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National Insurance Company (NIC)

National Insurance Company (NIC) was founded on 6th December 1906 at the height of the country's nationalist Swadeshi movement as an expression of the Indian aspiration to establish a strong original Indian company even in the midst of foreign rule. Today, 107 years after its integration, NIC stands tall as the oldest insurance company in India and the only PSU non life insurance company headquartered in the Eastern part of the country. As the Market Leader in two zones(North & East India) NIC has been recognized as 'Best in Service' in the motor and health classes of Business which constitute 63% of the Indian non life insurance market. NIC was the first mover in customizing general insurance products. CRISIL (A Standard and Poor's Company) has rated the company with AAA rating for its financial strength.

Why Buy National Motor Insurance Plan Online

Buying the National Motor Insurance Plan online is easier than you think. Now it is quicker than ever. For buying the same, all you need to do is fill a form that will ask you for some basic details about the vehicle and its value. It may also include details about the safety devices that are installed, queries on parking and much more. By providing same basic details you will be able to buy the best plan for yourself easily. You can make payment through different forms that include Net banking, ATM /Debit card and much more.

What do National Motor Insurance cover?

Basically, you will get wider coverage under National Motor Insurance plans. With the wide range of products, the company tries to cater to every need of their customers. The features of basic motor insurance will be present in all National motor insurance plans. The helpful plans will assist you in keeping your vehicle secure from different types of unwanted situations such as theft, malicious acts, damages during transport by road, rail, etc. You must choose a plan that go well with your needs. You will also get several types of additional bonus on choosing any of the National motor insurance plans.

The company offers a simple claim settlement service that will help a lot at the time of filing claim. If you check online, then you will come to know that the company is great in settling claims. It carries a good claim settlement ratio. The company settles claim in two different manners, one is reimbursement and the other is cashless which is highly popular as in the same you don't have to pay for any damage to the vehicle from your pocket, the insurance company will take care of that.

In India, Motor insurance is a mandatory thing, you cannot drive on roads of India without a valid motor insurance as per the MOTOR INSURANCE ACT. You must at least have the third party liability coverage before you start driving.

Need of Buying Motor Insurance

Driving in accordance with the law-
National insurance company is a state-owned insurer that has experience of many years in the same field. The wide range of motor insurance products helps you in choosing he best one that is legally accepted by the government also. Choose the right one today and secure your vehicle with the renowned insurance company of India.

It is never your fault-
It can be true that you are an excellent driver and drive by following all rules and regulations of roads. You may also follow all safety measure, but we can't predict future and we don't know which unwanted situation is waiting for us that can be difficult to deal. So it is always best to be on the safe side.

It does save money-
One more reason to prove that buying motor insurance is actually saving a lot of your money in the long run. You can't predict future, which means you can never say that what kind of damage is waiting for you on another side, but with an effective motor insurance plan, you would be able to deal with an unwanted situation that can leave a bad impact on your life. By purchasing an effective policy online you would be able to save money as there are several forms of discounts available.

Motor Insurance Contracts are matters of the basic principles appropriate to property and liability insurance in general.

Types of Motor Insurance Plans

The National Motor Insurance Company is offering a wide range of effective products which can help you in dealing with different types of situation. Choosing the best one is completely upon you so it is advisable to choose as per your needs.

Bike Insurance

Additionally to the liability insurance, this plan is more comprehensive 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 expenses related to your vehicle that may occur due to accident, theft or any other unexpected situation.

Contact Address

3, Middleton Street, P.B. No. 9229, KOLKATA 700 071.
Tel : 033-22831705 to 9 Fax : 033-22831712
E-mail: faf(at)nic(dot)co(dot)in

National Motor Insurance News

Linking Of Aadhaar With Insurance Policy Is Mandatory, Says IRDA

On Wednesday, 8th Nov 2017, the Insurance Regulatory And Development Authority Of India (IRDA) said that the linking of Aadhar number with insurance plans is compulsory and asked insurance companies to implement the statutory norms.

 “The Authority clarifies that, linkage of Aadhaar number to insurance policies is mandatory under the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017,” the IRDA said.

In the last June, the government of India had informed about the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017, making Aaadhar and PAN/Form 60 compulsory for getting financial services that include insurance also and asked policyholders and companies for linking the existing policies with the same.

In a discussion with all life and general insurance companies, IRDA said the rules have “statutory force” and they have to implement the rule without waiting for the further instructions.

Right now, there are 24 life insurers and 33 general insurance companies operating in the country.

Although, there are no deadlines that have been given by IRDA for the completion of the process, as per the circular, it has to be done as soon as possible. Some insurance companies also said that this can also result in the delay of payout in a few cases. Aadhaar is now also compulsory for financial transactions of Rs 50,000 and above. Likewise, one has to link one’s Aadhaar number with the mobile number latest by February 6, 2018.

Monday November 13, 2017

National Insurance Company: Likely To List By 2018

National Insurance Company- a state-owned insurance company is likely to list by March 2018. This state-owned general insurance company has already received an in-principle approval from the Insurance Regulatory and Development Authority of India.  This company may need a higher amount of funds as compared to others.

The Insurance Regulatory and Development Authority of India made it easier for Indian insurance companies to launch initial public offerings (IPOs) and for state-owned insurers to privatize. This has led to the IPOs of four private and two state-owned insurers over the past 14 months. The IPOs of three more state-owned insurers (United India Insurance, National Insurance, and The Oriental Insurance) are scheduled for 2018.

K Sanath Kumar, chairman and managing director, National Insurance Company, said: “We are hopeful of getting listed by March 2018 and working towards it. We will need an adequate amount of funds to support outgrowth path.”

When it comes to the general insurance industry, ICICI Lombard General Insurance and New India Assurance got listed recently. State-owned reinsurer General Insurance Corporation of India (GIC Re) was also listed in October.

National Insurance, the renowned insurance company that had its solvency drop to below 1.5, was able to bring it back to the minimum required level of 1.5. The solvency was taken up to 1.9 by the reduction in exposure to loss-making group health cover, re-pricing of health and motor products as well as lower subordinate debt. 

Wednesday December 20, 2017

National Health Protection Scheme presented in Union Budget 2018

With the entire country’s eyes now glued on our Finance Minister Mr. Arun Jaitley presenting Union Budget 2018. Here are the important highlights circling around the Insurance Industry based on National Health Protection Scheme:
The National Health Policy 2017 has seen health and wellness centers as the foundation of India’s healthcare system. He commits Rs. 1,200 crore for this flagship programme and invites contributions from the private sector.
The government has plans to launch flagship National Health Protection Scheme to cover 10 crore poor and vulnerable families and has plans to provide Rs. 5 lakh per family per year in secondary and tertiary care institutions. This scheme is said to have 50 crore beneficiaries.

Thursday February 01, 2018

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Customer Reviews

"Good Policy"
- "Great"

I hold car insurance from past 2 years and till now no claim has been made. Happy with the car policy. Read More.. I hold car insurance from past 2 years and till now no claim has been made. Happy with the car policy.

Neel Varma, Indore
Reviewed On 15-05-2018
"Slow Process."
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I am not happy with the claim Process. Need to improve on claim Process. Read More.. I am not happy with the claim Process. Need to improve on claim Process.

Komal, Hyderabad
Reviewed On 13-04-2018
"Good Service"
- "Great"

I have XUV 500 car insured with National Car Insurance, I am happy with the coverage value of this insurance policy. I pay a premium of Rs 15000 every Read More.. I have XUV 500 car insured with National Car Insurance, I am happy with the coverage value of this insurance policy. I pay a premium of Rs 15000 every year for this Car insurance policy.

Karan, Hisar
Reviewed On 11-05-2018

Aggregate Rating for National Insurance Company Insurance    [ 3  ]

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