National Insurance Co. Ltd.

National Insurance Company Ltd. is one of the oldest general insurance companies in India and offers an array of general insurance products. If you choose to buy a policy from National Insurance, you will have access to services such as online policy renewal, online claim intimation, live chat option, online policy information, grievance redressal, and so on. 

Popular Insurance Products Offered by National Insurance Company

National Insurance Motor Insurance 

The insurer offers motor insurance plans for private cars and two-wheelers. An interested individual can choose between Liability Only policy and Package policy. The Liability Only policy will offer coverage only for legal liabilities that may arise against the policyholder whereas the Package policy will offer coverage for legal liabilities as well as damages caused to his/her own vehicle. Applicants can choose to enhance their plans using add-ons. 

National Insurance Health Insurance 

The company offers eight health insurance plans, each of which is described below: 

• National Mediclaim Policy (Individual Plan) 

This is an individual health insurance policy that offers coverage for sum insured that ranges from Rs.50,000 to Rs.5 lakh. Individuals can choose to add family members and avail a 10% family discount. 

• National Mediclaim Plus Policy (Individual Plan) 

This is another individual health insurance policy that offers extended coverage for several medical conditions. Applicants can choose between Plan A, Plan B, and Plan C and the maximum sum insured option under this policy is Rs.50 lakh. This plan offers family and youth discount. 

• National Mediclaim Policy for family (Floater Policy) 

This is a family floater policy that can cover the policyholder, spouse, and two dependent children. The sum insured options range from Rs.2 lakh to Rs.5 lakh under this plan. 

• National Parivar Mediclaim Policy (Floater Policy) 

This family floater allows policyholders to cover their parents in addition to their spouse and dependent children. The sum insured options are between Rs.1 lakh and Rs.10 lakh. Online policy renewal discount, zone-wise discount, maternity/infertility discount, and long term discount are some of the discounts that can be availed under the policy. 

• National Parivar Mediclaim Plus Policy (Floater Policy) 

This special health insurance policy can cover the policyholder, his/her spouse, children, parents, and parents-in-law. The sum insured amount for the policy can be between Rs.6 lakh and Rs.50 lakh under Plan A, B, or C. The discounts available are online renewal discount, zone-wise discount, maternity/infertility discount, and long term policy discount. 

• Varishtha Mediclaim Policy for Senior Citizens 

This senior citizen health insurance policy comes with only one sum insured option of Rs.1 lakh. Policyholders can opt for an additional critical illness benefit for a sum insured option of Rs.2 lakh. 

• Overseas Mediclaim Business and Holiday 

This is a travel insurance policy that covers travel emergencies such as illness, delay of packed baggage, personal accident, loss of passport, and property damage, among others. Interested individuals can choose between Plan A and Plan B depending on the sum insured amount they are looking for. 

• National Critical Illness Policy 

This is a critical illness health insurance policy that offers a lump-sum amount if the life insured is diagnosed with a critical illness. There are two options available under this policy – Plan A and Plan B. The sum insured options range from Rs.1 lakh to Rs.75 lakh. 

National Insurance Personal Insurance 

The insurer offers five personal insurance options. They are: 

• National Hero Accident Suraksha Policy 

This is an accident insurance policy offered by National Insurance Co. Ltd. 

• Individual Personal Accident Policy 

This personal accident policy offers accidental death and disability. It also offers optional covers for accidental hospitalisation as well as accidental hospitalisation daily allowance. 

• Householders Insurance Policy 

The householder’s insurance policy protects an individual’s house against a number of perils such as fire, burglary, breakdown of domestic appliance, etc. The plan has a total of 10 sections. Individuals who opt for more than 4 sections will get a 15% discount and more than 6 sections will get a 20% discount. 

• Janata Personal Accident Policy 

This personal accident policy offers pre-determined lump-sum amounts on death or disability. The amount provided depends on the severity of the disability. 

• Pravasi Bharatiya Bima Yojana (PBBY) 

The PBBY is a compulsory insurance scheme for emigrant workers who fall under the Emigration Check Required (ECR) category. The coverage includes accidental death or disability, medical insurance, family hospitalisation, legal expenses, maternity expenses, repatriation, and so on. 

National Insurance Rural Insurance 

The insurance company offers an array of rural insurance products that are listed below: 

• Kisan Agricultural Pumpset insurance 
• Package insurance for tribals 
• Duck Insurance scheme 
• Insurance for animal driven cart/tonga 
• Sericulture (Silkworm) insurance 
• Cycle rickshaw insurance 
• Inland fresh water fish insurance 
• Pedal cycle insurance 
• Aquaculture (prawn/shrimp) insurance  
• Lift irrigation/sprinklers insurance 
• Honey bee insurance  
• Failed well insurance 
• Gramin Accident Policy 
• Salt work insurance 
• Group personal accident insurance for rickshaw pullers  
• Hand drawn vehicle 
• Package policy for milk producers’ co-operative society  
• Plantation/Floriculture/Horticulture insurance 
• Dog insurance  
• Poultry insurance scheme 
• Rabbit insurance  
• Farmers’ package policy 
• Cattle insurance  
• Janata personal accident policy 
• Foetus insurance scheme  
• Calf/heifer rearing insurance scheme 
• Pig insurance scheme  
• Sheep/goat insurance scheme 
• Horse/Yak/Donkey/Pony insurance  
• Camel insurance scheme 
• Elephant insurance 

National Insurance Industrial Insurance 

The general insurance company also offers insurance products for industrial equipment and coverage against industrial risks. Here is a list of industrial insurance products: 

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

National Insurance Commercial Insurance 

Individuals can avail commercial insurance plans from the insurance company such as: 

• Marine Insurance – Specific Policy 
• Standard Fire and  Special Perils 
• Shopkeepers insurance 
• Marine insurance – Marine cargo special declaration policy 
• Marine insurance – Open policy 
• Credit insurance 
• Marine insurance – Open cover 
• Marine insurance – Duty insurance policy 
• Marine insurance – Marine cargo STOP 

Pradhan Mantri Suraksha Bima Yojana (PMSBY) 

This is a government scheme that offers coverage for accidental death and accidental disability. The coverage amount for accidental death and permanent complete disability is Rs.2 lakh and permanent partial disability is Rs.1 lakh. 

Pradhan Mantri Fasal Bima Yojana (PMFBY) 

This is another government scheme created by the government to protect the interest of farmers. The scheme offers coverage for various risks such as sowing risk, planting risk, post-harvest loss, standing crop, and localised calamities among others. 

Conclusion 

National Insurance was started in 1906 and merged with 11 Indian and 21 foreign insurers in 1972 when the General Insurance Business Nationalisation Act was passed. With the mission to become the preferred insurer by building strong relationships and growing profitably, the company has been offering excellent services. A few of the awards received by the company are Economic Times Iconic Brands in 2018, The Asset Asian awards for cash management in 2017, and the SKOCH order of merit as the General Insurance Company of the year in 2017.