Latest news with #UIICL
Time of India
3 days ago
- Time of India
Three sentenced to 5 years in jail for insurance fraud
Ahmedabad: A special CBI court in Ahmedabad sentenced three men to five years of rigorous imprisonment for criminal conspiracy, cheating, forgery, and using forged documents to cause financial loss to United India Insurance Company Ltd (UIICL), stated a release from the central agency. Tired of too many ads? go ad free now The Special Judge for CBI cases convicted Kiku Dhodi, an assistant at UIICL, Silvasa branch, and two private individuals — Vasant Patel and Apurva Patel. They were sentenced to five years of rigorous imprisonment. The court also imposed a total fine of Rs 35.30 lakh on the trio. CBI registered the case on Dec 31, 2004, against the three convicts and 17 others for hatching a conspiracy that resulted in financial losses to the govt of about Rs 62 lakh through 10 fraudulent fire insurance claims. The accused allegedly filed identical claims stating their insured grass stock was destroyed in fire incidents. Investigation revealed that only one claim was found to be fraudulent. The false claim, worth Rs 8.97 lakh, was filed by Vasant Patel for a grass fire accident at Maroli in Valsad district. Apurva Patel conducted the survey and submitted a false report. The insurance payout was withdrawn through bearer cheques, which were signed by Vasant but written in the handwriting of Kiku Dhodi, who is also his brother-in-law. CBI found that the inspection and survey reports were fabricated. It filed a chargesheet on Dec 31, 2007, against five persons. After trial, the special court found sufficient evidence and convicted three accused.
The Hindu
30-05-2025
- Business
- The Hindu
United India Insurance back in black, posts ₹154 crore net in FY25
United India Insurance Company returned to profitability reporting ₹154 crore net profit for 2024-25. Compared to the ₹804 crore loss in previous fiscal, it is an impressive turnaround. It has made profit after several years, the State-owned general insurer said. Gross direct premium income stood at ₹20,072 crore, combined ratio improved 4% to 121.67% and customer base raced past 2 crore mark, the country's 4th largest general insurer said. 'Our relentless focus on technological innovation, customer satisfaction and risk management enabled us to adapt to evolving industry dynamics and emerge stronger,' CMD Bhupesh Sushil Rahul said. Through prudent underwriting and strategic loss control measures, it has reclaimed its position as a profitable force in the industry, UIICL said. In alignment with IRDAI's vision of 'Insurance for All by 2047' it has unveiled a range of cutting-edge insurance solutions designed to meet changing needs of customers while enhancing market competitiveness. The list includes comprehensive personal accident policy Sampurna Suraksha Bima; parametric insurance product Param Mitra Suraksha Policy; usage-based motor insurance cover tailored for customers with limited vehicle usage; United Cyber Kavach Policy; and home protection plan securing both property and belongings United Value Griha Raksha Policy. By prioritizing customer-centric strategies, seamless claims processing and enhanced service standards, the company continues to reinforce its commitment to delivering financial security, strengthening customer trust and redefining industry leadership in the ever-evolving insurance landscape. UIICL has presence across India and offers a portfolio of insurance solutions, including health, motor, property, and marine coverage.
