National Insurance Company Limited
National Insurance Company Limited is the oldest general insurer in India. Founded in 1906 in Kolkata, West Bengal, it emerged as a response to the nationalist aspirations of Swaraj, the independent India. Following the General Insurance Business Nationalisation Act in 1972, it merged with 21 foreign and 11 Indian companies to form National Insurance Company Limited, which was one of the four subsidiaries of the General Insurance Corporation (GIC) of India. The GIC is completely owned by the Government of India. This act facilitated the transfer of shares from existing Indian general insurance companies and other insurers to GIC for effective regulation and control of the insurance business.
National Insurance Company Limited achieved independence from its holding company, GIC, on 7th August 2002. It then emerged as a standalone insurance company. Today, its mission is to establish itself as the preferred choice among customers for general insurance. And, it strives to accomplish this goal by nurturing strong customer relationships and achieving profitable growth.
In the financial year 2022-23, the National Insurance Company Limited issued over 40,08,727 policies and received over 6,02,738 claims.
Awards & Recognitions
National Insurance Company Limited has been honoured with several prestigious awards, highlighting its commitment to excellence and innovation in the insurance industry -
It was honoured with the ‘Best Healthcare Insurance Service Provider’ award in 2021 - recognising its exceptional services in the healthcare insurance sector.
It received ‘The Economic Times Best Brands Award’ for its consistent efforts in delivering high-quality insurance solutions and services.
National Insurance Company Limited was bestowed with the ‘Economic Times - BFSI Best Brands 2016’ award for its all-around excellence in the general insurance category.
It was honoured with the prestigious ‘Samudra Manthan Best Insurer of the Year’ award in 2016 for its outstanding performance and contributions to the insurance sector.
National Insurance Company Limited received the ‘SKOCH Financial Inclusion Award’ in 2016, highlighting its significant efforts in promoting financial inclusion through innovative insurance solutions.
It was honoured with the ‘ICONIC BRAND Award (Insurance Sector)’ in 2016 for its strong brand presence, market leadership, and reputation as an iconic insurance company.
Claim Settlement Ratio
The Claim Settlement Ratio plays a critical role in assessing the credibility of an insurance company in handling claims. It is the ratio of the total number of claims settled successfully to the total number of claims received by the insurance company in a specific financial year. The Claim Settlement Ratio of National Insurance Company Limited was 78.9% in the financial year 2021-22.
Evaluating an insurance company's Claim Settlement Ratio is essential, as it helps to determine its proficiency in fulfilling its claim commitments. The insurer with a high CSR is considered trustworthy and reliable, emphasising their ability to manage claims efficiently. It is important to examine the insurer's Claim Settlement Ratio over the past few years to ensure their consistency in meeting their claim obligations.
The solvency ratio is a financial metric that indicates an insurance company's financial strength and stability. It demonstrates the insurer's capacity to fulfil their claims payments effectively.
As per the guidelines of the Insurance Regulatory and Development Authority of India (IRDAI), insurers are required to maintain a minimum solvency ratio of 150%. National Insurance Company Limited’s solvency ratio is -29% for the period that ended on March 31, 2023.
A network hospital is a hospital that has an agreement with your insurance company to offer cashless treatment services. This means that if you receive medical treatment at a network hospital, you need not pay for the expenses and the insurer or the Third-Party Administrator (TPA) associated with them will cover your hospital bills directly. Your responsibility is only to pay for the expenses that are not covered by the policy, such as consumables, administrative fees, registration fees, and similar costs.
National Insurance Company Limited has a robust network of 11,000+ hospitals to offer cashless treatments. To access the list of network hospitals based on your location, you can visit https://nationalinsurance.nic.co.in/en/health-insurance/city-wise-list-ppn-hospitals. This link also helps you check the number of hospitals in your neighbourhood listed with your insurer as well as whether your preferred hospital is included in their network.
Network garages are authorised service centres that have a partnership with your insurance company to provide cashless repair services to your vehicles in the event of an accident or damage. If you get your vehicle repaired at a network garage, you need not pay for the expenses upfront. The insurance company takes care of the expenses and you have to pay only the deductible and any consumable charges that may apply.
National Insurance Company Limited offers a vast network of over 3,100+ garages to provide you with cashless repair services. To access the comprehensive list of network garages based on your location, you can visit https://nationalinsurance.nic.co.in/en/list-cashless-garages. This link can also help you check the number of network garages available in your vicinity.
If you have any inquiries or require assistance regarding your insurance policies, you can get in touch with National Insurance Company Limited’s dedicated customer support team by calling their toll-free number 1800-345-0330.
You can also send an email to firstname.lastname@example.org for any queries, doubts or information related to their products and services.
If you have issues, questions, etc. you can also reach out to National Insurance Company Limited via their alternative contact channels -