NIC or National Insurance Company Ltd is the oldest public sector general insurance Company. Incorporated in Kolkata on December 1906, it possesses a wide network to all over the India to fulfil the nationalist aspiration for Swaraj. After the nationalisation, it was combined with 21 foreign and 11 Indian companies to produce National Insurance Company Ltd. The company has more than15000 employees with over 2000 offices across India with annual total turnover of over 20000+ Crore and rising each year. It was the first government insurance company to initiate product customisation both corporate and rural. It was also the first Indian insurance company which has the many partnerships with India’s largest automobile companies like Maruti Suzuki, Hero Motors and others to offer its Motor Insurance policies. These joint ventures led to a fundamental change in the Motor insurance plan. Apart from this motor insurance share, National Insurance Company’s mediclaim policy and National Health Insurance schemes also have a rational share in the market. The company is also merged with the country’s large banking sector.
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