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National Insurance Company

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. National Insurance Company is the second largest non life insurance company in India on the basis of gross direct written premiums or GDWP.

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 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 Company is Rs 11282.64crore in the fiscal year of 2015. The National 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. National Insurance Company 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 National 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 Company 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.

National Insurance - Products & Services

Basically, the National Insurance company caters to almost every aspect of general insurance whether it is health, motor, travel, etc. The National Insurance 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 :-

Two Wheeler Insurance Policy

As per the Indian Motor Vehicle Insurance Act, it is mandatory to have a valid motor insurance policy and that applies to all two wheeler and four wheeler vehicles. Basically, a two wheeler insurance policy is a plan that offers coverage to the two wheeler in the case of any emergency or unwanted incident. It basically offers coverage against, theft, damage to the vehicle, and any kind of mishap.This type of plan helps a lot as it saves a lot of money when you face an emergency.

National Insurance - Products & Services

The company offers low cost two wheeler insurance plans. Moreover, it also offers easy and fast claim settlement process. Under this effective two wheeler insurance policy by NIC, you will get third party liability coverage also which is mandatory to be carried in India.

Car Insurance Policy

One more effective policy of National Insurance Company. Basically, car insurance is the most important document for any car owner in India. If you want to drive peacefully on the roads of India, then you must carry a valid car insurance plan with you. It is mandatory to hold a motor insurance in India under the Motor Vehicle Insurance Act. A car insurance offers complete coverage to your car in case of theft, damage or any kind of calamities. You must go for the comprehensive car insurance plan as it offers complete protection. You can also get third party liability with this. In terms of a claim settlement, the company carries a good ratio thus you can easily trust on it.

Parivar Medicliam

A form of health insurance plan which is ready to serve you with numerous benefits. It is basically a health insurance plan that offers complete coverage to you and your family in case of any medical emergency. The wide range of benefits and coverage that this plan carries makes it one of the best options for floater plan. This plan covers the entire family under a single policy thus it is an affordable one also. It will save a lot of money that you may otherwise spend on buying individual health insurance plan for each memeber of the family.

Parivar Mediclaim plus

On more effective family health insurance plan. This effective policy BY NIC is available at affordable prices. The best thing about this policy is that it offers a wide range of coverage and benefits as well. Under this plan, you can insure your entire family plus in-laws as well, which makes it one of the best alternatives for the family health plan. Under a single plan, the entire family plus in-laws will get the needful coverage whenever it is needed. You just need to submit the required documents to reap the benefits of this plan.

Travel Insurance Plans

The benefits of having a travel insurance is still to be explored by many who are still not aware of it. A travel insurance is basically an essential requirement whenever you travel abroad or within the country. It offers the needful coverage in different situations that includes theft, loss of luggage, passport loss and much more. It will be there to help you financially so you can easily come out of an unwanted situation. You need to choose the best plans as per your needs as there are several plans that fall in this category.

Household Insurance

This policy is packed with all the needful feature that a homeowner will require. This policy will provide the needful and effective home insurance plan at affordable price. It first evaluates the property's cost and then offers the right plan to you according to the same.

Gramin Swasthya Microinsurance plan

This plan is basically designed to provide coverage to the lower income class individuals and insures them and their family with the effective health insurance plans. Under this, a person will also get a personal accident cover for themselves and their spouse as well.

Gramin Suraksha Bima yojana

Again, one more effective policy for the lower income group. This effective policy offers the desired coverage to the people against bodily injury that is caused because of outward violent and visible means.

Apart from these main domains, the National Insurance Company also has its reach in Rural Insurance, Industrial risk insurance and Commercial Risk Insurance as well. All plans by NIC are effective and provide proven results. The company offers a wide range of products so that people can choose easily for themselves. It is advisable for you to first understand your needs of having an insurance plan, then start searching for the same. With the same, choosing the best will be easier for you.

Talking about NIC, you must be aware of the fact that this insurance company carries a good claim settlement ratio, which means that in the future whenever you need to file the claim, the company will be there to support you in every possible manner. The company is the second largest general insurance company in India and has been into the same business for many years. All plans of this company are available at affordable prices that are easily within the reach of common man.

Apart from these main sectors, the National Insurance 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 National Insurance Company has served more than 14 million glad consumers.

The National Insurance 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.

National Insurance Renewal Online

The emergence of the Internet in India has allowed consumers to buy policies online. With the same, now the holders of the National Insurance policy can renew their existing policies as well. You just need to follow some simple steps while renewing your National insurance policy.

Renewing your National Insurance policy online can save your time and money as well. Nowadays, the online renewal option of National insurance policy is getting popular by the day as compared to the offline mode. Within a few minutes, you can renew your existing National Insurance policy and you don't have to worry as it is a secure way to do the same. Moreover, you can renew your National Insurance policy at any time as there is no boundary over the time limit. If you compare online renewal of National Insurance policy with the offline one, you can easily see that the online method is much more convenient than the traditional offline method. Most of the National insurance policyholders visit the online portal as it helps in getting the clear view about the policy and premium and also assist in buying and renewing on the same platform.

Gone are the days when the holders of National Insurance Policy have to visit the offline offices, stand in long queue to get their policy renewed. For renewing your policy online, all you need is some basic documents of existing National Insurance policy and a working internet connection. All policies of National Insurance company are legible for online renewal, whether it is National Insurance motor plans, health plans or any other plan. By visiting the online portal of NationalInsurance you will be able to get several discount over the price and much more. National Insurance policy online renewal is a great convenience for all the policyholders.

National Health Insurance Plans

Below is the list of all National health insurance plan along with benefits that will help you in choosing the best one according to your needs. The company is offering a wide range of healthcare products which can go well with different requirement and budget of the consumers.

Overseas Mediclaim Employment and Studies

This plan offers coverage on overseas trips that take place because of studies or business.

Key Features

  1. The policy covers various travel emergencies faced whilst abroad.

  2. Premium can be paid in Indian Rupees (except in case of Employment)

  3. Claim assistance available from an international service provider

  4. Claims are payable in foreign currency to Doctors / Hospitals abroad, directly by the service provider in most cases. In case, cashless service is not available insured can claim reimbursement

  5. The policy can be purchased by any Citizens of India, Nepal or Bhutan going abroad for business or holiday purposes or any Foreign nationals working in India for Indian employers of multi-national organizations getting salary in Indian rupees

National Parivar Mediclaim

National Parivar Mediclaim is a type of floater policy that offers complete coverage to the whole family under a single plan.

Key Features

  1. The policy is available to persons between age of 18 and 60 years. Dependent children between the age of 3 months and 25 years can be covered.

  2. Sum insured range is between '2 Lakh and 5 lakh, in multiples of ' 50,000/-. Renewal is allowed upto the age of 65 years.

National Parivar Mediclaim Plus

It is another floater plan, but it also offers a high sum assured facility.

Key Features

  1. Sum insuredINR 6 Lac to 50 Lac, available in 3 plans

  2. Plan A - INR 6/7/8/9/10 Lac

  3. Plan B - INR 15/20/25 Lac

  4. Plan C - INR 30/ 40/ 50 Lac

  5. Family includes Self, Spouse, Children &Parents/Parents in laws are covered

  6. Lifelong renewability

  7. Policy period-Min - 1 year, Max - 3 years

Overseas Mediclaim Business and Holiday

Overseas Mediclaim Policy is a package plan which offers comprehensive coverage on travel emergencies when someone is travelling abroad.

Key Features

  1. The policy covers various travel emergencies faced whilst abroad.

  2. Premium can be paid in Indian Rupees (except in case of Employment)

  3. Claim assistance available from an international service provider

  4. Claims are payable in foreign currency to Doctors / Hospitals abroad, directly by the service provider in most cases. In case, cashless service is not available insured can claim reimbursement

  5. The policy can be purchased by any Citizens of India, Nepal or Bhutan going abroad for business or holiday purposes or any Foreign nationals working in India for Indian employers of multi-national organizations getting salary in Indian rupees

National Mediclaim Plus Policy

National Mediclaim Plus Policy 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.

Key Features

Plans and Sum Insured

The Policy offers three plans with varying covers

  • Plan A INR 2 lac to INR 10 lac in multiples of 1lac

  • Plan B INR 15 lac, INR 20lac,INR 25 lac

  • Plan C INR 30 lac, INR 40 lac ,INR 50 lac


Self, spouse, dependent children and parents.

  • Entry age of proposer - 18 years to 65 years.

  • Children - 3 months to 18 years.

  • Entry age of members - 18 years to 65 years

  • The policy can be renewed lifelong

National Mediclaim Policy

National Mediclaim Policy 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.

Key Features

  1. The policy is available to persons between age of 18 and 65 years.

  2. Dependent children between the age of 3 months and 18 years can be covered provided at least one parent is covered at the same time. Dependent parents can also be covered with the family.

  3. Sum insured range is between '50,000 and 5 lakhs, in multiples of '25,000/-.

  4. The policy can be renewed lifelong.

Individual Personal Accident Policy

One more effective individual plan by NIC. This plan is basically designed to provide coverage in case of an accident. It comes along with wider coverage and different forms of discounts as well.

National Motor Insurance Plans

The company is offering various forms of motor insurance such as car insurance package policy, national two wheeler insurance package, etc. Additionally to the liability insurance,package policy is more complete as it covers own damage of the vehicle with third party liability as well. You can buy the same in the form of National Car Insurance Plan or two wheeler insurance among others.

  • Private Car Insurance Policy covers Vehicles used for social, domestic and for professional purpose (excluding carriage of goods other than the registered owner ) of the insured or used by insured's employees for such purpose but excluding use for hire or reward, racing, pace making, reliability trial, speed testing and use for any purpose in connection with the Motor Trade.

  • You may also cover additional cover for Loss of accessories, Legal liability to paid driver, Personal Accident to the occupants as also Increased legal liability to property damage of third party for a limit of Rs 7.5 lakhs

  • The policy has Provision of No Claims bonus for claims free experience. Discount for opting higher voluntary excess

  • Discount for approved anti-theft devices installed in the vehicle. Concession for specially designed/modified vehicle for blind, handicapped and mentally challenged persons

Insurance Companies Ė Claim Ratio Insurance Company Claim Ratio(2016-2017) Claim Ratio(2016-2018)
1. Apollo Munich Health Insurance Company 54.99% 62.47%
2 Bajaj Allianz General Insurance Co Ltd 78.50% 77.61%
3 Bharti AXA General Insurance Company 76.88% 98.50%
4 Cholmandalam Health Insurance Company 40.07% 39.96%
5 Cigna TTK Health Insurance Company 48.14% 46.29%
6 Future Generali Insurance Company 78.93% 87.42%
7 HDFC ERGO Health Insurance Company 50.76% 52.58%
8 Iffco Tokio General Insurance Company 104.30% 90.69%
9 Liberty Videocon General Insurance Company 74.37% 74.58%
10 Magma HDI General Insurance Company 181.20% 34.93%
11 Max Bupa Health Insurance Company 51.96% 50.19%
12 National Insurance Company 126.98% 115.55%
13 New India Assurance Company 102.94% 103.19%
14 Oriental General Insurance Company 118.23% 113.86%
15 Raheja QBE General Insurance Company 126.70% 18.19%
16 Reliance General Insurance Company 91.39% 106.54%

National Insurance - FAQ's

1. Is it mandatory to have a motor insurance policy?

Yes, as per the Motor Vehicle Act, it is compulsory to have a motor insurance policy. According to the law each motor vehicle plying on the road has to carry insurance, at least liability policy.

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

The policy can be availed by any person up to 65 years of age. However do read the fine prints of the National Insurance Company before purchasing a policy.

3. Will the company pay for the costs of pre policy checkup?

The National Insurance Company shall reimburse 50% (fifty percent) of the expenses incurred for pre policy checkup, if the proposal is accepted and the premium has been realized.

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

The policy of National Insurance Company can be availed by any person above 18 years of age. Children between the age of 3 (three) months and 18 (eighteen) years can be insured, provided parent(s) is/are covered.

5. What is a pre policy checkup?

Pre policy checkup is necessary in cases where the proposer is 40 (forty) years and above or, opting for aum insured of INR 6,00,000 and above (irrespective of age) and selecting for Critical Illness optional cover, between the age of 18 (eighteen) years and 65 (sixty five) years.

6. What kind of plans are available online?

National Insurance Company offers Individual and Parivar Mediclaim policies that are available online. The Individual Mediclaim policies are available up to 50 years of age and up to Rs 5 lakh Sum Insured. Always compare the products before buying

7. What about the claim settlement ratio of the company?

Ans in terms of claim settlement, the company is offering really good claim settlement process. On comparing online, you will come to know that this company is offering a really high claim settlemnt ratio. It solves most of its matters shortly.

8. National Insurance is a private or public firm?

It is basically a public firm which is in the the genral insurance market from ages and offering high quality and end to end insurance products to serve various needs of customers.

9. How do I contact National Insurance Company?

You can simply contact them by calling on their toll free number, or chat with their customer service team when you visit their official website or contact the head office of National Insurance Company. Address - 3, Middleton Street, Prafulla Chandra Sen Sarani , Kolkata, West Bengal, 700071.

National Insurance News

National Health Protection Scheme presented in Union Budget 2018

Thursday February 01, 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.

National Insurance Company: Likely To List By 2018

Wednesday December 20, 2017

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: ‚ÄúWe are hopeful of getting listed by March 2018 and working towards it. We will need an adequate amount of funds to support outgrowth path.‚ÄĚ

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.

Linking Of Aadhaar With Insurance Policy Is Mandatory, Says IRDA

Monday November 13, 2017

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.

¬†‚ÄúThe 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,‚ÄĚ 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 ‚Äústatutory force‚ÄĚ 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.

National Insurance Seeks Irda Nod For IPO

Monday October 23, 2017

National Insurance Co. Ltd is all set to become the second state-run general insurance company of India as it has filed with the IRDA for the selling of shares that may cost around Rs 25000 crore. The company is looking forward to the IRDA Approval on the same.

During the last year, the state-run general insurance company solvency margin rose to 1.90 from 1.26. The solvency of insurance is alike to the capital adequacy for banks. Right now only the estimated value is out, that means the original value would be vastly different.

“We have approached the Irda for an IPO earlier this month,“ said K Sanath Kumar chairman, National Insurance Company. “We are looking to list the company by March.“

Right now, ICICI Lombard general insurance company is the first insurance company to list this year with the trading value of around Rs.32000 crore post its IPO scraped through. New India Assurance is also looking forward to hit the streets of the market in the coming weeks.

After getting the approval from the respective authority the national insurance company would start ding Roadshows to meet the potential investors in all over the world and will discuss with the government to finalize the exact valuation.

National Insurance has registered a net profit before tax of Rs 49 crore in 2016-17. It is the third-largest general insurance company that holds 10.29 percent market share. Its gross written premium income grew 17.73 percent to Rs 7,469 crore in the first half of the fiscal ending September 30, 2017.

National Insurance: Expects up to Rs 5,000 cr from IPO

Tuesday September 19, 2017

The famous insurance company of the general insurance industry- National Insurance Company is all set to receive around Rs 5000 crore through the proceeds of the planned public offer.

According to the sources, the National Insurance Company (NIC) which is completely owned by the government of India, would use the amount to boost its capital base just to maintain the solvency margins. The quantum related to the stake dilution would be confirmed by the government, sources confirmed.
CMD of NIC K Sanath Kumar said that the company had already submitted its request to The Insurance Regulatory Authority Of India (IRDAI) after getting the mandatory permission from the government.

‚ÄúAfter the IRDA approval, the government will decide on the stake dilution and form,‚ÄĚ he said.

Further, he added that the NIC is looking forward to the IPO and hopefully it would surely hit the market by the end of this financial year as the general insurance industry is quite active these days.

Kumar said that the company has been able to perk up the solvency margins just by increasing the net worth.

‚ÄúThe network has been increased by the NCD (Non-Convertible Debentures) issue of Rs 900 crore and also by way of increasing the book value,‚ÄĚ he said.

 Moreover, it has also submitted a roadmap to the government and the IRDA, he said.

Currently,  the aim of the NIC in terms of the premium collection is Rs 16,000 crore compared to last fiscal where it was around 14,256 crore, he said.

Merger of 4 General Insurance Companies For Rapid Growth

Wednesday May 17, 2017

The All India Insurance Employees Association (AIIEA) which refers to be the major union in the public sector general insurance companies is now asking for a merger of four companies for the rapid growth.

Sanjay Jha, Secretary Standing committee (General Insurance, AIIEA), said,¬†‚ÄúThe central government is planning to merge three non-life insurance companies ‚ÄĒ United India Insurance, Oriental¬†Insurance¬†and¬†National Insurance¬†‚ÄĒ barring New India Assurance.

Mr. Jha further added that the union is happy with the concept of the merger¬†but the New India Assurance company should also be added in the same.‚ÄúThe merger of all the four companies would prevent unhealthy competition amongst them, reduce marketing expenses. That apart, the risk retention capacity will increase for the merged entity thereby saving foreign exchange in terms of reinsurance premium outgo,‚ÄĚ

As per the business figures that are released by the insurance regulatory authority, all these four public sector general insurance companies had earned around Rs 59,357.92 crore of premium in the last fiscal.

On asking about the post-merger and its effects, Mr. Jha said that the number of branches may go down and the staff may be deployed. But it is for a short time only, after the merger, the business will grow and will be able to open new branches and adding staff members every year just like LIC (Life Corporation Of India).

NIC Raises Rs 893 Cr through Bond Route to Attain Solvency Margin before IPO

Wednesday March 29, 2017

29 March 2017: National Insurance Company- the state-run insurer has raised Rs 893 crore via subordinated debt that is mobilized from a group of investors including insurance companies and pension funds. This big step will help NIC in meeting its solvency margin that is below the set limit. The documents include a coupon of 8.35% and are rated as AAA and AA+. It is basically a 10-year paper with a call at 5 years. Six mobilizes are included in the issue Edelweiss BSE 2.67 %, ICICI Securities, and AK Trust. The issue has received responses from all investors. Basically, it is the first time when a public sector insurance company has issued bonds.

K Sarath Kumar, CMD, National Insurance Company said, ‚ÄúThis is one of the steps we have taken to shore up our solvency. We had taken approval from the regulator for the issue and it reflects well on our books as we close March 31, 2017.‚ÄĚ The amendment to the Insurance Act India has permitted companies to raise funds via both equity and debt.

Recently, NIC had registered an improvement in its solvency to 1.31 times during the quarter that ended on December 31, 2016, from 1.26 times earlier. However, it is still lower than the needful 1.5 times, which is mandated by the regulator. Basically, Solvency shows the capital strength of an organization.

Currently, NIC has a share capital of around Rs 200 crores. The company has a time frame of three years to perk up its solvency level. It has initiated the step to improve its capital base before the predetermined time.

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