National Insurance Company Ltd

Creator: Dr. Shivani Shourie
Keywords: National Insurance Company Ltd, NIC, Insurance policy, floater policy, policy benefits

Author - Dr. Shivani Shourie, MBBS, PG-DHA, PG-DMLS, DHI, Hannah Punitha

Article Reviewed by The Medindia Medical Review Team on Jun 21, 2016

Information About National Insurance Company Limited (NIC)

National Insurance Company Limited (NIC) is the oldest general insurance Company of India. It was established in 1906 at Kolkata and was merged with 21 foreign and 11 Indian companies to form National Insurance Company Limited in 1972. NIC is fully owned by the government and is India's second largest non-life insurer. The Company is known for offering flexible and innovative insurance policies that are customized to meet policyholders' requirements.

NIC has been accorded with A.M. Best Company's financial strength rating of B++ (Good) and issuer credit rating of "bbb+''. This clearly reflects the strong standing of the Company in the present day insurance market of the country.

Besides health insurance, NIC deals in motor insurance, rural insurance, personal insurance, individual risk insurance and commercial risk insurance.

In the field of health insurance, NIC offers cost-effective and comprehensive plans that may be easily purchased online through a website specifically set-up for this purpose.

National Mediclaim Policy

This policy provides a cover for hospitalization expenses on an individual and family floater basis.

Salient features	Option to cover self, spouse, dependent children and dependent parents. Sum insured (SI) may vary from Rs. 50000 to Rs. 5 lakhs. Lifelong renewability. Medical screening is not required till 50 years of age. Co-payment of 20% if treatment is taken in non-network hospitals.
Eligibility	Age between 18 years to 65 years. Dependent children between 3 months and 18 years can be covered.
Key benefits
Hospitalization expenses	Room rent up to 1% of the SI per day (maximum of 25% of the SI). ICU rent up to 2% of the SI per day (maximum of 25% of the SI). Doctor's fee of surgeon, anesthetist, consultant and specialist, up to 25% of the SI. Ambulance charges up to 1% of the SI (maximum of Rs. 2000). Expenses incurred on anesthesia, blood, oxygen, operation theater charges, surgical instruments, medicines and drugs, X-ray, dialysis, chemotherapy, the cost of pacemaker, prosthesis, hospitalization expenses of a donor, up to a maximum of 50% of the SI.
Ayurveda and Homeopathy expenses	Expenses on Ayurvedic and Homeopathic treatment up to 20% of the SI.
Day care procedures	Cover for more than 140 listed day care procedures, which require hospitalization for less than 24 hours.
No claim bonus	Cumulative bonus of 5% of the SI for each claim free year, provided the policy was renewed without a break.
Health check-up expenses	Health check-up expenses after 4 continuous claim free policy years, up to 1% of the average SI.
Tax benefits	Tax exemption under section 80-D of the Income Tax Act.
Exclusions	No illnesses shall be covered for the first 30 days of the policy (not applicable in the case of an accident). All pre-existing diseases till 4 continuous policy years. Waiting period of 1 or 2 years for certain diseases. All treatments related to HIV, AIDS or other sexually transmitted diseases. Treatment of psychiatric disorders. Treatment of alcohol/substance abuse. Dental treatment. Hospitalization mainly for diagnostic or investigative purposes. Pregnancy and related complications. Treatment of obesity. Cosmetic treatments.

National Mediclaim Plus Policy

This policy goes beyond the usual health insurance plans and provides a cover for higher healthcare costs. It not only provides for hospitalization expenses but also for maternity, newborn, AYUSH and day care expenses.

Salient features	Option to cover self, spouse, dependent children and dependent parents. Option to choose from three plans. Sum insured (SI) may vary from Rs. 2 lakhs to Rs. 50 lakhs according to the plan chosen. Lifelong renewability. Add-on cover for critical illnesses available.
Eligibility	Age between 18 years to 65 years. Dependent children between 3 months and 18 years can be covered.
Key benefits	PLAN A	PLAN B	PLAN C
Sum insured (in lakhs)	2/3/4/5/6/7/8/9/10	15/20/25	30/40/50
Room rent	Up to 1% of SI	Up to Rs. 15000	Up to Rs. 20000
ICU rent	Up to 2% of SI, a maximum of Rs. 15000	Up to Rs. 15000	Up to Rs. 20000
Hospital cash per day (maximum of 5 days)	Rs. 500	Rs. 800	Rs. 1000
Ambulance charges	Up to Rs. 2500	Up to Rs. 4000	Up to Rs. 5000
Air ambulance	-	Up to 5% of SI	Up to 5% of SI
Ayurveda and Homeopathy	Up to SI	Up to SI	Up to SI
Maternity expenses	Up to Rs. 30000 for normal delivery & Rs. 50000 for caesarean section.	Up to Rs. 60000 for normal delivery & Rs. 75000 for caesarean section.	Up to Rs. 80000 for normal delivery & Rs. 100000 for caesarean section.
Limit for cataract surgery (each eye)	Up to 15% of SI, or Rs. 60000	Up to Rs. 80000	Up to Rs.100000
Pre-hospitalization expenses	Covered for 30 days before hospitalization.
Post-hospitalization expenses	Covered for 60 days after hospitalization.
Pre-existing conditions	Covered after 36 months.
Medical emergency reunion	-	Up to Rs. 20000	Up to Rs. 20000
Doctor's home visit and nursing care post-hospitalization per day	-	Rs. 750	Rs. 1000
Day care procedures	Expenses incurred on 140+ listed procedures
Doctor's fee	Doctor's fee of surgeon, anesthetist, consultant and specialist, up to 25% of the SI.
Miscellaneous inpatient expenses	Expenses incurred on anesthesia, blood, oxygen, operation theater charges, surgical instruments, medicines and drugs, X-ray, dialysis, chemotherapy, the cost of pacemaker, prosthesis, hospitalization expenses of a donor, up to a maximum of 50% of the SI.
Vaccination for children	Up to Rs.1000	Up to Rs. 1000	Up to Rs. 1000
Medical second opinion for diagnosis of new major illness	Once in a policy period.	Once in a policy period.	Once in a policy period.
Health check-up (every 2 years irrespective of claims)	Up to Rs. 1000	Up to Rs.2000	Up to Rs. 3000
Cumulative bonus	5% of the SI per year up to 50% of SI.
Additional benefits
Critical illness cover (SI in lakhs)	2/3/5/10/15/20/25
Out-patient treatment	2000/3000/4000/5000/10000
Exclusions	All pre-existing diseases till 3 continuous policy years. All treatments related to HIV, AIDS or other sexually transmitted diseases. Treatment of psychiatric disorders. Treatment of alcohol/substance abuse. Naturopathy and experimental treatments. Treatment of obesity. Cosmetic treatments.

Parivar Mediclaim Policy

It is a floater policy that provides protection to the entire family against financial burden of healthcare costs.

Salient features	Available on floater basis. Sum insured (SI) may vary from Rs. 2 lakh to Rs. 5 lakhs. Renewal is allowed up to 65 years of age
Eligibility	Age between 18 years to 60 years (Maximum renewability age- 65 years) Dependent children between 3 months and 18 years can be covered.
Key benefits
Hospitalization expenses	Room rent up to 1% of the SI per day. ICU rent up to 2% of the SI per day. Doctor's fee of the surgeon, anesthetist, consultant, and specialist. Expenses incurred on anesthesia, blood, oxygen, operation theater charges, surgical instruments, medicines and drugs, X-ray, dialysis, chemotherapy, the cost of pacemaker, prosthesis.
Pre-hospitalization expenses	Up to 15 days before hospitalization.
Post-hospitalization expenses	Up to 30 days after hospitalization.
Pre-existing diabetes and hypertension	On payment of extra premium.
Exclusions	All pre-existing diseases till 4 continuous policy years. All claims in the first 30 days of the policy. All treatments related to HIV, AIDS or other sexually transmitted diseases. Hospitalization for diagnostic purposes. Treatment of psychiatric disorders. Treatment of alcohol/substance abuse. Dental treatment. Treatment of obesity. Cosmetic treatments.

National Parivar Mediclaim Policy

This policy, as the name suggests, provides a cover for hospitalization expenses due to an illness or accident for the entire family on a floater basis.

Salient features	Available on floater basis. Sum insured (SI) may vary from Rs. 1 lakh to Rs. 10 lakhs. Policy term may vary from 1-3 years. Lifelong renewability.
Eligibility	Age between 18 years to 60 years (Maximum renewability age- 65 years) Dependent children between 3 months and 18 years can be covered.
Key benefits
Hospitalization expenses	Room rent up to 1% of the SI per day. ICU rent up to 2% of the SI per day. Doctor's fee of the surgeon, anesthetist, consultant, and specialist. Expenses incurred on anesthesia, blood, oxygen, operation theater charges, surgical instruments, medicines and drugs, X-ray, dialysis, chemotherapy, the cost of pacemaker, prosthesis.
Ayurveda and Homeopathy expenses	Expenses on Ayurvedic and Homeopathic treatment up to the SI.
Day care procedures	Cover for more than 140 listed day care procedures which require hospitalization for less than 24 hours.
Domiciliary expenses	Up to 20% of the SI, a maximum of Rs. 50000.
Maternity and newborn cover	Up to 10% of SI (Rs.30000 in normal delivery and Rs. 50000 in caesarean section)
Infertility treatment cover	Up to Rs. 50000.
Hospital cash benefit	Rs. 300 per day for a maximum of 5 days.
Ambulance expenses	Up to Rs. 1000 per illness.
No claim bonus	Cumulative bonus of 5% of the SI for each claim free year, provided the policy was renewed without a break.
Health check-up expenses	Health check-up expenses after 4 continuous claim free policy years, up to Rs.5000.
Tax benefits	Tax exemption under section 80-D of the Income Tax Act.
Optional add-on covers(by paying additional premium)
Pre-existing diabetes and hypertension	Up to the full sum insured.
Critical illness benefit amount (in lakhs)	2/3/5/10 in addition to the SI.
Out-patient treatment limit cover per family	Rs. 2000/3000/4000/5000/10000 in addition to the SI.
Exclusions	All pre-existing diseases till 4 continuous policy years. All claims in the first 30 days of the policy. All treatments related to HIV, AIDS or other sexually transmitted diseases. Treatment of psychiatric disorders. Treatment of alcohol/substance abuse. Dental treatment. Treatment of obesity. Cosmetic treatments.

National Parivar Mediclaim Plus Policy

This policy provides a higher coverage for healthcare costs for the entire family on a floater basis. The unique policy is available in three options.

Salient features	Option to cover self, spouse, dependent children and dependent parents. Option to choose from three plans. Sum insured (SI) may vary from Rs. 6 lakhs to Rs. 50 lakhs according to the plan chosen. Lifelong renewability. Policy term may be 1-3 years.
Eligibility	Age between 18 years to 65 years. Dependent children between 3 months and 18 years can be covered.
Key benefits	PLAN A	PLAN B	PLAN C
Sum insured (in lakhs)	6/7/8/9/10	15/20/25	30/40/50
Room rent	Up to 1% of SI	Up to Rs. 15000	Up to Rs. 20000
ICU rent	Up to 2% of SI, a maximum of Rs. 15000	Up to Rs. 15000	Up to Rs. 20000
Hospital cash per day (maximum of 5 days)	Rs. 500	Rs. 1000	Rs. 2000
Ambulance charges	Up to Rs. 2500	Up to Rs. 4000	Up to Rs. 5000
Air ambulance	-	Up to 5% of SI	Up to 5% of SI
Ayurveda and Homeopathy	Up to SI	Up to SI	Up to SI
Maternity and newborn expenses	Up to Rs. 30000 for normal delivery & Rs. 50000 for caesarean section.	Actual	Actual
Infertility treatment expenses	Up to Rs. 50000	Up to Rs. 100000	Up to Rs. 100000
Pre-hospitalization expenses	Covered for 30 days before hospitalization.
Post-hospitalization expenses	Covered for 60 days after hospitalization.
Doctor's home visit and nursing care post-hospitalization per day	-	Rs. 1000/day, for a maximum of 10 days.	Rs. 2000/day, for a maximum of 10 days.
Day care procedures	Expenses incurred on 140+ listed procedures.
Doctor's fee	Doctor's fee of surgeon, anesthetist, consultant and specialist, up to 25% of the SI.
Vaccination for children	Up to Rs.1000	Actual	Actual
Medical second opinion for diagnosis of new major illness	Once in a policy period.	Once in a policy period.	Once in a policy period.
Health check-up (every 2 years irrespective of claims)	Up to Rs. 5000	Up to Rs.7500	Up to Rs. 10000
Cumulative bonus	5% of the SI per year up to 50% of SI.
Online discount	@5% for new policies, @2.5% for renewal policies.
Optional add-on covers(by paying additional premium)	1^st year- up to 25% of SI. 2^nd year- up to 50% of SI. 3^rd year- up to 75% of SI.
Pre-existing diabetes and hypertension
Critical illness benefit amount (in lakhs)	2/3/5/10/15/20/25 in addition to the SI
Out-patient treatment limit cover per family	Rs. 2000/3000/5000/10000/15000/20000/25000 in addition to the SI.
Exclusions	All treatments related to HIV, AIDS or other sexually transmitted diseases. Treatment of psychiatric disorders. Treatment of alcohol/substance abuse. Treatment of obesity. Cosmetic treatments.

Overseas Mediclaim Policy

This policy provides comprehensive coverage for emergencies that may occur while an individual travels abroad for:

Business and holiday
Employment and study
Corporate frequent travel

Salient features	Coverage for various emergencies while traveling abroad. Except in the case of employment, the premium can be paid in Indian rupees.
Eligibility	Citizens of India, Nepal or Bhutan going abroad for business or holiday. Foreign nationals working in India. For travelers over 70 years of age and for more than 60 days of journey, an ECG and Fasting Blood Sugar reports need to be submitted.

1. Overseas Mediclaim Business and Holiday

Benefits
Visit	Worldwide excluding USA/Canada		Worldwide including USA/Canada
Plan	A1	A2	B1	B2
Section-A
Illness,medical evacuation, repatriation	Rs. 50000	Rs. 2.5 lakhs	Rs. 1 lakh	Rs. 5 lakhs
Section-B
Personal accident and disablement	Rs. 10000	Rs. 25000	Rs. 25000	Rs. 25000
Section- C
Loss of checked baggage	Rs. 1000	Rs. 1000	Rs. 1000	Rs. 1000
Section-D
Delay of checked baggage	Rs. 100	Rs. 100	Rs. 100	Rs. 100
Section-E
Loss of passport	Rs. 150	Rs. 250	Rs. 250	Rs. 250
Section- F
Third-party bodily injury and property damage	Rs. 2 Lakhs	Rs. 2 Lakhs	Rs. 2 Lakhs	Rs. 2 Lakhs

Deductibles are applicable for each section.
Delay in checked baggage is only applicable for outbound international flights for over 12 hours.

2. Overseas Mediclaim Employment and Studies

Benefits
Visit	Worldwide excluding USA/Canada	Worldwide including USA/Canada	Worldwide including USA/Canada
Plan	C	D	D1
Section-1A
Illness	Rs. 1.5 lakhs	Rs. 1.5 lakhs	Rs. 5 lakhs
Section-1B
Medical evacuation	Rs. 10000	Rs. 10000	Rs. 10000
Section-1C
Repatriation	Rs. 10000	Rs. 10000	Rs. 10000
Section-1D
Medical emergency	Rs. 5000	Rs. 5000	Rs. 5000
Section-2
Contingency insurance (for sponsored students)	USD 750 for each month of study completed	USD 750 for each month of study completed	USD 750 for each month of study completed

D1 plan also covers loss of checked baggage- USD 1000 and delay of checked-in baggage-USD 100.

Exclusions

All pre-existing diseases.
Travelling for medical treatment.
Participation in military operations.
Intentional self-harm or injury.
Claims arising out of psychiatric disorders.
Claims arising out of HIV/AIDS or other sexually transmitted diseases.
Participation in adventure sports.

Individual Personal Accident Policy

This policy provides financial compensation for death or permanent total disability of the insured on account of an accident.

Salient features	Covers against death/ permanent total disability due to various kinds of accidents. No medical screening is required. The policy operated throughout the world. A family package is also available to cover self, spouse, and dependent children.
Eligibility	Any adult residing in India. Dependent family members between 5 years to 70 years of age may also be covered.
Benefits
In case of accidental death	Payment of compensation (100% of the SI) to the nominee in case of death caused by bodily injury arising out of accident within 12 months of the occurrence of the accident.
In case of permanent total disability	Payment of compensation (100% of the SI) to the nominee in case of permanent total disability (as defined in the policy document) caused by bodily injury arising out of accident within 12 months of the occurrence of the accident.
In case of temporary total disability	Compensation at the rate of 1% of the SI per week up to a maximum of Rs. 5000 per week, for not more than 104 weeks from the date of injury.
Exclusions	Intentional self-injury or harm under the influence of alcohol or drugs. due to participation in adventure sports. due to insanity. due to a breach of law with criminal intent.

Janata Personal Accident Policy

This policy covers any person between the age group of 10 years to 70 years, irrespective of gender and occupation, for death and disability due to an accident.

Salient features	Covers against death/ permanent total disability due to an accident. Available as an individual as well as group policy. The policy is available for a term of 1-5 years. Sum insured is a minimum of Rs. 25000 and maximum of Rs. 1 lakh per person per annum.
Eligibility	Age between 10 years to 70 years. Dependent members between the age of 5 years to 70 years may also be covered.
Benefits
In case of accidental death	Payment of compensation (100% of the SI) to the nominee in case of death caused by bodily injury arising out of accident within 12 months of the occurrence of the accident.
In case of permanent total disability	Payment of compensation (100% of the SI) to the nominee in case of permanent total disability (as defined in the policy document) caused by bodily injury arising out of accident within 12 months of the occurrence of the accident.
In case of permanent partial disability	Compensation at the rate of a fixed percentage of the SI as per the disability (as mentioned in the policy document).
Exclusions	Intentional self-injury or harm under the influence of alcohol or drugs. due to participation in adventure sports. due to insanity. due to a breach of law with criminal intent.

This information is extracted from the company's official website to provide information to the general public. The information is likely to change based on the concerned insurance company's discretion. Alterations, deletions and/or additions to the existing policy products, coverage, and their premiums may be enhanced or reduced. These figures are only guidelines. We recommend the individual to visit the official website of the insurance company for more details and updated matters.

Cite this Article ⇣⇡

Please use one of the following formats to cite this article in your essay, paper or report:

APA
Dr. Shivani Shourie. (2016, June 21). National Insurance Company Ltd. Medindia. Retrieved on Nov 02, 2024 from https://www.medindia.net/health/insurance/national-insurance.htm.
MLA
Dr. Shivani Shourie. "National Insurance Company Ltd". Medindia. Nov 02, 2024. <https://www.medindia.net/health/insurance/national-insurance.htm>.
Chicago
Dr. Shivani Shourie. "National Insurance Company Ltd". Medindia. https://www.medindia.net/health/insurance/national-insurance.htm. (accessed Nov 02, 2024).
Harvard
Dr. Shivani Shourie. 2016. National Insurance Company Ltd. Medindia, viewed Nov 02, 2024, https://www.medindia.net/health/insurance/national-insurance.htm.