National Insurance Company (NIC)

History: National Insurance Company

National Insurance Company Limited (NICL) is basically a state owned general insurance company in India. The slogan that this company uses is ‘Thoda Simple Socho’. It has its headquarter in Kolkata. National Insurance Company (NIC) was started on 6th December 1906. Its portfolio comprises of numerous general insurance policies, provided to a broad arena of consumers cominf from different sectors of the economy. Apart from being a foremost insurance company in India, NICL also has its operations in Nepal. This corporation caters to almost all domains of general insurance, including Health Insurance, Motor insurance, personal accident insurance, etc.

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NIC has a force of more than 15,000 skilled human assets and 1340 offices, comprising 373 business centers pan India. These Business Centers focus in providing general insurance to till now unrepresented areas and sections all over the country and stands as a model platform for accessing the insurance market. After nationalization in 1972, NICL worked as a subsidiary of General Insurance Corporation of India (GIC). NICL was spun off as a separate company under the General Insurance Business (Nationalisation) Amendment Act in 2002. In April, 2004, NIC signed a contract with Nainital Bank for selling its general insurance products through the bank's branches in Uttarakhand, Haryana and New Delhi. National Insurance has been de-linked from its investment company GIC and currently works as an independent insurance company wholly owned by Govt of India. National Insurance Company Ltd (NIC) is one of the chief public sector insurance companies of India. In terms of GWP, the company stood at second position after New India Insurance.


Useful Stats About National Insurance

National Insurance Company Limited possesses a wide network all over India. There are 1998 offices all over the country run by 14902 insurance professionals. The process of National Insurance is not limited within India as they are working in Nepal also. It is the second largest non life insurance company in India on the basis of gross direct written premiums or GDWP. Motor Insurance is the largest section of India's insurance market. National Insurance holds the biggest market share in the motor insurance market in the midst of all insurance companies in India in terms of GDWP accumulated in the current fiscal year of 2015. Apart from a large share in motor insurance, national insurance mediclaim policy and national health insurance schemes also have a reasonable share in the market.

Being the lead in the North and East zones, the amount of premium registered with the National Insurance is Rs 11282.64crore in the fiscal year of 2015. The insurance company registered largest PBT or Profit Before Tax worth Rs 1196.74 crore exceeding its last year's total of 1007.82 crore

National Insurance is the only Public Sector General Insurance Company. Being the oldest, National Insurance has major milestones to its credit. This is the first insurance company which introduced customized insurance products for both rural and commercial sectors. The groundwork of Techno Marketing Project Cells is the additional extension of the practice of coming up with modified plans.The Techno Marketing Dept. was designed to cover big projects and to provide agrarian consumer with the Farmers Package Policy to meet their requirements. Moreover, National Insurance Company was also the pioneer of Strategic Alliances in India. The insurance company tied up with M/s Maruti, the largest automobile manufacturer in India and M/s. Hero Moto Corp, one of the fastest growing Two Wheeler companies in the country. These partnerships led to a basic change in the technique of Service Delivery for Motor insurance. National Insurance in India also merged with the banking organizations of the country to become the founding-father of Bancassurance in India.

The income of the investment has also increased from the earlier 2263 crore to Rs 2654 crore.The dividend to the National Exchequer for Fiscal Year of 2013-14 was Rs 165 crore for National Insurance Company. The amount has enlarged to Rs. 195 crore in the fiscal year of 2015. When it comes to claim settlement, the National Insurance Company has shown great results.

Products & Services - National Insurance

Products & Services - National Insurance

Basically, the company caters to almost every aspect of general insurance whether it is health, motor, travel, etc. The company offers special plans under each section of general insurance. There are several categories into which the insurance plans are divided such as personal insurance policies that includes medical insurance, accident, property and auto insurance coverage, rural insurance policies that offer comprehensive protection against natural and climatic disasters for agriculture and rural businesses,industrial insurance policies that offers coverage for large project, construction, contracts, fire, equipment loss, theft, etc, commercial insurance policies offering coverage against loss and damage of property during transportation, transactions and much more :-

Health Insurance: Health insurance is coverage against the risk of medical expenses among individuals. Under the health insurance policy a person does not have to think about the heavy expenses that can occur during hospitalization as the insurer will pay for maximum expenses associated with treatment.

Motor Insurance: Under this, the company is offering several helpful polcies that can secure your vehicle easily. The useful motor insurance helps you in getting comprehsnive and third party liability coverage easily.

Apart from these main sectors, the company also has its reach in Rural Insurance, Industrial risk insurance and Commercial Risk Insurance as well.

National Insurance Company (NIC) has a long history dating back about a century. National Insurance has a key product for almost any insurance necessity for the Indian citizen. It has more than 200 policies, 1000 offices and 16,000 employees who are selling the insurance products all over India. The corporation has served more than 14 million glad consumers. The Company is honored to cater its services to almost each segment or business in the Indian economy ranging from banking, telecom, aviation, shipping, information technology, power, oil & energy, agronomy, plantations, foreign trade, healthcare, tea, automobile, education, environment, space research etc. As of 2010, NICL has a AAA rating from the Indian rating agency, CRISIL, a subsidiary of the Standard and Poor's Company.


Insurance Plans from National Insurance Company

National Health Insurance Plans  

documents

Overseas Mediclaim Business and Holiday:

Overseas Mediclaim Policy is a package plan which offers comprehensive coverage on travel emergencies when someone is travelling abroad.

National Parivar Mediclaim:

It is a type of floater policy that offers complete coverage to the whole family under a single plan.

National Parivar Mediclaim Plus:

It is another floater plan, but it also offers a high sum assured facility.

Overseas Mediclaim Employment and Studies:

This plan offers coverage on overseas trips that take place because of studies or business.

National Mediclaim Plus Policy:

It is a complete insurance policy that goes beyond the traditional health covers. It provides protection against high health care costs and make health care and related services easy and reachable.

National Mediclaim Policy:

This plan provides coverage on hospitalization expenses logically and fundamentally incurred for treatment of illness/disease or injury contracted/sustained by the insured persons during the policy period.

National Motor Insurance Plans  

documents

Motorcycle:

Additionally to the liability insurance, this plan is more complete as it covers own damage of the vehicle with third party liability as well.

Private Car Insurance:

This is a comprehensive insurance policy that will provide coverage on almost each and every expense related to your vehicle that may occur due to accident, theft or any other unexpected situation.

Apart from theses basic insurance policies, the company also caters into the Personal Insurance Rural Insurance, Industrial risk insurance and Commercial Risk Insurance among others.

Private Sector Companies

S.No.
Company Name
Net Premium Earned
(In Lakhs)
Claims Incurred
(Rs. In Lakhs)
Incurred Claim ratio (ICR)
1.
Bajaj Allianz
65513
270331
104.29%
2
Bharati Axa
16453
275179
96.85%
3
Cholamandalam
21002
187804
115.23%
4
Future general
14401
237098
114.26%
5
HDFC ERGO
40606
270331
104.29%
6
ICICI Lombard
114832
275179
96.85%
7
IFFCO TOKIO
19741
187804
115.23%
8
L&T
4404
237098
114.26%
9
Magma HDI
NA
270331
104.29%
10
Raheja QBE
2
275179
96.85%
11
Liberty Videocon
41
187804
115.23%
12
Relance
37663
237098
114.26%
13
Royal Sundaram
20603
270331
104.29%
14
SBI
912
275179
96.85%
15
Shriram
143
187804
115.23%
16
TATA AIG
17906
237098
114.26%

Public Sector Companies

S.No.
Company Name
Net Premium Earned
(In Lakhs)
Claims Incurred
(Rs. In Lakhs)
Incurred Claim ratio (ICR)
1.
National
259216
270331
104.29%
2
New India
284120
275179
96.85%
3
Oriental
162988)
187804
115.23%
4.
United
207502
237098
114.26%

Standalone Companies

S.No.
Company Name
Incurred Claim ratio (ICR)
1.
Star
67.21%
2
Apollo
65.59%
3
Max Bupa
59.07%
4.
Religare
79.92%
5.
TTK Health
NA

National Insurance Claim Form

National Insurance Claim Pdf


FAQ from National Insurance

  • Is it mandatory to have a motor insurance policy?

    Yes, as per the Motor Vehicle Act, it is compulsory to have a motor insurance policy. According to the law each motor vehicle plying on the road has to carry insurance, at least liability policy.

  • What is the maximum entry age for National Mediclaim Plus Policy?

    The policy can be availed by any person up to 65 years of age. However do read the fine prints before purchasing a policy.

  • Will the company pay for the costs of pre policy checkup?

    The company shall reimburse 50% (fifty percent) of the expenses incurred for pre policy checkup, if the proposal is accepted and the premium has been realized.

  • What is the minimum entry age for National Mediclaim Plus Policy?

    The policy can be availed by any person above 18 years of age. Children between the age of 3 (three) months and 18 (eighteen) years can be insured, provided parent(s) is/are covered.

  • What is a pre policy checkup?

    Pre policy checkup is necessary in cases where the proposer is 40 (forty) years and above or, opting for aum insured of INR 6,00,000 and above (irrespective of age) and selecting for Critical Illness optional cover, between the age of 18 (eighteen) years and 65 (sixty five) years.

  • What kind of plans are available online?

    National Insurance Company offers Individual and Parivar Mediclaim policies that are available online. The Individual Mediclaim policies are available up to 50 years of age and up to Rs 5 lakh Sum Insured. Always compare the products before buying

Latest National Insurance News

National Insurance ‘Ready’ for Listing in Bourses

On Wednesday, the National Insurance Company said that it is ready if the authority starts the procedure of listing of state-run general insurance companies on the stock exchanges. “In principle, the government announced that government-owned companies would be up for listing. We are ready if they want to start the process. It’s the government’s call, they have

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Friday March 18, 2016

General Insurance: Senior Posts Vacant

In the general insurance industry, numerous senior profiles are vacant. This is especially in the state-owned insurance companies.  The vacant profiles are of the Chairman and Managing Director (CMD) at National Insurance Company, General Insurance Corporation of India, apart from member (non-life) and Insurance Regulatory and Development Authority of India (IRDAI). In the National Insurance Company,

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Wednesday December 09, 2015

Insurers To Honour Car Owner’s Claims: Forum

The Motor Accidents Claims Redressal Forum said, National Insurance company to pay a car owner claims that is around Rs 3.31 lakh along with compensation of Rs 20000. Thakkar, a resident of Ghatkopar, had bought an insurance cover for his car and the vehicle was poorly damaged in the floods of July 26, 2005. He

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Monday November 09, 2015