National General Insurance Company
National Insurance Company Limited Overview
National Insurance Company Limited is one of the oldest general insurance companies of India. The firm came into existence in 1906 with its headquarters in Kolkata to accomplish the aim of attaining Swaraj. However, the company, after the commencement of General Insurance Business Nationalisation Act in 1972, was merged along with 11 Indian and 21 foreign companies to form the National Insurance Company Limited, which comes among one of the four subsidiaries of the General Insurance Corporation of India that is completely acquired by the Govt. of India.
As per the provisions of General Insurance Business Nationalisation Act, the shares of existing Indian general insurance firms and undertaking of other insurance companies were transferred to GIC for the regulation and control of insurance industry. In 2002, National Insurance Company got delinked from its holding company which was GIC and got established as an independent insurance organisation. National Insurance Company strives harder everyday to introduce advanced technology to integrate processes and people. The company has been delivering excellent services keeping the highest ethical standards in mind.
National Insurance Company Limited Statistics
National Insurance Company provides an extensive range of insurance products and services to its policyholders with around 300 insurance products. The company offers products for diverse categories such as Motor Insurance, Health Insurance, Personal Accident Insurance, Householders’ Insurance, Shopkeepers’ Insurance, Rural Insurance, Industrial & Commercial Insurance, and so on.
National Insurance Company has got its offices all across the nation and a foreign office in Nepal. The general insurance company has developed a strong presence in India with around 1730 offices and above 13,000 skilled employees and more than 50,000 agents. With a 24x7 live chat support facility, the firm has shown its commitment towards delivering unparalleled services to its clients. Besides these, the company has got some more numbers to its name:
Claim Settlement Ratio
National Insurance Company Limited Financials
National Insurance Company’s Gross Direct Premium income has reached to Rs. 15,179 crore in the financial year 2018-19 which implicits a decline of around 6.55% as compared to the last year's GDP income. The company has recorded a Net Loss Before Tax amounting to Rs. 1,696 crore in the financial year 2018-19. The total assets of the general insurance firm has also shown a decline and amounted to Rs. 32,434 crore in the financial year 2018-19 in comparison to Rs. 34,782 crore in the previous year.
Why Should You Choose National Insurance Company Plans?
National Insurance Company owns a host of great features with which its policyholders are going to be benefitted. The following are some points due to which you can buy the insurance plan of National Insurance:
- Office On Wheels - National Insurance Company has introduced the facility of Office On Wheels in some cities like Mumbai, Bangalore, Kolkata, and Chandigarh. As per this feature, different mobile vans are made to issue health insurance policies to customers. With this type of offering, the insurer delivers insurance products and services at doorsteps.
- Track Claim Status - National Insurance Company policyholders can track the status of their requests for claim without any hassle. By filling up the details such as policy number, claim number, customer ID, and so on, you can easily track the status of your insurance claim. With this option, the company tries to offer transparency and ease to its customers.
- 24x7 Live Chat Support - The general insurance company provides a 24x7 live chat assistance to its customers. With the active customer support, you can enquire anything about the insurance plan at just a call. The experienced customer care team of National Insurance Company is always at the service of the policyholders of the company.
- High Claim Settlement Ratio - The claim settlement ratio of an insurance company is presented as a percentage value and denotes the number of insurance claims settled by the insurance company against the total number of claim requests it got in a financial year. The National Insurance Company acquires a high Claim Settlement Ratio of 85.43% for the financial year 2018-2019 that makes it a trusted name in the insurance sector.
- Quick Policy Renewal Option – National Insurance Company allows you to renew your insurance policies online without any hassle. To renew your insurance plan, you just have to enter your current or existing policy number and captcha answer to continue the process of renewal. It will make the policyholders to continue to avail the insurance covers at a click.
Awards and Achievements of National Insurance Company Limited
With innovative products and consistent performance, the National Insurance Company has been widely acknowledged at different platforms. Here is the list of awards and achievements bagged by the insurance company:
- Elets 2015 Award for Financial Inclusion
- The Economic Times Best Brands Award
- NDTV Profit Business Leadership Award 2012
- Samudra Manthan Best Insurer of the Year Award 2016
- The Asset Asian awards 2017 for Cash Management Solutions
- Economic Times Iconic Brands 2018 in General Insurance Category
- SKOCH Order of Merit 2017 for General Insurance Company of the year
National Insurance Product Portfolio
National Motor Insurance Policy
National Insurance Company provides motor insurance plans which are segregated into car insurance, two-wheeler insurance, and commercial vehicle insurance. The insurance covers coverage against accidental damage or theft of your vehicle along with the third party liability for their bodily injury, death and property damage. The motor insurance plans of the National Insurance Company extends its insurance support by providing Personal Accident cover for owner drivers or occupants of the vehicle. The company also brings out different add-on covers to increase the insurance policy coverage at reasonable rates.
National Health Insurance Policy
National Insurance Company offers numerous health insurance plans to provide coverage for healthcare expenses arising due to any medical emergency. The health insurance covers of the company includes National Mediclaim Policy, National Mediclaim Plus Policy, National Senior Citizen Mediclaim Policy, National Parivar Mediclaim Policy and so on. The health insurance plans of the company indemnifies for in-patient treatment expenses, 140+ day care procedures, domiciliary hospitalisation, critical illness treatment, etc., on cashless or reimbursement basis during the policy term with various additional benefits based on the policy opted.
National Commercial Insurance Policy
National Insurance Company presents a variety of commercial insurance plans such as shopkeeper’s insurance plan and house holder insurance policy. The plans are designed to cover the damages and losses arise due to emergencies like fire, burglary, business interruption, loss of baggage, damage to padel cycles, personal accident, terrorism and so on. The house-hold policy can be offered to home-owners, tenants,, apartments, bungalow, housing societies, row houses in rural or semi-urban and urban cities. The shopkeeper’s insurance plan is a perfectly designed plan to cater the needs of small shopkeepers.
National Marine Insurance Policy
National Marine Insurance covers the loss or damage sustained by ships, cargo, terminals, or any other transport which is used to transfer the property, acquire the assets, or properties are held between the points of origin and the final destination. National Cargo Insurance is the sub-branch of marine insurance, hence, Marine Insurance also comprises Onshore and Offshore exposed property, Marine Casualty, and Marine Liability. However, when goods are transported by mail or courier, shipping insurance policy comes into force.
National Rural Insurance Policy
Rural Insurance generally denotes protection covers for rural people, their farming, poultry, cattle, etc., related business, and their families. Different types of rural insurance plans offered by the National Insurance Company are Inland Fresh Water Fish Insurance and Poultry Insurance Scheme. The Inland Fresh Water Fish Insurance plan is applicable to Fry or Fingerlings or Fish in stock ponds in fresh water only and to Marine Fisheries or Brackish Water Fish. The Poultry Insurance Scheme is applicable to cover the business of poultry farms that consists of all types of exotic and crossbred poultry birds in India.
National Insurance Company Distribution Network
National Insurance Company holds a network of around 2,000 offices across the country which are equipped with more than 13,000 experienced and skilled professionals. The employees of the general insurance company is spread over India covering remote rural areas, townships as well as metropolitan cities. The foreign operations of National Insurance Company are carried out from its branch offices which are established in Nepal. National Insurance Company offers an extensive insurance product range of more than 200 policies to cater to the diverse and urgent insurance needs of more than 14 million policyholders of the company.
In addition to expanding the network, the company is also committed to deliver innovative and personalised insurance policies through online and offline methods. In an unprecedented approach, the National insurance Company became the first organisation to launch an office on wheels feature in India to deliver policy at the doorsteps of the customers through mobile vans. The firm is also a pioneer in Bancassurance and Auto tie ups in India and a leading insurance company for social schemes as well.
Insurance Products by National General Insurance
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National Insurance Company FAQs
Can I purchase the National Insurance Policies online?
Yes, you can buy different types of insurance policies online at the official website of National Insurance Company using various payment methods like credit card, debit card, net banking and so on.
Can I renew any insurance plan offered by National Insurance Company online?
Yes, you can renew your insurance policy by simply visiting niconline.in and entering plan details of your existing insurance policy and making premium payment after making required modifications. With this feature, you can also avail the benefits of No Claim Bonus earned by you.
For what period of time No Claim Bonus (NCB) benefit will be valid?
No Claim Bonus (NCB) benefit can be availed only if you renew the insurance plan within 90 days of the expiry date of the previous insurance policy.
What is the claim settlement ratio of National Insurance Company?
National Insurance Company registered a claim settlement ratio of 85.43% for the year 2018-19.
How can I contact the team of National Insurance Company?
You can connect with the staff of National Insurance by calling at the toll free number 1800-345-0330 or by sending us an email on email@example.com. The customers can also visit any of the nearest branches of National Insurance to seek insurance related assistance.