National Insurance Company (NIC)
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National Insurance Company Limited possesses a wide network all over India. There are 1998 offices all over the country run by 14902 insurance professionals. The process of National Insurance is not limited within India as they are working in Nepal also. It is the second largest non life insurance company in India on the basis of gross direct written premiums or GDWP. Motor Insurance is the largest section of India's insurance market. National Insurance holds the biggest market share in the motor insurance market in the midst of all insurance companies in India in terms of GDWP accumulated in the current fiscal year of 2015. Apart from a large share in motor insurance, national insurance mediclaim policy and national health insurance schemes also have a reasonable share in the market.
Being the lead in the North and East zones, the amount of premium registered with the National Insurance is Rs 11282.64crore in the fiscal year of 2015. The insurance company registered largest PBT or Profit Before Tax worth Rs 1196.74 crore exceeding its last year's total of 1007.82 crore
National Insurance is the only Public Sector General Insurance Company. Being the oldest, National Insurance has major milestones to its credit. This is the first insurance company which introduced customized insurance products for both rural and commercial sectors. The groundwork of Techno Marketing Project Cells is the additional extension of the practice of coming up with modified plans.The Techno Marketing Dept. was designed to cover big projects and to provide agrarian consumer with the Farmers Package Policy to meet their requirements. Moreover, National Insurance Company was also the pioneer of Strategic Alliances in India. The insurance company tied up with M/s Maruti, the largest automobile manufacturer in India and M/s. Hero Moto Corp, one of the fastest growing Two Wheeler companies in the country. These partnerships led to a basic change in the technique of Service Delivery for Motor insurance. National Insurance in India also merged with the banking organizations of the country to become the founding-father of Bancassurance in India.
The income of the investment has also increased from the earlier 2263 crore to Rs 2654 crore.The dividend to the National Exchequer for Fiscal Year of 2013-14 was Rs 165 crore for National Insurance Company. The amount has enlarged to Rs. 195 crore in the fiscal year of 2015. When it comes to claim settlement, the National Insurance Company has shown great results.
Basically, the company caters to almost every aspect of general insurance whether it is health, motor, travel, etc. The company offers special plans under each section of general insurance. There are several categories into which the insurance plans are divided such as personal insurance policies that includes medical insurance, accident, property and auto insurance coverage, rural insurance policies that offer comprehensive protection against natural and climatic disasters for agriculture and rural businesses,industrial insurance policies that offers coverage for large project, construction, contracts, fire, equipment loss, theft, etc, commercial insurance policies offering coverage against loss and damage of property during transportation, transactions and much more :-
Health Insurance: Health insurance is coverage against the risk of medical expenses among individuals. Under the health insurance policy a person does not have to think about the heavy expenses that can occur during hospitalization as the insurer will pay for maximum expenses associated with treatment.
Motor Insurance: Under this, the company is offering several helpful polcies that can secure your vehicle easily. The useful motor insurance helps you in getting comprehsnive and third party liability coverage easily.
Apart from these main sectors, the company also has its reach in Rural Insurance, Industrial risk insurance and Commercial Risk Insurance as well.
National Insurance Company (NIC) has a long history dating back about a century. National Insurance has a key product for almost any insurance necessity for the Indian citizen. It has more than 200 policies, 1000 offices and 16,000 employees who are selling the insurance products all over India. The corporation has served more than 14 million glad consumers. The Company is honored to cater its services to almost each segment or business in the Indian economy ranging from banking, telecom, aviation, shipping, information technology, power, oil & energy, agronomy, plantations, foreign trade, healthcare, tea, automobile, education, environment, space research etc. As of 2010, NICL has a AAA rating from the Indian rating agency, CRISIL, a subsidiary of the Standard and Poor's Company.
Overseas Mediclaim Policy is a package plan which offers comprehensive coverage on travel emergencies when someone is travelling abroad.
It is a type of floater policy that offers complete coverage to the whole family under a single plan.
It is another floater plan, but it also offers a high sum assured facility.
This plan offers coverage on overseas trips that take place because of studies or business.
It is a complete insurance policy that goes beyond the traditional health covers. It provides protection against high health care costs and make health care and related services easy and reachable.
This plan provides coverage on hospitalization expenses logically and fundamentally incurred for treatment of illness/disease or injury contracted/sustained by the insured persons during the policy period.
Additionally to the liability insurance, this plan is more complete as it covers own damage of the vehicle with third party liability as well.
This is a comprehensive insurance policy that will provide coverage on almost each and every expense related to your vehicle that may occur due to accident, theft or any other unexpected situation.
Apart from theses basic insurance policies, the company also caters into the Personal Insurance Rural Insurance, Industrial risk insurance and Commercial Risk Insurance among others.
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