National Insurance Co. Ltd. is one of the most prominent insurance companies in India. It is a Government of India Undertaking. The company offers a range of innovative retail and commercial insurance policies.
About National Insurance Co. Ltd.
National Insurance Company Limited was founded in 1906. The registered office of the company is based in Kolkata. As a result of the ratification of the General Insurance Business Nationalization Act in 1972, 11 Indian and 21 overseas companies were merged with it and National Insurance Co. Ltd. was turned into a subsidiary of General Insurance Corporation of India (GIC), which is wholly owned by the Government of India. Following the announcement of the General Insurance Business (Nationalization) Amendment Act on August 7, 2002, National Insurance Co. Ltd was demerged from its holding company GIC. Currently, it is functioning as an Undertaking of the Government of India. National Insurance Co. Ltd (NIC) is one of the major public sector insurance companies in India, running non-life insurance business. The headquarters of NIC are located in Kolkata. The company has a network of around 1000 offices, staffed by over 16,000 trained employees, which is extended across the country, encompassing isolated rural regions, metropolitan cities, and towns. The overseas operations of NIC are run from its branch offices in Nepal. Aptly, the product varieties of over 200 insurance policies provided by National Insurance Company accommodate the varied insurance needs of its 14 million policyholders. Modern and tailor-made policies from the company make sure that even specific insurance needs are completely taken care of. National Insurance Company Limited has a paid-up share capital of Rs.100 crores. It began with a premium base of Rs.50 crores (Rs.500 million) in 1974. In the financial year 2007-2008, the gross direct income from premium of NIC gradually increased to Rs. 4021.97 million (Rs.402.197 crores). National Insurance deals with general insurance business of Marine, Fire, and various insurance policies. The company provides cover against a comprehensive variety of perils to its customers. NIC is fortunate to provide its services to nearly every industry or sector or in the Indian economy such as the following:
- Telecom
- Banking
- Shipping
- Aviation
- Power
- Information Technology
- Agronomy
- Oil & Energy
- Foreign Trade
- Plantations
- Tea
- Healthcare
- Education
- Automobile
- Space Research
- Environment
National Insurance Company Limited is the second biggest non-life insurance company in India with a significant market presence in Northern and Eastern India. The stable rise in premium income has been adequately equaled by profits throughout the years. Since March 2008, the general reserve of National Insurance Company amounted to Rs.1457.25 million (Rs. 145.725 crores) and the asset value of the company was Rs.8867.99 million (Rs.886.799 crores) indicating powerful financial basics. There is nothing to be surprised that NIC has received the “AAA/STABLE” financial strength ranking from CRISIL, which shows the maximum financial capability to fulfill the claims of the policyholders.
About car insurance by National Insurance Co. Ltd
Car insurance policies come under the personal line insurance business of National Insurance Company. They are categorized into private car insurance policies and two wheeler insurance policies. Motor insurance agreements are dependent on the fundamental rules and regulations related to property and liability insurance on the whole. The owner of the car must have a legitimate connection with the car through which he or she gains from the protection of the car, interest, right, or liberty from liability and suffers losses by any injury, damage, or formation of liability.
1. Private car insurance by National Insurance Co. Ltd.
Given below are the key features of the car insurance policies offered by National Insurance Co. Ltd:
Scope of Cover
There are two types of policies offered by NIC and they are as follows:
- Policy A ......for covering Act liability.
- Policy B ......for covering both Act liability and own damage (OD) losses.
Section I of standard type of Private Car Policy (B) or Scooter/Motor Cycle Insurance Policy offers protection from damage or loss to the insured vehicle and/or its parts as a result of the following events:
- Explosion (both external and internal)
- Fire
- Lightening
- Self-ignition
- Housebreaking
- Burglary
- Riot
- Strike
- Theft
- Earthquake (damage from fire and shock)
- Typhoon
- Flood
- Storm
- Hurricane
- Inundation
- Cyclone
- Tempest
- Hailstorm
- Accident from outside factors
- Malevolent activities
- Terrorist operations
- Loss or damage in transit by rail, road, inland watercourses, elevator, lift, or air
Section II offers protection from third party liability, which indicates this section offers protection to the insured if there is any accident as a result of the use of the car against all amounts, which incorporate expenses and costs of the claim applicants, which the insured shall become lawfully responsible to pay regarding:
- Death of or bodily injury to any individual, including co-passengers in the car, given that such co-passengers are not taken for hire or remuneration, but not where such injury or death takes place during the service of such individual person by the Insured. The limits of liability according to this section as laid down by the Motor Vehicles Act, 1988 are unrestricted.
- Damage caused to property excluding property owned by the insured or kept in trust or in the power or safekeeping of the insured. Limits of Liability is Rs.6000 regarding any single claim or set of claims resulting from one event but Tariff nevertheless takes care of higher limits subject to the maximum unlimited liability for third party property damage, at an extra premium.
Exclusions
The following will not be covered by a private car insurance policy from National Insurance Company:
- Wear and tear (depreciation)
- Significant loss
- Malfunctions or breakages
- Electrical or technical snag
- Damages caused to tires if the car is not damaged simultaneously when the liability of the insurance company is restricted to 50% of the replacement cost
- Any damage or accidental loss undergone when the insured or any individual driving with the awareness and permission of the insured is intoxicated or under the influence of drugs or alcohol.
- Cost of accessories and associated labor, letdown of which resulted in any mishap.
2. Two wheeler insurance offered by National Insurance Co. Ltd.:
Scope of Cover
The company offers two types of policies and they are the following:
- Policy A - for covering Act liability.
- Policy B - for covering both Act liability and own damage losses.
Section I of standard type of Private Car Policy (B) or Scooter/Motor Cycle Insurance Policy offers protection from damage or loss to the insured two-wheeler and/or its parts due to the following events:
- Fire
- Explosion (both external and internal)
- Self-ignition
- Lightening
- Burglary
- Housebreaking
- Strike
- Riot
- Earthquake (damage from fire and shock)
- Theft
- Flood
- Typhoon
- Hurricane
- Storm
- Cyclone
- Inundation >
- Hailstorm
- Tempest
- Malevolent activities
- Accident from outside factors
- Loss or damage in transit by rail, road, inland watercourses, elevator, lift, or air
- Terrorist operations
Section II offers protection from third party liability, which suggests this section offers protection to the insured if there is any accident as a result of the use of the two wheeler against all amounts, which incorporate expenses and costs of the claim applicants, which the insured shall become lawfully responsible to pay regarding:
- Death of or bodily injury to any individual, including co-passengers in the car, given that such co-passengers are not taken for rent or remuneration, but not where such injury or death takes place during the service of such individual person by the Insured. The limits of liability according to this section as laid down by the Motor Vehicles Act, 1988 is unrestricted.
- Damage caused to property excluding property owned by the insured or kept in trust or in the power or safekeeping of the insured. Limits of Liability is Rs.6000 regarding any single claim or set of claims resulting from one event but Tariff nevertheless takes care of higher limits subject to the maximum unlimited liability for third party property damage, at an extra premium.
Exclusions
The following will not be covered by a two wheeler insurance policy from National Insurance Company:
- Significant loss
- Wear and tear (depreciation)
- Electrical or technical snag
- Malfunctions or breakages
- Any damage or accidental loss undergone when the insured or any individual driving with the awareness and permission of the insured is intoxicated or under the influence of drugs or alcohol
- Damages caused to tires if the car is not damaged simultaneously when the liability of the insurance company is restricted to 50% of the replacement cost
- Cost of accessories and associated labor, letdown of which resulted in any mishap.
Contact:
National Insurance Co. Ltd.
Head Office
3 Middleton Street
Kolkata
West Bengal
Pin Code: 700071
Tel: 22831705 /22831706
Fax: 22831712
Email: website.administrator@nic.co.in