National Insurance Company Limited (NICL) is the oldest non-life general insurance company of India. It was established on 5th December 1906 at Kolkata. National Insurance Company was set up largely on the nationalism principles of Swaraj (self-government). NICL was nationalized after 66 years in the year 1972. Thereafter the company was merged with 21 foreign companies and 11 Indian insurance companies and that’s how National Insurance Company Limited was consolidated into one. It is now one of the 4 largest general insurance subsidiaries entirely owned by Government of India.

Motor Insurance

Commercial Vehicle

Motor Insurance Contracts are subject to the basic principles applicable to property and liability insurance in general. The owner of the vehicle must be a registered owner to the vehicle whereby he or she stands to benefit by the safety of the vehicle, right, interest or freedom from liability and stands to lose by any loss , damage , injury or creation of liability.

Private Car

Motor Insurance Contracts are subject to the basic principles applicable to property and liability insurance in general. The owner of the vehicle must be a registered owner to the vehicle whereby he or she stands to benefit by the safety of the vehicle, right, interest or freedom from liability and stands to lose by any loss , damage , injury or creation of liability.

Two Wheeler

Motor Insurance Contracts are subject to the basic principles applicable to property and liability insurance in general. The owner of the vehicle must be a registered owner to the vehicle whereby he or she stands to benefit by the safety of the vehicle, right, interest or freedom from liability and stands to lose by any loss , damage , injury or creation of liability.

 

Health Insurance

Overview: 

Health insurance is an insurance that covers the whole or a part of the risk of a person incurring medical expenses, spreading the risk over a large number of persons. By estimating the overall risk of health care and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement.

National Mediclaim Plus Policy (Individual Plan)

This is a high sum insured policy for In-patient treatment expenses (minimum 24 hour hospitalization) and 140+ Day Care Procedures on Cashless/ Reimbursement basis during the policy period with many additional benefits as per plan opted. The expenses incurred should be reasonable, customary and medically necessary

Overseas Mediclaim Business and Holiday

Overseas Mediclaim Policy is a package policy which covers travel emergencies when someone is travelling abroad. It is available for three categories of travellers-

  1. Business & Holiday
  2. Employment and Study
  3. Corporate Frequent Traveller

Personal Insurance

Individual personal Accident

Personal Accident Insurance policy provides your beneficiary with a death benefit in the unfortunate event of your accidental death and It also provides you with cover against Permanent Total Disablement (PTD) on account of an accident

Householders Insurance

It is a packaged policy which provides a range of covers that are required for a common householder.Property valuation is done by multiplying the built up area of the property with the cost of construction per square feet.

Janata Personal Accident

JPA policy covers any person irrespective of sex, occupation and profession in the age group of 10 to 70 years for death and permanent total disablement and permanent partial disablement.
The policy is available for minimum sum insured of Rs.25.000/- per person per annum and the maximum sum insured is to be limited to Rs.1,00,000/- per person per annum.
The rate of premium is Rs.15 for a sum insured of Rs.25,000/-. The sum insured shall be increased in multiples of Rs.25,000 and premium is charged accordingly.

Rural Insurance

Inland Fresh Water Fish Insurance

It was an agreement between the subsidiaries of GIC with regard to the rates, terms and conditions prescribed by this Agreement to underwrite the business of Inland Fresh Water Fish Insurance in India.

Janata Personal Accident Policy

It was an agreement between the subsidiaries of GIC with regard to the rates, terms and conditions prescribed by this Agreement to underwrite the business of Cattle Insurance in India.

Poultry Insurance Scheme

The word “Poultry” for the purpose of this scheme refers to (a) Layers (b) Broilers (c) Parent stock which are exotic and cross bred.

 

Industrial Insurance

Erection All Risk

Erection All Risk Insurance provides cover for projects involving equipment and other similar erections.

Machinery Insurance

Machinery Insurance provides insurance protection to both rotating as well as static equipment while at work or at rest against mechanical and electrical breakdown and also human error and negligence.

Contractor All Risk

Contractor Plant and Machinery

Electronic Equipment Insurance

Electronic Equipment Insurance caters to the peculiar needs of the electronic equipments which are not only extremely sensitive to the slightest changes in ambience conditions but also are characterized by having a large value concentration in a relatively compact set ups

Commercial Insurance

Standard Fire and Special Perils

The Standard Fire and Special Perils Policy covers all properties on land (excluding cost of land), moveable or immoveable, at various locations against named perils. The Special Types of Policies are designed for Stocks (declaration and floater), Building, Plant & Machinery keeping in mind the nature of property, proposers’ requirements and basis of indemnification. The Long Term Policies available for Dwellings with suitable discounts in premium.

Shopkeepers Insurance

The Shopkeeper’s Insurance is a combination of eleven sections covering risks faced by shopkeepers/traders. The policy covers building, contents, money, pedal cycle, plate glass, signs, baggage, personal accident, fidelity guarantee, liability and business interruption. While Section IB and II are compulsory, the client should opt for two more from the other sections The shop Owners of Retail chain, Shopping Arcades & Complex, Shops/Showrooms, Dealers where the Sum Insured of the building and contents together does not exceed Rs. 2 crores may buy the policy.

Marine Insurance – Marine Cargo Special Declaration Policy

This is basically an open policy of 12 months duration and such policies are issued to Concerns having estimated annual turnover of Rs 2 crores or above. All transits upto the sum insured are covered without any exception and total value of goods in transit are required to be declared atleast once in a quarter in the form of a certified statement. Period of insurance for this policy is one year.

Credit Insurance

National’s Credit Insurance Policy offers an all-round protection to corporate houses against such trade receivables by offering coverage against buyer insolvency and payment default in domestic market, in overseas market or in both. Thus more than just another insurance product, Credit Insurance in true sense is a financial risk management tool that adds value to the receivable management process.

Marine Insurance – Open Cover

Although shipments/despatches of goods are frequently insured individually, the merchants with a large number of shipments/despatches during the year will find it difficult to protect themself continuously throughout an unspecified period of time. Open cover is a contract effected for a period of time, usually for 12 months, whereby the insurer agrees to accept the insurance of all shipments/despatches made by the Insured. An open cover is not a policy and therefore not stamped.

Marine Insurance – Duty Insurance Policy

The insurance is on “Increased value” of cargo by reason of payment of custom duty at the port or place of destination. This policy is not a valued policy and claims are payable on the basis of actual duty paid or on the basis of the Sum insured, whichever is less. Period of insurance for this policy is one year if Open policy is issued.

Marine Insurance – Marine Cargo STOP

This policy is designed to cover Sales turnover (including export/import/ indigenous sale, stock transfer) during the financial year of the Assured for one year.

 

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