National Insurance: Compare Plans, Benefits, Coverages & More!

National Insurance Company Limited is one of the four public sector companies in the general insurance segment operating in India. The company is owned by the Government of India. National Insurance was founded in the year 1906 in Kolkata, West Bengal. Thereafter, the General Insurance Business Nationalisation Act was passed in the year 1972 and National Insurance was merged with 21 foreign companies and 11 Indian insurance companies. This merger resulted in the formation of the National Insurance Company Limited. After the passing of the Act, National Insurance was formed as a subsidiary of the GIC (General Insurance Corporation of India). However, in the year 2002, National Insurance became an independent public sector general insurance company. Today, the company offers a range of general insurance products both for its retail as well as corporate customers.

Facts about National Insurance Company Ltd.

Here are some important facts about National Insurance company which demand a mention –

1. National Insurance is present in India as well as in Nepal. It has about 1730 branch offices and an employee strength of more than 13,000 employees
2. The company offers about 300 different types of insurance plans which are meant for its retail customers, companies, rural population and the industrial segment

Awards and achievements of National Insurance Company Ltd.

National Insurance has been in existence for more than a hundred years and over the course of its business, it has been awarded various types of awards and recognitions. Some of the awards and achievement won by the company are as follows –

1. Economic Times Iconic Brands Award in the general insurance category in 2018
2. SKOCH Order of Merit in 2017 for becoming the General Insurance Company of the Year
3. Asset Asian Awards 2017 won for the cash management solutions used by the company
4. Samudra Manthan Best Insurer of the Year Award in the year 2016
5. Economic Times – BFSI Best Brands 2016 awarded for all-round excellence in the general insurance category
6. The company is credited to be the first insurance company to introduce the concept of office on wheels
7. National Insurance is the leading insurance company in the context of offering social schemes for the population of India

Products offered by National Insurance Company Limited

As mentioned earlier, National Insurance offers a range of general insurance solutions. These are as follows –

1. Motor insurance

Motor insurance policies are compulsory in India as per the provisions of the Motor Vehicles Act, 1988. Any type of vehicle which runs on Indian roads should have a valid motor insurance policy covering it. Thus motor insurance plans cover cars, two-wheelers, trucks, buses, etc. which can be used for private or commercial purposes.

National Insurance offers the following types of motor insurance policies for its customers –

• Commercial vehicle insurance plans which cover both goods carrying vehicles as well as passenger-carrying vehicles
  
• Private car insurance policy which covers cars that you own and use for personal purposes. Car insurance policies are further divided into the following types –
  1. Annual package policy which is a comprehensive policy for one year
  2. Annual liability only policy which is a third party policy for one year
  3. 3 years package policy for new cars which is a comprehensive policy with a 3-year tenure for cars bought on or after 1st September 2018
  4. 3 years liability only policy which is a third party policy with a 3-year tenure for cars bought on or after 1st September 2018
  5. A bundled policy which allows three-year third party coverage and one-year comprehensive coverage for cars bought on or after 1st September 2018
     
• Two-wheeler insurance policy which covers two-wheelers owned and used for personal purposes. Two-wheeler insurance plans also come in different variants which are as follows :
  1. Annual package policy which is a comprehensive policy for one year
  2. Annual liability only policy which is a third party policy for one year
  3. Long term package policy which is a comprehensive policy that can be taken for two or three continuous years
  4. Long term liability only policy which is a third party policy available for two or three years
  5. 5 years liability only policy which is a third party policy with a term of 5 years for bikes bought on or after 1st September 2018
  6. 5 years package policy which is a comprehensive policy with a term of 5 years for bikes bought on or after 1st September 2018
  7. A bundled policy which offers third party coverage for 5 years and comprehensive coverage for one year for bikes bought on or after 1st September 2018

2. Health insurance

Health insurance plans are those which promise to protect you from the expensive medical costs which are incurred in case of an unforeseen illness or injury. Health insurance plans come in many variants and National Insurance offers policies in each type of variant. Let’s have a look at the different variants of health insurance plans and the policies offered by National Insurance in each variant –

• Indemnity health insurance plans
  Indemnity health insurance plans are those which cover the actual medical costs that you incur. The range of indemnity health insurance plans offered by National Insurance is as follows
  1. National Mediclaim Policy
  2. National Mediclaim Plus Policy
  3. Parivar Mediclaim Policy for Family
  4. National Parivar Mediclaim Policy
  5. National Parivar Mediclaim Plus Policy
  6. Varishtha Mediclaim Policy for Senior Citizens
  7. Vidyarthi Mediclaim Policy for Students
  8. National Super Top-up Mediclaim Policy
• Fixed Benefit health insurance plans
  Under fixed Benefit health plans, a fixed amount of benefit is paid in case of a claim. This benefit does not depend on the actual medical costs that you incur. Fixed benefit plans, therefore, help you in meeting other medical expenses which might not be covered under your indemnity health insurance plan. The fixed benefit health plans offered by National Insurance are as follows
  1. National Critical Illness Policy
• Overseas health insurance plans
  Overseas health insurance plans are also offered by National Insurance which covers health-related complications suffered when you are travelling abroad as well as other trip-related contingencies. National Insurance offers two overseas health insurance plans which are as follows:
  1. Overseas Mediclaim Business and Holiday
  2. Overseas Mediclaim Employment and Studies

3. Fire insurance

National Insurance also offers a fire insurance policy which protects against the financial losses suffered due to fire and related perils. The policies offered by the company under fire insurance are as follows –

• Industrial All Risk Policy which is designed for industries engaged in commerce
• Standard Fire and Special Perils Policy which can be taken by individuals as well as by commercial enterprises

4. Marine insurance

Marine insurance plans are suitable for businesses which transport their goods from one place to another through road, rail or air. Marine insurance policies cover loss of goods or transportation vessel when during transit. National Insurance offers different types of marine insurance plans which are as follows –

• Marine insurance – Specific Policy
• Marine Insurance – Open Policy
• Marine Insurance – Open Cover
• Marine Insurance – Sale Turn Over Policy
• Marine Insurance – Duty Insurance Policy
• Marine Insurance – Increased Value Policy
• Marine Delay in Start-up Insurance Policy

5. Engineering insurance

Engineering insurance policies cover the damages suffered by machines which are engaged in production and other engineering failures. National Insurance offers different types of engineering insurance policies which are mentioned below –

• Contractor’s Plant and Machinery Insurance
• Erection All Risk Insurance
• Electronic Equipment Insurance
• Machinery Insurance
• Contractor’s All Risk Insurance

6. Rural insurance

Rural insurance policies are also called micro-insurance policies. These are designed specifically for individuals living in the rural areas of India. Rural insurance policies cover the different types of financial risks faced by rural individuals. The policies which are offered by National Insurance under the category of rural insurance are as follows –

• Package Insurance for Tribals
• Kisan Agricultural Pump set Insurance
• Insurance for Animal Driven Cart / Tonga
• Duck Insurance Scheme
• Cycle Rickshaw Insurance
• Sericulture (Silkworm) Insurance
• Pedal Cycle Insurance
• Inland FreshWater Fish Insurance
• Lift Irrigation / Sprinklers Insurance
• Aquaculture (Shrimp / Prawn) Insurance
• Failed Well Insurance
• Honey Bess Insurance
• Salt Work Insurance
• Gramin Accident Policy
• Hand Drawn Vehicle
• Group Personal Accident Insurance ( for Rickshaw Puller)
• Plantation / Horticulture / Floriculture Insurance
• Package Policy for Milk Producers’ Co-operative Society / Collection Centre
• Poultry Insurance Scheme

7. Social Insurance

Social insurance schemes are those insurance schemes which have been launched by the Prime Minister of India. National Insurance offers two social insurance schemes which are as follows –

• Pradhan Mantri Fasal Bima Yojana
• Pradhan Mantri Suraksha Bima Yojana

8. Other insurance plans

Besides the above-mentioned types of insurance policies, there are other types of miscellaneous insurance plans offered by National Insurance too. These plans are available for different types of coverage needs. The list of plans include the following-

• Shopkeepers Insurance
• Directors and Officers Liability Insurance
• Householders Insurance Policy
• Public Liability Insurance Act (PLI Act) Insurance Policy
• Office Package Policy
• Public Liability (Industrial / Non-Industrial Risks) Policy
• Vyapar Suraksha Policy
• Professional Negligence / Errors and Omissions Insurance Policy – Medical Establishments
• Doctor Package Policy
• Product Liability Insurance Policy
• Personal Accident
• Professional Indemnity for Doctors & Medical Practitioners
• Burglary
• Fidelity Guarantee
• Money Insurance
• Carriers Legal Liability
• Commercial General Liability

How to buy National Insurance policies?

You can buy National Insurance plans in any of the following ways –

1. By visiting the nearest branch of the company and applying for a policy’
2. From an agent of National Insurance
3. Online from the website of the company

How to pay premiums for National Insurance plans?

National Insurance allows a range of premium payment modes for its customers. You can pay your insurance plan’s premiums in any of the following ways –

• Through cash
• Through cheque or demand draft
• Through credit or debit cards
• Through mobile wallets
• Through UPI platforms

How to renew National Insurance policies?

Renewal of National Insurance policies can also be done in the same ways as buying the policy. You can visit the branch of the company and pay the renewal premium. You can also get in touch with the company’s agent from whom you bought the policy and pay the renewal premium. Lastly, online renewals are also allowed by the company wherein you can log into your online account and renew the policy by paying the premiums online.

Claim process of National Insurance plans

The claim process depends on the type of National Insurance policy that you have bought. However, for the more popular plans like motor insurance plans and health insurance plans, the claim process is as follows –

1. Motor insurance claim process

• In case of a claim, inform National Insurance immediately about the claim and register the claim with the company
• If a third party claim has occurred, a police FIR should be filed. Thereafter, the claim would be taken to the motor accidents tribunal. The tribunal would decide the claim amount which would be paid by National Insurance and the claim would be settled
• If your vehicle is stolen, file a police FIR. The police would try and locate the vehicle. If they cannot do so, they would issue a certificate stating the non-traceability of the stolen vehicle. Submit this certificate to National Insurance to get a settlement of your claim
• In case your vehicle has suffered damage, the insurance company would advise you to take the vehicle to the nearest preferred garage for cashless claims. If you don’t take the vehicle to a networked garage, you would have to bear the repair expenses and the company would then reimburse the expenses when you submit the claim form
• In the case of networked garages, the company’s surveyor would visit the garage and assess the damage suffered
• The surveyor would prepare a claim report and submit it to the National Insurance
• The company would then approve cashless repairs of your vehicle
• When the repairs are done, you can take delivery of your vehicle and National Insurance would settle the claim directly with the garage

For your motor insurance claims, the following documents should be submitted to National Insurance –

1. Claim form
2. Policy document
3. RC Book of the vehicle
4. Valid driving license
5. PUC certificate
6. Police FIR, if applicable
7. Identity proof of the policyholder

2. Health insurance claims

• In case of any medical emergency, inform the insurance company and register your claim
• If you choose a networked hospital, the claim would be settled on a cashless basis. For non-networked hospitals, however, you have to pay your medical bills yourself and then they would be reimbursed when you submit your claim
• For cashless claims, you should get a pre-authorization form and fill it up. The form should then be submitted to the insurance company either within 3-4 days before planned hospitalisation or within 24 hours of an emergency hospitalisation
• Based on the pre-authorization form submitted, the insurance company would approve your cashless claims
• Once the claim is approved, you can avail cashless treatments
• After discharge, you should fill up and submit a claim form with the relevant documents to get the settlement of your health insurance claim

For a successful settlement of your health insurance claims, the following documents should be submitted to National Insurance –

1. Claim form
2. Discharge summary
3. Medical bills in original
4. All hospital bills
5. Medical reports, hospital reports and all types of diagnostic reports
6. Any other document fi required by the insurance company

Address and contact information of National Insurance

The head office of National Insurance is located in Kolkata and the address is 3, Middleton Street, Prafulla Chandra Sen Sarani, Kolkata, West Bengal, 700071. Other branches of the company can be located online on the company’s website.

For any complaints or grievances, you can send a mail to the company at customer.relations@nic.co.in. Similarly, for any queries, you can send an email to website.administrator@nic.co.in

To call the company, you can use its toll-free customer care number which is 1800 345 0330 or 1800 123 230 230. The company’s executives would, then, help you with any query or complaint that you have with regards to the products of the company.