National Insurance Company Limited
National Insurance Company Limited was incorporated in 1906 and is one of the leading public sector insurance companies of India. Their Personal Accident Policy is another popular policy. The SALIENT FEATURES of this policy are:
· This policy compensates the individual or policyholder against death, loss of limbs, loss of eyesight, permanent total disablement, permanent partial disablement and temporary total disablement, solely and directly resulting from accidental injuries
· In case of death 100% of sum insured is paid to the nominee
· In case of loss of two limbs, two eyes or one limb and one eye there is 100% payment of sum insured
· Loss of one limb or one eye gets the insured 50% of the sum insured
· Permanent total disablement from injuries other than the ones mentioned above will also get 100% of sum insured
· Temporary total disablement will get 1% of sum insured per week up subject to a maximum of 104 weeks. Weekly benefits should not exceed Rs.5000
· Reimbursement of medical expenses directly arising out of an accident can be covered at an additional premium of 20% of the basic premium
· Medical expenses reimbursable shall be 10% of sum insured or 40% of the admissible claim whichever is lower
· Expenses incurred for carriage of dead body of the insured (in case of death due to accident only) to place of residence will be given at the rate of 2% of sum insured subject to a maximum of Rs.1000
· Education fund of 10% of sum insured per dependent child subject to a maximum of Rs.5000 per child up to a maximum of 2 dependent children will be given
· Cumulative bonus of 5% of sum insured will be given for every claim free year subject to a maximum of 50% of sum insured
· This policy is geographically accepted worldwide
RISK CLASSIFICATION:
Everyone is classified based on the risk that each job or profession entails. The classification is on Normal Risk, Medium Risk and Heavy Risk. The details of risk classification are:
NORMAL RISK:
Bureaucrats, Doctors, Lawyers, Accountants, Architects, Bankers, Consulting Engineers, Teachers, Persons engaged in administrative functions, Persons primarily in occupations of similar hazard
MEDIUM RISK:
Builders, Contractors, Engineers engaged in superintending functions only, Veterinary Doctors, Paid Drivers and Persons engaged in occupations of similar hazard and not engaged in manual labor, all persons engaged in manual labor, cash carrying employees, garage and motor mechanics, machine operators, drivers of heavy vehicles, professional athletes and sports persons, wood working mechanists and persons engaged in occupations of similar hazard
HEAVY RISK:
Persons working in underground mines, Explosive, Magazines, Workers involved in electrical installation with high tension supply, Jockeys, Circus Personnel, Persons engaged in activities like racing on wheels or horse back, big game hunting, Mountaineering, Winter sports, Skiing Ice Skating, Ballooning, River Rafting, Polo playing and persons engaged in occupations/activities of similar hazard
Another benefit of taking a health insurance policy from National Insurance Company Limited is that t is a public sector company so it is perceived to be safer by quite a few people