11 min read
Updated on Sep 02, 2022
This year, National Insurance Company is celebrating its 116th year in the country. National Insurance Company Limited is the oldest general insurance company in India. NIC was founded on 5th December 1906 in Kolkata, West Bengal, and it is today one of the most trusted and reliable insurance companies. With over 1730 branch offices, a strong workforce of over 13000 employees, and about 50,000 agents, the company has made a strong network across the country’s length and breadth.
From motor insurance to health insurance, from fire insurance to marine insurance, over 300 products have been introduced by the National Insurance Company. It is indeed one of the first few names that come to mind when one thinks of insurance in India.
Famous for its presence and a long list of insurance products, NIC has been quite popular among the masses. Let us take a look at some of the company highlights:
National Insurance Company is a prestigious motor insurance company that fulfils its ethical responsibility to provide the motor insurance policy to the owners of the vehicles so that their protection and their vehicle’s protection can be ensured. Due to its customer-friendly motor insurance policies, the National Insurance Company is always high in demand. Some of its national and international awards and achievements are given below:
According to the Motor Vehicle Act 1988, it is essential for all motor vehicle owners to buy a motor insurance policy. The National Insurance Company (NIC) provides insurance coverage on vehicles subject to accidental damage and theft. It also provides risk coverage if any third party meets with accidental death or any property damage happens to the vehicle. Furthermore, personal accidental cover is also provided to the policyholder.
Some of the key features of NIC motor insurance are given below:
National Insurance Company offers many options under motor insurance. The coverage is as follows:
National Insurance Company contributes a lot to the welfare of the people by providing them with motor insurance policies. But there are certain exclusions under NIC motor insurance. Some of the exclusions are given below:
The National Insurance Company’s (NIC) Motor Insurance policy offers a range of customer-friendly features that completely secures your treasured set of wheels. With standard features like protection against theft, natural calamity, unintentional damage of the car, or the involvement of your vehicle in accidents that could have resulted in damage of property, injury, or death to a third party, a network of experts who redefine the concept of customer support, and the ease of purchasing the policy online, NIC’s private car insurance and two-wheeler insurance are great choices available.
National Insurance Company offers a range of car insurance plans for your vehicle. The cost-effectiveness of NIC’s motor insurance plans keeps you from spending too much money in the event of an unfortunate accident.
|Types of Insurance||Features|
|Third-Party Liability Car Insurance Plan||The National Car insurance policy protects you financially from any financial liability resulting from any bodily injury caused to a third person/ property by the insured car. Your third-party legal liabilities are also covered by your car insurance in the event of any damage.|
|Comprehensive Car Insurance Plan||The car insurance policy acts as financial protection against any damage caused to the vehicle as a result of natural or man-made disasters. Your car is secured against events like fire, explosion, storm, and theft.
Third-party liability cover is also included in a comprehensive policy.
|Stand Alone Own Damage Insurance Cover||Any damage done to your car as a result of an accident or theft is covered by standalone own damage auto insurance. It pays for the price of fixing your car. Only if you have active third-party liability insurance coverage you are eligible to purchase a standalone own-damage car insurance policy.|
The losses and damages sustained to or by the insured vehicle are covered by the two-wheeler insurance policy offered by the National Insurance Company.
|Types of Insurance||Features|
|Third Party Liability Policy||Any loss or harm to a third party caused by an insured vehicle is covered by a third-party insurance policy. It covers third-party property damage and personal injury brought on by the insured two-wheeler.|
|Comprehensive Two Wheeler Insurance Policy||This comprehensive policy covers the cost of damages to your vehicle caused by any natural or man-made perils. Third-party liability coverage is also included in the comprehensive two-wheeler policy. With this policy, you are covered in the event that an accident involving the insured motorcycle results in property damage to a third party or bodily harm to a victim. The compulsory personal accident cover for the rider is also included in the two-wheeler insurance policy.|
|Stand Alone Own Damage Two Wheeler Insurance Cover||If you already have an active third-party liability insurance policy, you can add a standalone own damages cover to protect your two-wheeler. Standalone own damages bike insurance guards the insured bike against any losses or damages sustained as a result of an accident or catastrophe. It also covers losses brought on by the theft of your bike.|
You can approach the company or an agent to purchase a car insurance plan from National Insurance online as well as offline. Alternatively, a wiser and more convenient option is to purchase the plan after thorough market research. Following these steps will allow you to purchase a car insurance policy from Paybima’s official website.
While motor insurance comes with a long list of benefits, you need to keep in mind that these benefits are time-bound. Your insurance policy comes with an expiry date. The third-party liability insurance can last for 3 to 5 years, depending on the vehicle. However, your comprehensive policy or the own-damage coverage has to be renewed on an annual basis. Missing the date can not only put you in legal trouble, but in case of an accident, an expired policy will not fetch you any benefits. You will also lose the hard-earned No Claim Bonus.
Once the policy expires, you will have to renew it within the grace period of 30 days. Though a claim made in the grace period will not be accepted. Therefore, getting your policy renewed on time is crucial.
If you are renewing the policy on the day it expires or before it, then the process of renewal is similar to that of buying a new one. Log on to PayBima and renew the policy in a jiffy. Visit the PayBima website and enter your insurance policy number. The details of your ongoing plan will be displayed, you can review it and proceed. In case you want, you can add/ drop any add-ons that you want to. Also, select the appropriate percentage of your No Claim Bonus. The premium would be proportionally altered as per the changes that you make. Once you are satisfied with the premium amount, click Pay. As soon as you make the payment, the policy will be renewed, and you will receive a soft copy instantly.
If you need any help renewing your NIC Motor Insurance, you can call 1800 267 6767 or drop a mail at email@example.com.
The process to make a claim for NIC Motor Insurance:
To make a hassle-free and quick claim for NIC Motor Insurance, follow the steps below-
National Insurance is a wholly-owned public sector general insurance company by the Government of India. The company was founded in 1906 in Kolkata and became a nationalised company in 1972. Because of its history, the company is trusted and well-liked by people looking to purchase general insurance policies. The company provides general insurance solutions not only in India but also in Nepal. With over a century of service, the company has made its name for quick, hassle-free services and easy settlement of claims.
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
Yes, lapsed car insurance can be renewed; however, in that case, the car would be inspected by the company officials before renewal of insurance.
In compliance with the Motor Vehicles Act and as part of the overall motor insurance, NIC offers personal accident coverage in the unfortunate event that you are involved in a car accident. This accident coverage can also be extended to passengers, as long as their number doesn't exceed the vehicle's maximum permitted occupancy.
Yes, the car insurance plans offered by the National Insurance cover towing charges up to INR 1500 maximum.
It is essential that you inform the insurer of any changes to your contact information, including your phone numbers, your name, any modifications you have made to the vehicle, etc. The insurer uses an endorsement to accomplish this.
To learn more about any existing policy changes, you can contact or visit one of the local National insurance offices. Some of these modifications might need the assistance of relevant documentation.
Yes, the National Insurance Company insures all private cars with an IDV of less than INR 25 lakhs. You can learn more about this by contacting the insurer.
To check the status of your policy, you can check your policy papers. If you want you can also go to the insurer's official website. Simply enter your registered user ID and password to check the status of your policy online.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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