College of Economic and Business Administration

BSFIC1206: PRINCIPLES OF FINANCE

Assignment in Health insurance

About National life and general insurance (NLGI)

Contents
Contents..........................................................................................................................................2

Abstract..........................................................................................................................................3

Introduction....................................................................................................................................4

Discussion about National Life and General Insurance Company SAOG (NLG)..................5

Introduction..................................................................................................................................5

Products and Plans.......................................................................................................................6

Total Assets..................................................................................................................................7

Market leadership........................................................................................................................7

General difficulties.........................................................................................................................7

Conclusion......................................................................................................................................8

References.......................................................................................................................................9
Abstract
Financial institutions are organizations that provide various products and services related to
money and finance. They play a vital role in the economy by facilitating transactions,
intermediating funds, and managing risks. Some of the common types of financial institutions
are banks, insurance companies, pension funds, mutual funds, and securities firms. In this essay,
I will focus on two specific products offered by financial institutions: health insurance and
national life and general insurance (NLGI). I will explain what these products are, how they
work, and why they are important for individuals and society In example about National Life and
General Insurance Company SAOG (NLG).

.
Introduction
Financial institutions are entities that provide financial services to individuals and businesses.
They play a vital role in the economy by facilitating the flow of funds, intermediating between
savers and borrowers, and offering various products and services to meet the needs of their
clients. In this essay, we will focus on two types of financial institutions: health insurance
companies and national life and general insurance (NLGI) companies.

Health insurance companies are businesses that provide health coverage to individuals or groups
who pay them a fee called a premium. By paying this fee, individuals can reduce the financial
risk associated with unexpected medical expenses and gain access to quality healthcare services.
There are different types of health insurance policies with varying levels of coverage, benefits,
deductibles, co-payments, and networks of healthcare providers. Examples of health insurance
policies include HMOs, PPOs, POS plans, HDHPs, and Medicare Advantage plans.[1].

National life and general insurance (NLGI) companies are financial institutions that provide life
insurance and general insurance products to individuals and businesses. Life insurance products
are contracts that pay a lump sum or periodic payments to beneficiaries upon the death of the
insured person. They can also serve as savings or investment vehicles for the policyholders.
General insurance products are contracts that protect the policyholders from losses or damages
caused by various events, such as accidents, fire, theft, natural disasters, or liability claims. And
house insurance, auto insurance, vacation insurance, business insurance, and workers'
compensation insurance are a few examples of general insurance products.
Discussion about National Life and General Insurance
Company SAOG (NLG)

Introduction
National Life and General Insurance Company SAOG (NLG) is one of the leading insurance
companies in Oman. It was established in 1995 and has since become a trusted provider of
insurance products and services in the country.

NLG offers a comprehensive selection of insurance products, including, among others,

automobile, travel, home, health, and marine insurance. For major enterprises and businesses, the
company also offers specialist insurance services, including liability insurance, engineering
insurance, and fire and general accident insurance.

The goal of NLG is to develop enduring relationships with its clients based on trust and openness
while offering them dependable insurance solutions. The business is dedicated to providing top-
notch services and goods that satisfy the changing demands of its clients while upholding the
highest levels of professionalism and honesty.

NLG has a strong presence in Oman with its head office located in Muscat and branches across
the country. The company has also established a strong reputation in the international insurance
market, with its products and services being recognized for their quality and competitiveness.

Overall, NLG is a leading insurance provider in Oman that has built a reputation for its
reliability, professionalism, and commitment to its customers.
Products and Plans
NLG offers a range of health insurance plans for individuals and groups, both in Oman and in the
UAE. These plans cover various benefits, such as inpatient and outpatient treatments, pharmacy,
diagnostics, dental, optical, maternity, chronic and pre-existing conditions, etc. The plans also
have different territorial scopes of coverage, aggregate annual limits, deductibles, co-pays and
sub-limits. Some of the plans are:

 NLG Eazy Health – Gold Plus: This plan has a worldwide coverage excluding USA and
Canada, an annual limit of AED 250,000, no consultation deductible or diagnostic co-pay,
and optional dental and optical benefits.
 NLG Eazy Health – Bronze Plus: This plan has a worldwide coverage excluding USA
and Canada, an annual limit of AED 150,000, a consultation deductible of AED 50, a
diagnostic co-pay of 10%, and optional dental and optical benefits.
 NLG Eazy Health – Basic Plus: This plan has a UAE coverage extended to SEA only for
inpatient treatments, an annual limit of AED 150,000, a consultation deductible of AED
25, a pharmacy co-pay of 20%, a diagnostic co-pay of 20%, and no dental or optical
benefits.

NLG's health insurance products can be purchased online through their website or by contacting
their sales or service team. They also have a network list of hospitals and clinics where their
customers can avail their services. NLG claims to be the insurance market leader in Oman and a
trusted partner for its customers. This image shows the Sales of company in countries [3]:
And the Sales depending In Business shown in this image:

Total Assets
A 188 million Omani Riyal asset base ensures the company's stability and the market's overall
security [2].

Market leadership
Aiming to establish comparable standards in the general insurance industry, the leading insurer in
Oman has a sizeable market share and a robust branch network with 24 offices in Oman, 2 in the
UAE, and 1 in Kuwait.

General difficulties
Both health insurance and NLGI companies operate in a highly regulated environment and face
various challenges and opportunities in the market. They have to comply with different laws and
regulations regarding solvency, consumer protection, pricing, taxation, and reporting. They also
have to compete with other financial institutions and new entrants in terms of product
innovation, customer service, distribution channels, and technology. Moreover, they have to cope
with changing customer preferences, demographic trends, economic conditions, and social issues
that affect their demand and profitability.
Conclusion
In conclusion, this essay has discussed the various products and services provided by different
financial institutions, with a focus on health insurance and National Life and General Insurance
Company SAOG (NLG). NLG is a leading insurance company in Oman and the region, with a
strong financial performance, operational excellence and customer satisfaction.
References