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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 has an assortment of general insurance products that they offer to their customers. They are:-
Let us understand each of these products briefly.
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.
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.
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.
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:-
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.
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:-
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 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.
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.
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.
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:-
The maximum coverage under this plan is Rs.7500000
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:-
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.
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:-
National Insurance provides 2 Fire insurance policies. They are:-
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.
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.
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:-
The premium and coverage terms are generally unique for every issued policy as the quantity, goods, voyage details are also unique in each case.
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.
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.
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.
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:-
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.
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.
National Insurance provides 5 different engineering insurance plans that indemnify the policyholder against losses occurring due to engineering mishaps. They are:-
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.
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
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.
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.
This policy protects high-tech electronic pieces of equipment like mobile towers, Super-Computers, Microprocessors, etc.
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:
National Insurance Company also provides an additional host of miscellaneous insurance policies. They are:
A claim process can you lodged with the company using the following simple steps:-
Mr. Navneet Doda
Ms. Neera Saxena
Mr. Ashok Kumar Lahoty
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:
Your National Insurance policy documents can now be accessed on the Digilocker App. How do you access your National Insurance policy on Digilocker? Simple:
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.
Steps to renew your policy online:
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.
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