businesses, New India Assurance had recently bagged the health insurance project of Rajasthan Government under its Bhamasha Swasthya Bima Yojana (BSBY) covering about 4 crore citizens. The company said, it will execute health insurance for about one crore families across the State under the National Food Security Act (NFSA).

This is one of the largest health insurance schemes in the country as it gives cover for cashless treatment for 1,401 diseases of Rs 3 lakh for 663 critical and Rs 30,000 each for 738 general illnesses. The total insurance premium involved is more than Rs 1,200 crore per annum with the state bearing Rs 1,261 per family.