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National Insurance India – Safeguard to Your Non-Life Property

National Insurance India Review

National Insurance India – Insurance has been introduced as a life guard and a guarantee for the safety of dependents after life. Till 19th century insurance was having only one meaning which is life assurance but in after some decades the scene started changing and insurance sector started elaborating its area of functioning with providing insurance to non-life factors which really boosted the insurance sector. Insurance companies started a plan of providing insurance for general health, entity, goods, and households and against hazards. The idea of general insurance came from ancient era where Babylonians invented a scheme for the merchant to safely deliver their goods and against it they charge extra amount over the prescribed loan. This pattern was accumulated by the modern insurance companies. Insurance companies now started offering assurance to the individual against their health and medical conditions, corporate against their business and industry and against losses of good from fire and marine.

National India Insurance

General Insurance came into existence in India in 1906 with the establishment of General Insurance Corporation of India ltd. Later after independence, GIC (General Insurance Corporation) of India became nationalized in 1972 and was renamed as National Insurance Corporation of India Ltd. National Insurance India or NICL is the biggest general insurance company in India both in clientele and turnover and having assets of over Rs. 88 billion which is many folds of other general insurance companies functioning in India. National Insurance India is a public sector and government undertaking company with 51% shares with Government of India.

Area of Functioning

  • Personal Insurance – This general insurance plan covers general health, medical assurance, accidental assurance, auto insurance and property insurance.
  • Rural Insurance – This insurance policy covers the small rural business and agriculture against natural and climate hazards.
  • Industrial Insurance – Under this policy the industrial projects, contracts, constructions, equipment losses, loss against fire and theft is covered.
  • Commercial Insurance – This policy covers the goods and property against loss or damage while transportation or transaction.

List of Policies by NICL

Personal Insurance Policy –

  • Motor Policy (Two Wheeler)
  • Household Policy
  • Personal Accidental Policy
  • Critical Illness Policy
  • NRI Accident Policy
  • Amartya Siksha Yojna Policy
  • Rajrajeshwari Mahila Kalyan Yojna Policy
  • Bhagyashree Child Welfare Policy
  • Traffic Accident Policy
  • Niwas Yojna Policy
  • Baggage Policy
  • Mediclaim Policy
  • Motor Policy – Private Car
  • Professional Indemnity for Doctors
  • Star National Swastha Bima Policy
  • Vidyarthi – Mediclaim for students
  • UCO Medi + Care Bima Policy
  • Varistha Mediclaim for senior citizens
  • BOI National Swastha Bima
  • Overseas Mediclaim
  • Baroda Health Policy

Rural Insurance Policy –

  • Cattle/ Livestock Insurance
  • Sheep and Goat Insurance
  • Elephant Insurance
  • Dog Insurance
  • Brackish Water Prawns Insurance
  • Silkworm (Sericulture) Insurance
  • Janata Personal Accident Insurance
  • Horticulture/ Plantation Insurance
  • Kisan Agriculture Pumpset Insurance

Industrial Insurance Policy

  • Erection All Risk Insurance (EAR)
  • Contractor All Risk Insurance (CAR)
  • Machinery Insurance (MI)
  • Electronic Equipment Insurance (EEI)
  • Consequential Loss (Fire) Policy
  • Standard Fire and Special Perils Policy
  • Workmen Compensation Insurance
  • Product Liability Insurance
  • Public Liability Insurance

Commercial Insurance Policy –

  • Burglary (Business Premises) Policy
  • Shopkeepers Policy
  • Bankers Indemnity Policy
  • Office Package Policy
  • Glass Insurance
  • Money Insurance
  • Jewelers Block Policy
  • Extended Warranty Policy
  • Directors and Officers Liability Policy
  • Fidelity Guarantee Policy
  • Marine Cargo Insurance

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