National Insurance Company Ltd

National Insurance Company Ltd is one of the oldest general insurance companies in India. NICL was established in 1906. Its line of insurance business consists of motor, health, fire, marine, engineering, rural and miscellaneous insurance.

You will be getting a detailed outlook about various aspects of National Insurance Company like its history, products, management and branch locations, and more. Topics discussed within are:-

• National Insurance history
• National Insurance products and plans
• National Insurance Claim Process
• National insurance Management
• National Insurance On Digilocker
• National Insurance Branch Locator
• National insurance Customer Care
• National insurance policy download
• National insurance renewal
• National insurance online renewal

National Insurance history

• National Insurance Company Ltd (NICL) was founded on 5th December 1906 by Gordhandas Dutia and Jeevan Das Dutia in Kolkata
• NICL was merged with a total of 32 companies under the General Insurance Business Nationalisation Act of 1972
• In 2002, National Insurance was again decoupled and again stood as a stand-along company
• As of 2020, National Insurance manages over 34000 crores in assets and has revenue in excess of 14000 crores.

National Insurance products

National Insurance has an assortment of general insurance products that they offer to their customers. They are:-

• Health insurance
• Motor insurance
• Fire insurance
• Marine insurance
• Engineering insurance
• Rural insurance
• PMFBY

Let us understand each of these products briefly.

Health insurance

National Insurance offers a wide variety of health insurance plans that cover a plethora of situations and conditions. Be it health plans for students, senior citizens, or even working professionals. Let us briefly understand each of the offered health plans.

Corona Kavach Policy

This is a policy that covers the policyholder against COVID-19 and related complications. The National Insurance Corona Kavach Policy has a sum insured range of Rs.50000 – 500000. Additional benefits include pre and post-hospitalization coverage along with alternative treatment, among others.

National Mediclaim Policy

This plan provides the policyholder with hospitalization coverage up to the amount of Rs.1000000. Additional coverage includes mental health issues, HIV/AIDS, organ donor expenses, eyesight corrections, among others. Coverage against pre and post-hospitalization is also offered.

National Mediclaim Plus Policy

The highlight of the National Mediclaim Plus Policy is that it provides a high sum insured of up to 50 lacs for the policyholder. Most of the benefits of the National Mediclaim policy are also present in the Plus Policy. Additional advantages of this policy are:-

• No Claim bonus (up to 50% of SI)
• Free health checkup every 2 years
• Family discounts, among others

Arogya Sanjeevani Policy

This is a standard insurance policy that is also available in the floater variant. Max coverage under this policy is 5 lacs and individuals over the age of 55 need to undergo a medical checkup to buy the policy.

National Senior Citizens Mediclaim Policy

This policy is a good option for individuals between the age of 60-80. National Senior Citizens Mediclaim policy provides a maximum coverage amount of 10 lacs to senior citizens. To avail of this policy, all individuals will have to undergo a physical checkup and a certain number of medical tests. Advantages include:-

• Coverage against mental issues
• Coverage against HIV/AIDS
• 50% NCB on the sum insured
• OPD coverage
• Critical illness coverage
• Accidental coverage, among more.

National Super Top-Up

The National Super Top-Up policy is a unique policy that offers the protection of a considerably high sum insured at a low premium. First, let us understand what a Super Top-Up Policy is with a simple example.

Let us say Mr. Ram has taken a super top-up policy worth 10 lacs (with a deductible of 5 lacs). Let us further assume that Mr. Ram is admitted for hospitalization and upon discharge, his bill amount was 7 lacs. As per the terms of his super top-up policy, Mr. Ram will have to bear 5 lacs out of this pocket (as there is a deductible clause of 5 lacs in the policy) and the insurance company will pay the remaining 2 lacs. Why would anyone opt for a super top-up policy? Because the premium is very less compared to a standard health insurance policy.

Vidyarthi Mediclaim Policy

Vidyarthi Mediclaim Policy is a specially designed plan that will protect students in the event of the death of their guardians. Further, this plan will also provide medical cover to students. The plan intends to ensure that there is continuity in a student’s educational journey. Students up to the age of 25 can avail of this policy.

National Parivar Mediclaim Policy

This is a floater insurance policy by National Insurance. The USP of this policy is that you can insure your entire family under a single floater insurance policy, thus decreasing the premium charges. The maximum sum insured under this policy is up to Rs 10 lacs. Spouse, parents, children, and adopted children can all be covered under a single floater policy.

National Parivar Mediclaim Plus Policy

The Parivar Mediclaim Plus Policy’s features and benefits are similar to the regular Parivar Mediclaim Policy. The most notable difference is that the maximum sum insured in the Plus policy is Rs.50 lacs.

National Critical Illness Policy

The Critical illness policy is a unique plan where the insured is covered against the risk of critical illnesses like cancer, cardiovascular issues, etc. Once a critical issue is diagnosed, the insurance company will provide the policyholder a fixed lump sum amount (as per policy terms) and the policy will cease to exist. There are 2 plans under this policy:-

1. Policy A covers 11 critical illnesses
2. Policy B extends its coverage to 37 critical illnesses

The maximum coverage under this plan is Rs.7500000

Overseas Mediclaim Business and Holiday Policy

This National Insurance’s travel insurance policy. It comes in 3 variants; Student/employment, Business and leisure. This policy covers the following expenses while abroad:-

• Medical expenses
• Repatriation
• Accidents
• Loss of baggage (including passport)
• Third-party damage
• Third-party property damage

Overseas Mediclaim Employment and Studies Policy

This plan’s features and benefits are similar to the Overseas Mediclaim Business and Holiday Policy, with the key difference being in the sum insured. This policy provides a higher sum insured compared to the plan above.

Motor insurance

Third-party motor insurance is mandated under the motor vehicles act, and every vehicle owner must have an insurance policy. National Insurance provides both Third Party and Comprehensive Motor insurance to its customers.

A comprehensive policy will cover you, your vehicle, and any damages caused to a third party. A third-party policy will only cover damages to the third party.

The company has motor insurance plans for:-

• Private vehicles
• Commercial vehicles
• 2-Wheelers

Fire insurance

National Insurance provides 2 Fire insurance policies. They are:-

1. Industrial All Risk Policy
2. Standard Fire And Special Perils Policy

Industrial All Risk Policy

The Industrial All Risk Policy by National Insurance is a comprehensive policy that provides industrial manufacturing units protection against fire, riots, floods, theft, mechanical breakdowns, electrical damages, etc. Exclusions include normal wear and tear, corrosion, fraud, willful negligence, among others.

Standard Fire and Special perils Policy (SFSP)

This policy can be taken to cover a business asset like a factory, and can also be utilized to cover a home. Coverage includes protection against fire, loss of rent, terrorism, earthquakes, among others.

Marine insurance

Perils at sea are a common occurrence. Marine insurance provides a layer of protection against those. National Insurance provides 7 different marine insurance products. They are:-

• Specific policy
• Open policy
• Open cover
• Duty Insurance Policy
• Sales Turn Over Policy
• Increased Value Policy
• Marine Delay In Start-Up policy

The premium and coverage terms are generally unique for every issued policy as the quantity, goods, voyage details are also unique in each case.

Specific policy

A specific marine insurance policy is where the insurer and the insured are both aware of the cargo, its value, port location, destination. The insurance company has complete clarity of the goods and quotes a specific premium to the policyholder based on the above details. Coverage includes war, theft, non-delivery, fire, among others.

Open policy

An open policy is where numerous shipments are covered against losses. These shipments are generally by and large carrying similar goods. Businessmen who have a high-frequency cargo inflow and outflow usually opt for this kind of marine insurance policy. Coverage and exclusions are similar to a specific policy.

Duty Insurance Policy

On certain occasions, a cargo’s landing cost exceeds its CIF value. This could cause financial strain on the trader. A Duty Insurance Policy mitigates this risk.

Sales Turn Over Policy (STOP)

A STOP policy gives the policyholder the ability to cover specific legs during transit. For instance, a STOP policy can provide you coverage on any (or all) of the below:-

• Inter-factory movement
• Exporting
• Temporary storage expenses
• Custom Duty expenses etc

Increased Value Policy

An Increased Value Policy provides a 20-25% additional cover over and above the value of the insured goods. This is done to protect the policyholder if the goods are destroyed/lost and the market value of the said goods has increased. It increases the insurable interest of the policyholder.

Marine Delay In Start-Up policy

There are events where a business needs to be indemnified against delay/damage in cargo arrival or other similar delays. This could cause a tangible financial loss on a business, a Marine Delay In Start-Up policy indemnifies the policyholder against such risks.

Engineering Insurance Plans

National Insurance provides 5 different engineering insurance plans that indemnify the policyholder against losses occurring due to engineering mishaps. They are:-

• Machinery Insurance
• Contractor’s Plant & Machinery Insurance
• Erection All Risk Insurance (EAR)
• Contractor’s all risk insurance (CAR)
• Electronic equipment insurance (EEI)

Machinery Insurance

Electrical and mechanical machinery are prone to malfunctions and breakdowns. A businessman may be prudent to insure his company’s machinery against such failures. Machinery Insurance by National Insurance will cover this risk subject to policy terms and exclusions.

Contractor’s Plant & Machinery Insurance

This policy provides coverage to machines like drillers, earth moving machines, cranes, rollers, etc. Coverages include theft, fire, riots, terrorism, earthquakes, storm and accidental damage

Erection All Risk Insurance (EAR)

The Erection All Risk Insurance policy gives protection against accidents that arise during the construction or testing phase. The invested principal in a reality project is indemnified through this policy.

Contractor’s all risk insurance (CAR)

Civil engineering contracts are indemnified using this policy. Civil engineering contracts for the construction of huge projects like Dams, Canals, Bridges, etc are protected under the CAR policy. In the event of an incident, the investor’s principal amount will be protected if he/she has this policy.

Electronic equipment insurance (EEI)

This policy protects high-tech electronic pieces of equipment like mobile towers, Super-Computers, Microprocessors, etc.

Rural insurance

The company also provides a host of insurance products for the agrarian sector in India. Below is a comprehensive list of all of their rural insurance products:

• Pradhan Mantri Fasal Bima Yojana (PMFBY)
• Pradhan Mantri Suraksha Bima Yojana (PMSBY)
• Inland Fresh Water Fish Insurance
• Poultry Insurance Scheme
• Janata Personal Accident Policy
• Package Insurance For Tribals
• Kisan Agricultural Pumpset Insurance
• Insurance For Animal Driven Cart
• Cycle Rickshaw Insurance
• Duck Insurance Scheme
• Silkworm Insurance
• Pedal Cycle Insurance
• Freshwater Fish Insurance
• Honeybee Insurance
• Well Insurance
• Life Irrigation Insurance
• Aquaculture Insurance
• Salt Work Insurance
• Hand Drawn Vehicle Insurance
• Horticulture Insurance
• Milk Producers Insurance
• Poultry Insurance
• Dog Insurance
• Rabbit Insurance
• Cattle Insurance
• Pig Insurance
• Camel Insurance

Miscellaneous Insurance

National Insurance Company also provides an additional host of miscellaneous insurance policies. They are:

• Personal Accident
• Shopkeepers plan
• Public Liability Insurance Act policy
• House Holders policy
• Commercial General Liability
• Carriers Legal Liability
• Fidelity Guarantee
• Doctor Package Policy
• Vyapar Suraksha Policy
• Money Insurance Plan
• Burglary policy

National Insurance Claim Process

A claim process can you lodged with the company using the following simple steps:-

• Ensure that you inform the agent or the company immediately after the event.
• Download relevant claim form.
• Attach all relevant documents (bills, invoice, FIR, Medical reports, etc) to the claim form.
• Submit duly filled relevant claim form to your agent/company.
• The company will issue the amount to the policyholder if all documents are in order.

National insurance Management

National insurance policy download

You can either download your policy through the Digilocker App or the company’s official website. Let us learn how to download your policy through the website first through these simple steps:

• First, Visit the National Insurance website by clicking here
• Click on ‘Customer Login’ from the top navigation bar
• Log into your account using your login and password details. If you don’t have an account, click on the ‘Register here’ option
• Navigate to the policy request section and request your policy
• The policy will be sent to your email ID shortly

National Insurance On Digilocker

Your National Insurance policy documents can now be accessed on the Digilocker App. How do you access your National Insurance policy on Digilocker? Simple:

• Download the Digilocker App on your Android or iPhone
• Make an account on the App
• Click on the ‘Browse’ section on the bottom right
• Type in ‘National Insurance’ in the search bar and click on the National Insurance Co Ltd logo
• Select the kind of policy you want to download and click on it.
• On the next page, press on the ‘Get Document’ button, and your policy will be downloaded on Digilocker
• You can now view your policy in the ‘Issued Documents’ section of the app

National insurance renewal

You can either choose to renew your policy offline by providing a check or DD to your insurance agent, or you can choose to renew it online using their website.

National insurance online renewal

Steps to renew your policy online:

• Log into your account
• Zero-in on the policy you wish to renew
• Click on ‘Renew now’
• Add your payment details and process the payment. Your policy will be renewed

Quick renewal

You can also use their Quick Renewal page to renew your policy. Ensure you have your policy number with you while making your quick renewal.

National insurance Customer Care

Email

Phone and fax