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National Insurance

National Insurance

1906 till 2012 …….

National Insurance Company (NIC) was incorporated on 6th December 1906 at the height of the country’s nationalist Swadeshi movement as an expression of the Indian aspiration to establish a strong indigenous Company even in the midst of foreign rule. Today 106 years after its incorporation, 37 years after its nationalization and 10 years after its delinking from GIC, NIC stands tall as the Oldest insurance company in India and the only Company among 24 life insurance and 27 non-life insurance companies to be headquartered in the Eastern part of the countr

Expanding to a robust 1340 offices including 373 Business Centers with 15,200 skilled personnel, NIC spans the length and breadth of the country. The Company also has operations in Nepal.

NIC has been a consistent Market Leader in two zones (Northern India & Eastern India) for several years now. It has consistently been seen as “BEST IN SERVICE” in the MOTOR and HEALTH classes of Business which constitute 63% of the Indian Non Life Insurance Market.

FINANCIAL YEARS 2010 – 11 and 2011-12 :

NIC delivered outstanding business performances, quite clearly ahead of the competition.

  • FY 2010 – 11 : Gross Premium of 6245 crore ( 4646 crs in 09 – 10). Recorded Accretion of Rs. 1599 crs - Highest in the history of non-life insurance industry in India.
  • FY 2011-12 : Gross Premium Rs. 7785 Cr,Growth above 25% ;Accretion above Rs 1500 Cr while successfully reducing Net Incurred Claims from 97.05% to 87.05%. NIC also earned its Highest Profit in 5 years of Rs 331 Cr (PBT).

For its excellence in Performance in all parameters, NIC was awarded the prestigious NDTV Profit Business Leadership Awards 2011 in the Non Life Insurance Category.

Every day, in the last 106 years, NIC has endeavoured to offer something new – an insightful policy, an attractive service or even a Simpler Process - to its Customers, in addition to its bouquet of more than 200 products.

NIC was the first general insurance provider to introduce Customisation of Products to suit the need of the CustomerS both Urban and rural. Amongst these were the Industrial All Risks Policy, Office Package Policy and the Farmers Package Policy. Techno Marketing ( Project) Cells catered to the insurance requirements of the mega industrial projects.

Always ahead of its time NIC perceiving the advantages of Synergy, pioneered;

  • Extensive Strategic Alliance with India’s largest automobile majors MARUTI, HERO HONDA, TATA MOTORS, NISSAN, HYUNDAI SIEL .
  • Forged Bancassurance partnerships with the Country’s leading Banks.
  • Introduced a dedicated Health Policy for Senior Citizens (Varistha Mediclaim) (launched during NIC’s Centenary celebrations by the President of India, His Excellency, Dr. A P J Abdul Kalam).
  • Designed an exclusive Policy for students, Amartya Siksha Yojana Policy and had it launched by the Nobel Laureate himself.

These efforts continue - now , more than ever; as NIC extends its Reach by leveraging state of art Technology to deliver general insurance Service without Boundaries almost to the Customer’s doorstep thus breaking new ground in establishing Customer contact and service .

Business Centres: 373 business centres have been successful in reaching general insurance to hitherto unrepresented areas and segments across the country and is a model for future penetration of the Insurance market.

NIC’s Office on Wheels : India’s First- of- its- Kind general insurance service vehicle, the “Office on Wheels” offers on the spot issuance and renewals of Personal Lines of insurances. Presently in Kolkata and Chandigarh, the service will be launched shortly at Bangalore as well as Mumbai and later in the rest of the country.

Online : : Harnessing the digital medium , NIC offers Technology – enabled, facilities such as

  • Online Customer portal – which offers convenient ,secure and instant service to customers for On line purchase of Private Car, Two Wheeler, Personal Accident, Individual Mediclaim, Parivar and Overseas Mediclaim Insurances using Credit / Debit Cards.
  • Swipe card facility in all offices in Delhi
  • 24x7 live chat for Product and service related information for Customers
  • Facility of payment of premium through NEFT / RTGS.
    • following activities on Customer Portal :-
    • Net banking transaction introduced
    • Toll free no 1800 419 4033 is now activated for voice related support of Products launched on Customer Portal .
    • Mobile based renewal facility for Motor product has also been launched.

Reinforcing its firm commitment of being customer-centric and citizen-oriented, NIC has also diligently discharged its Social responsibilities.

In the last fiscal , under Micro Insurance (launched in 2007-08) more than 2 lac lives were covered and 15000 claims paid . In the rural sector , more than 4 lac policies covering 34 lac lives were issued.

Even in the lowest penetrated areas (15 states and Union territories based on IRDA data for 2010-11) especially in the Northern and Eastern regions in India, the company has improved its reach by covering over 6.5 lakh customers thus making us the leader in this segment.

Partnership with Confederation of Non-governmental Organizations of rural area and Self Help Groups, E-Governance Agencies and rural Banks etc. have helped us ensure increasing insurance penetration.

Taking a lead role in Government of India programmes, NIC is also servicing the Universal Health Insurance Scheme for the BPL population and the Rashtriya Swasthya Bima Yojana in 6 States of the Indian Union. Under RSBY we have covered more than 15 Cr lives in the last fiscal and have paid more than 2 lac Claims amounting to approx 127 Cr.

The Rajeev Gandhi Jeevandayee Yojana Scheme – a Health insurance scheme for Orange/ Yellow ration card holders in 8 districts of Maharashtra has been recently finalized.

For its efforts in servicing the under penetrated and underserved citizenry, National Insurance has been conferred

  • Indian Insurance Awards - Outstanding Social Contributor of the Year Award 2012 for furthering the cause of “making non-life insurance affordable and accessible for the under-served or un-served markets in the country and for commitment towards social inclusion”.
  • Indian Insurance Awards - Under-served Market Penetration Award 2012 for demonstrating continued focus in reaching insurance in the lowest penetrated areas

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