New India Assurance (NIA) has launched a ‘Pay as You Drive’ (PAYD) policy, which offers a comprehensive motor insurance policy that charges a premium based on the usage of the vehicle. The policy has two components- Third Party cover and own-damage cover.
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The New India Assurance Co. Ltd is a central public sector undertaking under the ownership of the Ministry of Finance, Government of India. It is based in Mumbai, Maharashtra. It is the largest nationalized general insurance company in India based on gross premium collection inclusive of foreign operations. It was founded by Sir Dorabji Tata in 1919 and was nationalized in 1973.
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