New India Assurance bags RIL’s Rs. 500-cr combined cover

New India Assurance has bagged a Rs 500—crore combined cover from Reliance Industries for its onshore and offshore assets for the next financial year, according to industry sources.

 

At Rs 500 crore, this is the single largest insurance cover taken by any corporate in the country so far.

 

According to the people aware of the development, the premium fixed for the mega combined insurance cover, which came into force from February 1, is Rs 500 crore with a sum assured of over Rs 2.5 trillion.

 

Such a policy is not new as more than 30 corporates have been availing of such covers since 2000. But it is for the first time that New India is offering a combined cover to both RIL’s onshore and offshore assets.