National Insurance Company Ltd

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The National Insurance Company Ltd was established during 1906 and its registered office is in Kolkata. After the General Insurance Business Nationalisation Act was passed in 1972, 11 Indian insurers and 21 international companies were merged into it. The insurer consequently became a part of the General Insurance Corporation of India (GIC), which was wholly owned by the Indian government.

After the General Insurance Business (Nationalisation) Amendment Act was passed on August 7, 2002 National Insurance Company Ltd stared to operate as a separate identity.

National Insurance Company Limited Business Profile

National Insurance Company Limited is one of the top general insurers in the public sector of India. Its head offices are at Kolkata and it has almost 1000 offices across the country and operates in remote townships and rural areas as well as metros. The insurer has at least 16 thousand skilled employees and its foreign operations are executed from its Nepal office.

It has 14 million customers and provides in excess of 200 policies to cater to their varying requirements. National Insurance Company Limited has also set up a research and development cell at its headquarters for creative products that are unique to the local conditions as well as the rural population.

It has a paid up share capital of INR 100 crores. It caters to a wide range of clientele from different sectors of the economy such as:
  • Banking
  • Foreign trade
  • Telecom
  • Healthcare
  • Aviation
  • Tea
  • Shipping
  • Automobile
  • Information technology
  • Education
  • Power, oil and energy
  • Environment
  • Agronomy
  • Space research
  • Plantations
It is also the second biggest provider of non life insurance products and services in India with considerable presence in the Northern and Eastern regions. It also has connectivity among its various offices and is soon expected to introduce policy procurement features on the internet.

The insurer also has tie ups with some of the top banks, state governments, and corporate entities of India. It has set zonal advisory committees that monitor the company’s progress and ‘May I help you’ centers at various regional offices and head offices. Its several offices dutifully execute the commitments made in its citizen’s charter.

The Marketing (Intermediaries) Department of the insurer has established associations with the following entities as part of the company’s strategies to market its products:
  • Commercial banks
  • NGOs
  • Non banking financial institutions
  • State governments
  • Automobile makers

National Insurance Company Management

The following dignitaries make up the board of directors at the National Insurance Company:

Name Designation
NSR Chandraprasad Chairman cum Managing Director
Anurag Jain Joint Secretary (IF), Ministry of Finance, Government of India
Kuldip Singh General Manager and Executive Director
Moti Lal Sharma Part Time Non Official Director
AV Girija Kumar General Manager and Executive Director
Amitav Kothari Part Time Non Official Director
Bhaskar Sen Chairman and Managing Director, United Bank of India

National Insurance Financial Details

Following are some important financial details of National Insurance for the 2011-12 fiscal:

Domain Figures in INR thousands
Total operating profit/(loss) 386,613
Operating profit/(loss) from fire insurance 283,637
Operating profit/(loss) from marine insurance 294,700
Income from investments 2,919,279
Income from gross interest, rent, and dividend 1,516,811
Profit on sale or redemption from investments 1,424,354
Miscellaneous income 56,276
Exchange gain 37,872
Liabilities no longer needed 785,214
Other expenses 2,154,640
Expenses not directly linked to the insurance business 31,780
Amortization of premium on investments 48,211
Amount written off in case of depreciated investments 22,341
Assets written off 2,036,727
Loss on sale of asset 13,644
Foreign income tax payment 1937
Profit before tax 3,310,614
Current tax 63,000
Adjustment taxation for previous years 4,522
Profit after tax 3,252,136

National Insurance Company Ltd Achievements

National Insurance Company Ltd is the quickest growing non life insurer in India and also the second biggest in the segment. It is also recognized around the world as one of the 5 leading general insurers in the Asia Pacific region.

It has also received the AAA/Stable by CRISIL, which shows that the organization is capable of satisfying its obligations with regards to the policyholders.

National Insurance Company Limited Departments

The Marketing (Intermediaries) Department has been set up at the headquarters to help give the operations some much needed direction and push. The Strategic Alliances Departments at the operative and regional levels have been created to take care of the tie-ups. The tie-ups in the different regions are primarily looked after by the RO Strategic Alliances Coordinators.

National Insurance Company Office Network

Following are the cities where National Insurance has set up regional offices:
  • Kolkata
  • New Delhi
  • Bhubaneshwar
  • Chandigarh
  • Patna
  • Lucknow
  • Guwahati
  • Dehradun
  • Mumbai
  • Chennai
  • Pune
  • Hyderabad
  • Nagpur
  • Vishakhapatnam
  • Ahmedabad
  • Kochi
  • Baroda
  • Bangalore
  • Indore
  • Hubli
  • Delhi
  • Coimbatore
  • Jaipur
  • Nepal

National Insurance Policies

The policies offered by National Insurance may be mentioned as below:

Personal Line Insurance
  • Motor Policy – Two Wheelers
  • Mediclaim Policy
  • Householders Policy
  • Motor Policy – Private Car
  • Personal Accident Policy
  • Professional Indemnity for Doctors
  • Critical Illness Policy
  • Star National Swasthya Bima Policy
  • NRI Accident Policy
  • VIDYARTHI-Mediclaim for Students
  • Amartya Siksha Yojana Policy
  • UCO Medi + Care Bima Policy
  • Rajrajeshwari Mahila Kalyan Yojana Policy
  • VARISTHA Mediclaim for Senior Citizens
  • Bhagyashree Child Welfare Policy
  • BOI National Swasthya Bima
  • Traffic Accident Policy
  • Overseas Mediclaim
  • Niwas Yojana Policy
  • Baroda Health Policy
  • Baggage Policy
Rural Insurance
  • Cattle / Livestock Insurance
  • Silkworm (Sericulture) Insurance
  • Sheep and Goat Insurance
  • Janata Personal Accident Insurance
  • Elephant Insurance
  • Horticulture/Plantation Insurance
  • Dog Insurance
  • Kisan Agriculture Pumpset Insurance
  • Brackish Water Prawn Insurance
Industrial Risk
  • Erection All Risks Insurance (EAR)
  • Standard Fire and Special Perils Policy
  • Contractors All Risks Insurance (CAR)
  • Workmen Compensation Insurance
  • Machinery Insurance (MI)
  • Product Liability Insurance
  • Electronic Equipment Insurance (EEI)
  • Public Liability Insurance
  • Consequential Loss (Fire) Policy
Commercial Risk
  • Burglary (Business Premises) Policy
  • Jewellers Block Policy
  • Shopkeepers Policy
  • Extended Warranty Policy
  • Bankers Indemnity Policy
  • Directors and Officers Liability Policy
  • Office Package Policy
  • Fidelity Guarantee Policy
  • Glass Insurance
  • Marine Cargo Insurance
  • Money Insurance

National Insurance Company Ltd News

Vibgyor Gold has tied up with the National Insurance Company and come out with a jewelry block insurance that is meant for the Virtue range. As per this scheme people who purchase gold jewelry from the Virtue brand shall be receiving extra cover on the same.

The Managing Director of Vibgyor Gold Ltd, Santanu Bhattacharya, has stated that people are now afraid of buying gold because of the increasing prices of the same. However, with the insurance they shall have a semblance of security.

The policy covers the following forms of risks within India:
  • Burglary
  • Fire and related perils
  • House breaking
  • Hold ups
It will be provided to customers who buy gold jewelry from the showrooms of Virtue with the insurance amount ranging between INR 10 thousand and INR 5 lakh. The maximum limit for a single piece of gold jewelry shall be INR 3 lakh.

Bhattacharya also states that if the customer loses or if anything claim worthy happens to the purchased jewelry then the matter has to be reported to the police station and Virtue within a 24 hour span.

National Insurance Company Limited Contact Details

Following are the contact details of the National Insurance Company Limited:

3 Middleton Street
West Bengal
Pin code: 700071

Telephone number: 22831705 /22831706
Fax: 22831712
E-mail address: [email protected]

Last Updated on 11 October 2012