National Insurance Company Ltd
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 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:
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:
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.
Personal Line Insurance
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:
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.
3 Middleton Street
Kolkata
West Bengal
Pin code: 700071
Telephone number: 22831705 /22831706
Fax: 22831712
E-mail address: [email protected]
Last Updated on 11 October 2012
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
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
- 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
- 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
- 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
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
Kolkata
West Bengal
Pin code: 700071
Telephone number: 22831705 /22831706
Fax: 22831712
E-mail address: [email protected]
Last Updated on 11 October 2012
