National Insurance Company Limited (NICL): Company History

National Insurance Company Limited (NICL) is the oldest non-life general insurance company of India. It was established on 5th December 1906 at Kolkata. National Insurance Company was set up largely on the nationalism principles of Swaraj (self-government). NICL was nationalized after 66 years in the year 1972. Thereafter the company was merged with 21 foreign companies and 11 Indian insurance companies and that’s how National Insurance Company Limited was consolidated into one. It is now one of the 4 largest general insurance subsidiaries entirely owned by Government of India.

Company Name National Insurance Company Limited (NICL)
Established 1906
Nationalized 1972
Owner completely owned by the Government of India
Official Tagline "Trusted Since 1906"
Company Type Public Sector General Insurance Company
Headquarters Kolkata, West Bengal, India
Present CEO K Sanath Kumar
Product Range 200+ Policies offered
Number of Offices around 2000
Number of Employees 16000 (approx)
Operates in India & Nepal
Serving Region South Asia
Total assets 8,867 Crores (US$1.4 billion)
Awards ‘AAA’ by CRISIL

National Insurance Company provides over 200 products to almost every industry or sectors present in the Indian market viz. Telecom, Aviation, Banking, Power, Information Technology, Agronomy, Oil & Power, Healthcare, Education, Tea, Environment, Automobile, Foreign Trade, Space Research etc. These services offered by NIC have significant value in the Indian economy. National Insurance policies have some unique qualities that separate them from all other insurance policies offered by different insurers in India.

National Insurance Company: Profile

NIC has "Trusted Since 1906" as its official tagline and motto. The oldest non-life public sector general insurance company of India, National Insurance Company boasts about the labor force of around 16000 skilled employees and approx 2000 office branches set up across India including its operations in neighboring Nepal. NIC was ranked as the 2nd largest general insurance company of India next New India Assurance at the end of the Financial Year 2014 on the basis of the company’s Gross Direct Written Premium (GDWP).NIC also holds a record for being the only Public Sector General Insurance Company (PSGIC) of India with its headquarters in Kolkata. National Insurance was the first Indian insurance Company to unite with the Strategic Alliances with the country’s major manufacturing company for automobiles M/s Maruti, M/s. Hero Moto Corp, biggest Two Wheeler manufacturing company and many other such renowned automobile companies. These connections escorted in a substantial swing in the Service Delivery process for Motor insurance in India. National Insurance Company was the first and foremost insurance company to have pioneered Bancassurance in India, by moulding hookups with India’s Largest Banks.

National Insurance Company: Statistics

National Insurance Company recorded a staggering premium of Rs. 11282.64 crore in the Financial Year 2015 recording its utmost PBT of Rs. 1196.74 crores against Rs. 1007.82 crores in the previous financial year. The National Insurance Company’s investment Income also boosted up to Rs. 2654 crores from the previous income of Rs. 2263 crores. NIC contributed a striking Dividend of Rs. 165 crores to the National Exchequer in the years 2013-2014; the Dividend for Financial Year 2015 is Rs. 194 crores.

National Insurance Company started off with the base premium of Rs. 50 Crores in the year 1974. The gross premiums NIC thereafter grew by 32.22% to over Rs. 61 billion during the Financial Year 2010–2011. During the financial year 2013–2014 the Gross Premium of the company grew up to 100 billion INR.

Financial Year (FY) Growth
1974 50 Crores (Base Premium)
2010-2011 growth by 32.22% to over 61 billion INR
2012–2013 growth by 90 billion INR
2013-2014 growth by 100 billion INR

National Insurance Company: Awards & Special Achievements

NIC is the backbone of all Indian Insurance. National Insurance Company enjoys the A.M. Best financial strength rating of B++ and "bbb+" issuer credit rating. The company has also been rated ‘AAA’ by the Indian rating agency, CRISIL. These incredible ratings of the company certainly represent National Insurance Company’s consistent investment presentation, vigorous risk-adjusted capitalization, and brawny appeal in the Indian insurance market.

National Insurance Company: About the CEO

Mr. Kochunni Sanath Kumar has been serving as the Managing Director of National Insurance Company Limited (NICL) since 19th February 2016. He formerly had the privilege of serving as General Manager of General Insurance Corporation of India. From July 31, 2015 to January 23, 2016, he was the Managing Director of General Insurance Corporation of India. Mr. K Sanath Kumar also served as General Manager of New India Assurance Company.As per the announcement made by the Government of India on 2nd February 2018, National Insurance is to get merged with United India Insurance and Oriental Insurance.

Different Policies Offered By National Insurance Company Limited (NICL)

Apart from Health Insurance and Motor Insurance Policies, National Insurance Company offers different other insurance policies namely Personal Insurance, Rural Insurance, Travel Insurance, Industrial Risk Insurance and Commercial Risk Insurance Policies in India.

National Health Insurance Policies

National Insurance Company Limited provides some of the best health insurance plans for the security of your own health as well as your family’s or loved ones. To enjoy the benefits of National Health Insurance services, you’ll have to pay a specified amount in the form of premium. You can buy or renew any of the following National Health Insurance policies online.

National Parivar Mediclaim Policy

The National Parivar Mediclaim Policy is specifically designed in the form of a family floater policy that can cover your entire family including self, spouse, dependent children and parents – all under the Sum Insured of a single person. The minimum Sum Insured for this policy is 2 Lacs and maximum Sum Insured is 5 Lacs.

Features And Benefits Of National Parivar Mediclaim Policy

  • This National Insurance Policy has a life-long renewal facility.
  • Pays up to 10% of the Sum Insured for the operation theatre charges.
  • In case of diabetes and hypertensions, 10% to 25% co-payment is applicable.
  • Insured persons can avail cashless benefits under the network hospitals of National Insurance Company.
  • Expenses covered for Pre & Post hospitalization up to policy limits.
  • Tax benefits can be availed under section 80D of the Income Tax Act.
  • Options to buy or renew this National Insurance policy online.

National Parivar Mediclaim Plus Policy

The National Parivar Mediclaim Plus Policy is uniquely designed for the protection of your family including yourself, spouse, any dependent children and parents / parents-in-laws against any unforeseen medical emergencies, under the same family floater Sum Insured. This National Insurance online policy is unique since it provides coverage as high as up to Rs. 50 Lakh with pioneering features and benefits.

Features And Benefits Of National Parivar Mediclaim Plus

  • Flat 5% No Claim Discount applicable on the base premium.
  • Policy can be bought online.
  • Lifetime National Insurance renewal option is available for this plan.
  • This National Health Insurance policy covers the pre and post hospitalization expenses up to specified period.
  • The expenses of over 140 day care procedures are covered under this National Insurance Policy.

National Mediclaim Policy

The objective of National Mediclaim policy is to cover all the medical and hospitalization expenses incurred for the treatment of various forms of illnesses or diseases or injuries of the insured person / persons.

Features And Benefits Of National Mediclaim Policy

  • 140+ day care procedures are covered under this policy.
  • Availability of Cashless facility in over 6000+ network hospitals all over India.
  • Cumulative bonus of 5% on the Sum Insured for each claim free year.
  • Covers the expenses incurred from oxygen, blood, operation theatre charges, drugs and medicine, surgical appliance, X-ray, chemotherapy etc.
  • Covers the expenses incurred from room, boarding & nursing charges up to 1% of the Sum Insured.

National Mediclaim Plus Policy

This is one of the best National Health Insurance Plans. The comprehensive coverage of National Mediclaim Plus Policy offers extensive protection on your health with optional covers for Critical Illness & Outpatient Treatment. The policy also covers various forms of treatment procedures.

Features And Benefits Of National Mediclaim Plus

  • Covers pre-existing conditions after a waiting period of 3 years.
  • This National Insurance policy covers Ayurveda, Allopathy, and Homeopathy treatments.
  • Covers the costs incurred 30 days before hospitalization as in pre hospitalization and 60 days post hospitalization expenses.
  • Offers Maternity and new born baby coverage up to specified limits.
  • Availability of daily hospital cash benefit.
  • This mediclaim policy can be purchased or renewed through National Insurance online portal.

National Varistha Mediclaim Policy for Senior Citizens

Varistha Mediclaim Policy:or Senior Citizens by National Insurance Company Limited is exclusively designed to meet the health needs of senior citizens. The policy protects an insured senior person against specified critical illnesses / injuries and accidental injuries.

Benefits And Features Of National Varistha Mediclaim Policy For Senior Citizens

  • Renewal option available for an insured person up to the age of 90 years.
  • Covers the expenses of medicines, drugs, blood, diagnostic charges, oxygen etc. up to 50% of the Sum Insured.
  • 1% of the Sum Insured is payable for hospitalization charges.
  • Tax benefits under second 80D of the Income Tax Act.
  • Covers pre hospitalization expenses up to 30 days before hospitalization and post hospitalization charges up to 60 days after discharge.

Janata Personal Accident Policy

Janata Personal Accident Policy from National Insurance Company Limited offers coverage against death, permanent partial disablement and permanent total disablement to any individual in India under the age group of 10years to 70 years, regardless of their sex, occupation and profession.

Features And Benefits Of Janata Personal Accident Policy

  • This National Health Insurance Policy can be ported to another insurer 45 days prior to policy expiration.
  • Covers permanent total disablement and permanent partial disablement.
  • 100% coverage of the Sum Insured in case of accidental death.
  • Loss of limbs and both eyes or one limb or one eye lost due to an accident is covered under this National Health Insurance Plan.
  • The Plan offers 24 hours coverage and is operational worldwide.
  • National Insurance Renewal for this policy can be performed online.

Individual Personal Accident

Individual Personal Accident Policy from National Insurance Company Limited (NICL) is designed provide some advantaged to an individual against such unfortunate events like death, Permanent Total Disablement (PTD) resulting from an accident.

Individual Personal Accident Policy Features And Benefits

  • No health check-up is required for availing this National Insurance Policy.
  • Offers coverage against Accidental Death, Permanent Total Disablement, Permanent Partial Disablement, Temporary Total Disablement following an accident.
  • Comprehensive coverage available.
  • This National Insurance Policy offers 24 hours coverage and is operational worldwide.
  • Options for policy buying and renewal through National Insurance online portal.

Motor Insurance Policies by National Insurance Company (NIC)

The oldest general insurance company of India, National Insurance Company Limited provides both Private Car and Two Wheeler insurance coverage. In terms of car insurance policies, National car insurance mainly offers two types of vehicle insurance coverage – Third Party and Comprehensive Motor Insurance. Car or Two Wheeler insurance plans can be purchased online from National Insurance Company’s portal for the best price and National Insurance Renewal for motor insurance can be perform online as well.

Private Car Insurance

Both third party and comprehensive insurance for private cars are provided by the National Insurance Company. National Private Car Policy can be purchased from the portal of National Insurance online since the company offers the best quotes. You may avail the best quotes for National Insurance online renewal too.

Features And Coverage For National Car Insurance

The national car insurance policy protects vehicles that are used for domestic, social and commercial purpose by the insured person. The coverage and benefits of national car insurance are following.

  • National Car Insurance covers injuries or damages done to any third party in involving your car.
  • Third party property damage up to Rs. 7.5/- lacs covered.
  • Comprehensive coverage for the protection of your own vehicle against various damages.
  • Coverage against accident from External Means Fire, Self Ignition, Explosion, and Lightning.
  • Coverage against various natural and manmade calamities like Terrorism, Strikes or Malicious Acts, Riots, Flood, Earthquake, Storm, Rockslide, Landslide etc.
  • Coverage against Burglary, Theft etc.
  • Coverage damages from Transit by Road, Rail, Air etc.
  • Easy to purchase national car insurance online.
  • National Insurance Renewal for motor insurance can be done online as well.

National Two Wheeler Insurance

National Two Wheeler Policy protects your bike against various damages resulting from unforeseen accidents. Since accidents can happens just as anywhere and anytime, National Two Wheeler Insurance can save you against third party liabilities as well as cover the damages of your own. You can instantly buy or renew National Two Wheeler Insurance plan online.

Features And Coverage For National Two Wheeler Insurance

  • Covers third party property damages up to Rs. 7.5/- lacs
  • Coverage against third party death and injuries.
  • Comprehensive coverage against the damages resulting from Fire, Self Ignition, Explosion, and Lightning, Transit by Road, Rail, Air, Burglary, Theft, various natural and manmade calamities like Terrorism, Strikes or Malicious Acts, Riots, Flood, Earthquake, Storm, Rockslide, Landslide etc.
  • Options for purchasing National Two Wheeler Insurance online.
  • National Insurance Renewal for two wheeler can be done online in India.

National Travel Insurance

National Travel Insurance protects and insured person against various travel and medical emergencies while travelling abroad.

Overseas Mediclaim Policy

Overseas Mediclaim Policy from National Insurance Company is a full package to safeguard any traveler against various travel emergencies while visiting a foreign land. This National Travel Insurance plan is available for three groups of travelers that follow: (1) Business & Holidays, (2) Employment and Study, (3) Corporate Frequent Traveller.

Features Of Overseas Mediclaim Policy

The national car insurance policy protects vehicles that are used for domestic, social and commercial purpose by the insured person. The coverage and benefits of national car insurance are following.

  • This National Travel Insurance Policy offers protection against various travel emergencies while being abroad.
  • The premium for this National Travel Insurance plan can be paid in Indian currency.
  • Provides claim assistance through an international service provider.
  • Claim is payable in foreign currency for doctor treatment and other hospitalization procedures.
  • Policy can be purchased from National Insurance online portal.
  • National Travel Insurance policies can be purchased by any foreign nationals working in India under Indian employers of multi-national organizations receiving salary in Indian currency.

National Insurance Renewal

National Insurance Renewal holds just as much significance as buying National Insurance plans online. Be it Health, Motor or any other insurance policies provided by National Insurance Company Limited, it is very important that you consider National Insurance online renewal to enjoy an uninterrupted continuation on your coverage. Apart from the easy and simplified online renewal procedure, you can go for National Insurance Renewal by visiting any nearest branch of National Insurance Company in your city, town or district.

National Insurance Online Renewal Procedure

The process of National Insurance Renewal online is absolutely easy and time saving. All you have to do is just follow these simple steps to get done with your National Insurance Renewal.

  • Log into the official online portal of National Insurance Company (NIC).
  • Select your National Insurance policy / plan which you want to renew online.
  • Enter your unique National Insurance Policy number for the next step and thereafter enter the details you are asked for.
  • Make your payment through online transaction.
  • You will receive online documented confirmation thereafter stating the successful renewal of your National Insurance plan.
Some Important FAQ Of National Insurance Company

1.How would you contact National Insurance Company?

TheThere are several ways to contact the country’s oldest general insurer National Insurance Company. You can contact them through calling on their toll free number which is 1800 200 7710 or you can chat with customer service team of National Insurance Company by logging their official websites through the link https://nationalinsuranceindia.nic.co.in/.

2.What is the Head Office address of National Insurance Company Limited?

3 Middleton Street, Prafulla Chandra Sen Sarani, Kolkata: 700071, West Bengal India.

3.How do you buy or renew online insurance policy from National Insurance Company?

After opening National Insurance Online portal, you can see a log in option on the right hand side of the page. If you are already a customer of National Insurance Company, you can select the customer option from the drop down menu list. Or if you are not an existing customer and want to get register your account on National Insurance Company, you have to click on the ‘register now’ button.When you wish to buy or renew your purchased National Insurance online policy, you just need to visit this website http://niconline.co.in:8082/custportal/ . After that, choose the category you want to buy or renew. Like, if you are looking for renewing your car insurance policy, you have to select on Motor Insurance option and then Renewal option. After that you can access the renewal page.

4.What is the minimum entry age for National Insurance Mediclaim Plus Policy?

Any person above 18 years of age can eligible for National Mediclaim Plus policy. Children between the age group of 3 months to 18 years can be covered if at least one parent is covered under this plan.

5.What is the maximum entry age for National Insurance Mediclaim Plus Policy?

The maximum entry age for National Mediclaim Plus policy is above 65 years. 

5.When do you require for pre policy check up?

This pre policy checkup is required when the proposer is 40 years and above or he/she is opting for Sum Insured INR 6,00,000 and above or opting for Critical Illness optional cover between the age of 18 years to 65 years. 

5.How much amount the company will reimburse for the expenses of pre policy check up?

If the proposal is accepted by the insurer and the premium has been realized, the company will reimburse 50% of the expenses incurred for pre policy checkup. 

5.What are the exclusions of STOP Policy?

    This STOP policy does not cover the following

  • Unexplained shortage
  • Contingency risk
  • Tail end transits
  • Over dimensional cargo
  • Mould, mildew, fungus
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Aggregate Rating Value on National Insurance is 4.5 out of 5 (Total Rating Count: 36)

Aggregate Rating Value on National Insurance is 4.5 out of 5 (Total Rating Count: 36)