National Insurance Company Limited is a state owned general insurance company in India. Its slogan is THODA SIMPLE SOCHO The company headquartered at Kolkata was established in and nationalised in It's portofolio consists of a multitude of general insurance policies, offered to a wide arena of clients encompassing different sectors of the economy.
History
After nationalisation in , NICL operated as a subsidiary of General Insurance Corporation of India National Insurance Company Limited was spun off as a distinct company under the General Insurance Business Amendment Act In April, NIC signed an agreement with Nainital Bank for distribution of its general insurance products through the bank's branches in Uttarakhand, Haryana and New Delhi
Company profile
National Insurance Company Limited was incorporated on December with its registered office in Kolkata. Consequent to passing of the General Insurance Business Nationalisation Act in Foreign and Indian Companies were merged with it and National became a subsidiary of General Insurance Corporation of India which is fully owned by the Government of India. After the notification of the General Insurance Business and its India's largest General Insurance Company(Nationalisation) Amendment Act, on 7 August 2002, National has been de-linked from its holding company GIC and presently operates as an independent insurance company wholly owned by Govt of India. National Insurance Company Ltd (NIC) is one of the leading public sector insurance companies of India. It transacts non life insurance business. Headquartered in Kolkata, NIC's network of about 1000 offices, manned by more than 16,000 skilled personnel, is spread over the length and breadth of the country covering remote rural areas, townships and metropolitan cities. NIC's foreign operations are carried out from its branch offices in Nepal. Befittingly, the product ranges of more than policies offered by NIC cater to the diverse insurance requirements of its million policyholders. Innovative and customised policies ensure that even specialised insurance requirements are fully taken care of. The paid-up share capital of National is. Starting off with a premium base of crores in , NIC's gross direct premium income has steadily grown to about crores rupees in the financial year 2012-13. National transacts general insurance business of Fire, Marine and Miscellaneous insurance. The Company offers protection against a wide range of risks to its customers. The Company is privileged to cater its services to almost every sector or industry in the Indian Economy viz. Banking, Telecom, Aviation, Shipping, Information Technology, Power, Oil & Energy, Agronomy, Plantations, Foreign Trade, Healthcare, Tea, Automobile, Education, Environment, Space Research etc. As of , NICL has a AAA rating from Indian rating agency, CRISIL, a subsidiary of Standard and Poor's Company. The gross premiums from underwriting by the company grew by to over crores during the Financial Year . And Gross Premiun grew up to crores during the financial year With this, the company was ranked second among general insurance companies operating in India, behind New India Assurance, at the end of the 2014 Financial Year. With offices and 16,000 employees and agents, the company operates in all of India, and neighbouring Nepal.
Products and services
NICL has a range of coverage policies targeting different sectors
Personal Insurance policies include medical insurance, accident, property and auto insurance coverage
Rural Insurance policies provide protection against natural and climatic disasters for agriculture and rural businesses
Industrial Insurance policies provide coverage for project, construction, contracts, fire, equipment loss,
Commercial Insurance policies provide protection against loss and damage of property during transportation, transactions,
Awards
The Enterprise has been the recipient of various awards and accolades including all terms and conditions.