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National Insurance Company - A Quick Overview

National Insurance Company is a state-owned insurance company of India that provides general insurance products. The company was established in the year 1906 and has it’s headquarter in Kolkata. It was nationalized in the year 1972 and at present, the company’s portfolio consists of multiple general insurance sector products. With its general insurance services in India for the past 66 years, this organization also provides its insurance services in Nepal.

History of the Company

After its nationalization in the year 1972, National Insurance Company Limited started operating as one of the subsidiaries of the General Insurance Corporation of India (GIC). It was the year 2002 when National Insurance Company started working as a discrete company as per the Amendment Act of General Insurance Business (Nationalization). On April 2004, the company signed one agreement with the Nainital Bank. As per this agreement, the bank will have to sell various general insurance products of the National Insurance Company in its different branches that are located in Uttarakhand, New Delhi, and Haryana.

Profile of the Company

As mentioned above, it was the year 1906 when the National Insurance Company was established and in the year 1972 according to the General Insurance Business Nationalization Act, NIC merged 11 Indian and 21 International Companies in it. After that NIC became the subsidiary of General Insurance Company and was completely owned by the Government of India.

National Insurance Company got its wholly owned Government Company status in the year 2002 after de-linking itself from its holding organization GIC. Presently, the company is considered as one of the stellar public sector insurance organizations of India and owns approximately 2000 offices across the country.

At the end of Financial Year 2014, the National Insurance Company became the second among various general insurance providers of India, whereas New India Assurance is the first. With 16, 000 employees and agents throughout India and neighboring Nepal, the company provides protection against an extensive range of risks for its customers.

It was the year 2008 when National Insurance Company signed an agreement with the HCL Technologies for 7 years. As per this agreement or deal, HCL will outsource NIC’s requirements for information technology. This deal had the worth of Rs.4 billion. 

In February 2018, with the approval of Government of India, National Insurance Company announced its merger with Oriental Insurance and United India Insurance Company.

Accolades and Awards

  • According to The Economic Times, the National Insurance Company is recognized as one of the best brands in the field of insurance.
  • At the facilitation ceremony on 10th February’ 2017 at Mumbai, the company got the Symbol of Excellence.
  • In this way, NIC is considered as the backbone of the insurance industry of India.
  • AAA by CRISIL.
  • Top 100 CISCO award in the year 2012.
  • Indian Insurance Award for being the best under-served market penetration.
  • Digital Inclusion Award in the year 2012.

Services and Products

As mentioned earlier, The National Insurance Company offers general insurance products in almost every sector. The general insurance policies can be categorized as health, motor, property, personal accident, etc. wherein the protection against damage and loss is provided.

Let us have a look at the products and services that Nation Insurance Company offers:

Motor Insurance Plans by National Insurance

National Motor Insurance provides third-party liability cover as well as offers protection to your own vehicle against any damage or loss. The claim settlement ratio of NIC in the motor insurance category is also good; therefore you can easily trust this company. The insurance plans provided by NIC under this category are:

  • National Motor Cycle Insurance: It is a comprehensive two-wheeler insurance policy provided by Nation Insurance Company. Under this policy, all the possibilities that are responsible for damage to your vehicle are considered. In this way, you will be able to get the protection against damage or theft on road or during transit.
  • National Private Car Insurance: The car insurance policy from Nation Insurance Company provides good coverage at very affordable premium rates. As per Indian Motor vehicle Act, it is illegal to drive a car without a valid car insurance policy. The car insurance policy of National Insurance Company offers coverage against damage, theft, etc. It is advised to opt for a comprehensive car insurance plan to get complete protection. A comprehensive plan also offers third-party liability as well.

Health Insurance Plans by National Insurance Company

Under the health insurance category, National Insurance Company offers a wide range of plans to select from. The company not only provides health insurance policies for the individual but it also for families. Some of the top health insurance plans offered by National Insurance Company are:

  • Parivar Mediclaim: It is a family floater plan wherein you with your spouse and two children get coverage against the financial burden of medical treatment in hospital. There is only one sum insured against premium for protecting your whole family from medical expenses related to accidental injury or disease/illness resulting in hospitalization.
  • National Parivar Mediclaim: This is also a family floater plan wherein you get coverage for your entire family including your parents in single sum insured. The sum insured may range from Rs.1 Lakh to 10 Lakh in the multiple of 1 Lakh for covering an insured, his/her spouse, dependent parents, and children. With lifelong renewability feature, this plan has a policy period from 1 year to 3 years.
  • National Parivar Mediclaim Plus: It is one of the finest family floater plans in which various innovative features are offered. The sum insured in this plan is as high as Rs.50 Lakh. With spouse, self, and dependent children, you can also cover your parents-in-law and parents in one sum insured. This policy has lifelong renewability feature with a minimum period of the policy as 1 year and maximum policy period as 3 years.
  • National Mediclaim Policy: Anyone falling in the age group of 18 years to 65 years is eligible to take this mediclaim plan. The policy covers the expenses of hospitalization incurred due to illness, injury, or disease. You get 140+ procedure or surgeries of daycare with lifelong renewability.
  • National Mediclaim Plus Policy: This policy provides three plans of different covers, which fall in the range of Rs.2 Lakh to Rs.50 Lakh. Under this plan your spouse, you, dependent children and parents are covered. This policy is also available for individuals falling in the age group of 18 years to 65 years and children falling in the age group of 3 months to 18 years.
  • National Critical Illness Policy: This insurance policy is available for those who are affected by some critical alignments. One who comes in the age group of 18 years to 65 years can take this policy.

Travel Insurance Plans by National Insurance Company

This insurance plan covers the risks that can incur while traveling, such as baggage loss, loss of travel-related documents, etc. The insurance plans covered under this category are:

  • Overseas Mediclaim Studies and Employment: The overseas mediclaim employment and mediclaim policy offer coverage against travel emergencies incurred in abroad. The plan is available for travelers who are traveling due to business or studies or due to corporate meetings. The premium must be paid in Indian Rupees excepting the case of employment.
  • Overseas Medicalim Business and Holiday: A travel insurance plan that is available for travelers who are going to an overseas location for business or holiday. The claim settlement service is provided through the international service provider.

Personal Accident Insurance Plans by National Insurance Company

The personal accident insurance policy is for giving advantages to the beneficiary in case of death. The plan also provides benefits, if you encounter permanent disability due to an accident. Some of the policies that National Insurance Company provides under this category are:

  • Janata Personal Accident: Anyone falling in the range of 10 years to 70 years can take this plan. The plan provides coverage against permanent total or partial disability and death. In this plan, you can get a minimum sum insured is Rs.25, 0000/ person per year, whereas the maximum sum insured is restricted to Rs.1, 00, 000/ person per year.
  • Individual Personal Accident: In this policy, you get coverage against accidental death or permanent total or partial disablement. In case of death, the beneficiary gets the benefits whereas in case of disablement you get the benefits.

Home Insurance Plans by National Insurance Company

The policy under this category provides coverage against any loss or damage incurred to your home. The home insurance plan provided by National Insurance Company offers personal accident cover with medical expenses apart from damages to your house. The plan provided by NIC in this category is:

  • Household Insurance: This plan provides coverage against various risks related to your house. Apart from the value of the property and build up area, this plan covers your household contents.

Commercial Insurance Plans by National Insurance Company

For the commercial sector, National Insurance Company offers the following plans:

  • Shopkeeper’s Insurance
  • Standard Fire and Special Perils
  • Credit Insurance

Rural Insurance Plans by National Insurance Company

To insure the rural population of India, various insurance plans are provided by National Insurance Company:

  • Gramin Suraksha Bima Policy: To provide insurance protection to lower income groups of India against bodily injury resulting directly or solely from accidents caused due to any visible means or outward violence.
  • Gramin Suswasthya Microinsurance Policy: To provide insurance cover to the lower income groups of India against hospitalization expenses this insurance policy is introduced by the National Insurance Company. This policy provides insurance coverage to the whole family.

Industrial Insurance Plans by National Insurance

This plan provides coverage against any losses or damages that can incur to any business or industrial unit. The policies provided under this category are:

  • Erection All Risk: It offers cover for projects that have the equipment and same erections.
  • Machinery Insurance: Machinery insurance plans provided by National Insurance Company offer protection for both static and rotating equipment. The coverage is not limited to the working machines instead it protects the machines that are in rest against any mechanical or human breakdown as well as human error or negligence.
  • Electronic Equipment Insurance: This insurance policy of National Insurance provides protection to the electronic equipment.

Distribution Network of National Insurance Company

The National Insurance Company offers approximately 200 insurance policies in its 2000 offices with more than 16,000 employees and agents who sell these products across India and provide service.

Policy Renewal Process of National Insurance Company

Those days are gone when you have to contact the agent of National Insurance Company or go physically to the branch of the company for policy renewal. Today in this era of the Internet, it has become possible to renew your insurance policies provided by the National Insurance Company online.

Follow the below-mentioned steps in order to renew any policy of National Insurance Company online:

  • Go to the website of the National Insurance Company and navigate to the customer portal. Select ‘Renewal’ option there.
  • As soon as you click the option to renew, you will be taken to the page that is associated with the online renewal process.
  • There, you have to mention your current policy number provided by the National Insurance Company and other details.
  • After that, you may pay the renewal premium for your National Insurance policy online through Credit/ Debit card or by the internet banking.

Upon successful completion of the online renewal process, you will get the details of your policy through the mail. Or else, you can log into your National Insurance Company’s website and download the copy of your renewed policy online.

Note: If you have an insurance policy of some other insurance provider and you want to get it renewed by the National Insurance Company, then it is possible as well. For the same, all you need to do is to log in to the website of the NIC and go to the appropriate page. Provide the details of your policy there before the expiry date and you will not lose your accumulated benefits.

Conclusion:

During the second last quarter of 2016, the National Insurance Company has registered the betterment of 1.31 times of its solvency from the earlier 1.26 times. However, it is even though lower than the required 1.5 times as mandated by the Insurance Regulatory of India. The solvency mentions the capital strength of a company.

Presently, the National Insurance Company has a share capital of Rs.200 Crores, but it has a limited time frame of only three years to pull up its solvency level. However, the company has started working for the same and trying to reach to the level before the predetermined time.