Oriental Insurance Company is basically a public sector general insurance firm in India. This company has its headquarters in New Delhi. Apart from that, it runs almost 31 regional offices and around 1800+ branches in different parts of India. It also has its offices in Kuwait, Nepal and Dubai as well. The Company has around 14,000+ employees. The Gross Premium went up to Rs.58 crores in 1973 and in 2014-15 the figure stood at Rs. 7561 crores.
Oriental Insurance was established on 12 September 1947 as a public sector general insurance company. It is a complete subsidiary of Oriental Government Security Life Assurance Company Ltd. It caters into almost every part of the general insurance sector. At the time of nationalization of insurance business in India in 1956, it became a part of Life insurance Corporation and they worked together till 1973. Moving forward, in 1973, Oriental became a subsidiary of General Insurance Corporation of India till 2003 when it was de-linked from parent firm and start running as an independent company. In 2003, the union government of India acquired all the company’s shares from the General Insurance Corporation of India.
The company has had a great track record of running a smooth and gainful business. The company has qualified and trained teams and has several different types of insurance plans that cover a rural and urban area as well.
In India, the gross direct premium of Oriental Insurance Company during 2014-2015 was around Rs 7561.93 crores and outside India, it stood at Rs 153.97 crores. Combined, it showed a 3.83 % of growth. Apart from that the Net Premium Income increased by 1.42% to Rs. 6472.39 crores in 2014-15.
From its operations in Nepal, Dubai, and Kuwait, the company recorded a Gross Direct Premium of Rs. 153.97 crores in 2014-15 as against Rs 154.70 crores as per the last year. The net premium on the same was Rs. 155.79 crores as against this, the Net Incurred Claims during this year in respect of overseas operations were Rs.139.73 crores at 64.9
As per the Solvency Margin mandated by IRDA, the company had a Solvency Margin of 1.68 as on 31st March 2015.
The organization is not only the IT friendly; however, it is also technology savvy. An incorporated non-life insurance software (INLIAS) has been applied in all the workplaces. This will make certain that are customer support parameters grow through leaps and bounds.
The Oriental insurance agency has been getting the best rating from leading Indian credit rating groups CRISIL and ICRA. The organization has additionally been rated as A++(excellent) via AM Best, a global score corporation.
As discussed earlier, the company caters into almost every aspect of general insurance that includes health, motor, travel and so on. The business enterprise gives unique plans under every section of general insurance. There are numerous categories into which the coverage plans are divided which includes health insurance, property and car insurance, rural coverage section that provides comprehensive protection against natural disasters for agriculture and rural economies among others.
Medical health insurance: medical health insurance is coverage with respect to the issue of rising medical expenses among individuals. Under the medical health insurance coverage, a person does no longer have to worry about the heavy expenses that may arise during hospitalization as the insurer will pay for maximum fees associated with the treatment.
Motor insurance: Under this, the company has several useful policies that could cover your vehicle comprehensively. Motor insurance helps you in getting comprehensive and third party liability cover as well. Other than those popular segments, the corporation also has its presence in rural insurance, industrial threat insurance and business threat cover as well.
A complete motor insurance policy with the benefit of liability coverage at an affordable price. This plan basically offers complete coverage to you and your vehicle.
One more effective package policy for your car. This plan basically covers your car against theft, damages that take place because of any natural or man-made calamities.
An effective individual health insurance plan that offers the needful financial cover to the person of age group 18 to 80 years. It helps in dealing with an unwanted medical emergency that can leave a person emotionally and financially weak.
A complete health insurance plan for the entire family. This effective health insurance plan offers the needful medical cover to the entire family under a single insurance policy.
It is one of the most effective health insurance plan which is specially designed for senior citizens. It offers coverage to the people who are above 60 years.
A helpful health insurance plan that offers coverage to the entire group that can include family members, colleagues or someone else under a single insurance plan. This plan is comparatively affordable.
This plan is specially designed to offer coverage to you and your family when you are traveling or in a foreign country because of any reason. This plan ensures that you will enjoy the whole trip without any worries.
This Mediclaim coverage will be available to any Account Holder / employee of Punjab National Bank.Health of Privileged Elders
This coverage is available to any Indian citizen who is 60 years and above and requires hospitalisation in anywhere in IndiaPravasi Bhartiya Bima Yojana Coverage
This coverage scheme is for all Indian citizens who have acquired an immigration clearance as required under the Emigrant Act, 1983 (31 of 1983), between the age group of 18-60 years, while staying abroad for the cause of employment. He/she will get complete coverage during the policyOriental Happy Cash
It is a powerful medical insurance plan that gives insurance together with hospitalization, convalescence benefit – and cash advantage as well.Individual Mediclaim Insurance Policy
The coverage time period is twelve months and is available to anyone between the age group of 18 to 65 years for treatment taken in India. The proposer can also get coverage for his family as wellHappy Family Floater Policy
Any individual of 18 years or above can take this policy for self protection and/or any of the family members.Group Mediclaim Insurance Policy (Organization)
The group Mediclaim policy will be available to any institution/affiliation/ group/ corporate firm of more than 50 individuals. Each insured need to cover all eligible contributors (insured persons) underneath one group policy.Oriental Jan Arogya Policy
Focused on allowing the poorer sections of the society a medical insurance cover, this plan offers desirable sum insured at very low premium rates. This plan gives domiciliary hospitalization and hospitalization rates starting at a low Rs.70 for adults and Rs.25 for daughter/son under 25 years of age.Nagrik Suraksha policy
The Nagrik Suraksha coverage is a plan that offers policyholders the possibility to offer desired coverage to their own family in case they lose the capacity to provide for them completely or temporarily. It is a coverage which offers advantages like a cumulative bonus, cover for the expenses incurred on child education and for loss of employment due to an accident. It additionally covers unexpected death of the insured or total or partial disability.Janata Personal Accident Policy
The Janata PA coverage offered by Oriental is a plan which can provide a sum insured ranging from Rs. 25,000 to Rs. 5 lakhs.
Oriental travel insurance is in particular designed for those individuals that are frequent travelers or who are travelling for educational and business reasons. Oriental travel insurance offers a comprehensive coverage for you and your family whilst you are on a trip, locally or abroad. Travel insurance makes your journey stress-free and protects you from many risks and it can cover you in times of financial or medical emergencies that can incur all through your tour.
You can additionally purchase travel insurance via on-line and also pay on-line through your debit card / credit card or net-banking. The policy covers the medical expenses and a cashless settlement is provided by the company.
Numerous types of plans under OICL Travel Insurance include:
Commercial enterprise and excursion tour for individuals.
Study policy for students applying for studies overseas.
A house is your biggest asset and all steps are required to be taken to safeguard it. This customized coverage is aptly named as ‘sweet home coverage’. This scheme is a version of the award winning homeowners´ package coverage provided by Oriental and entails three special plans and each plan having five sections.Oriental Personal accident policy
This policy offers compensation in the case of the insured sustaining injuries, solely and directly from an accident.
It offers coverage in case of accidental demise, loss of limbs, permanent general and partial disablement as decided on and granted by means of the coverage policy based at the underwriting norms.
If the insured individual does not go for any claim in the in the policy period, he's entitled to get 5% cumulative bonus for every such non- claim year upto a maximum benefit of 50%.
Sweet home coverage is package deal policy covering building, content, machinery breakdown of electrical/electronic items & personal accident cover for insured and spouse.
Yes the policy can be easily renewed online. All you need to do is provide some basic policy details and it will be renewed in minutes
On Wednesday, 8th Nov 2017, the Insurance Regulatory And Development Authority Of India (IRDA) said that the linking of Aadhar number with insurance plans is compulsory and asked insurance companies to implement the statutory norms.
“The Authority clarifies that, linkage of Aadhaar number to insurance policies is mandatory under the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017,” the IRDA said.
In the last June, the government of India had informed about the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017, making Aaadhar and PAN/Form 60 compulsory for getting financial services that include insurance also and asked policyholders and companies for linking the existing policies with the same.
In a discussion with all life and general insurance companies, IRDA said the rules have “statutory force” and they have to implement the rule without waiting for the further instructions.
Right now, there are 24 life insurers and 33 general insurance companies operating in the country.
Although, there are no deadlines that have been given by IRDA for the completion of the process, as per the circular, it has to be done as soon as possible. Some insurance companies also said that this can also result in the delay of payout in a few cases. Aadhaar is now also compulsory for financial transactions of Rs 50,000 and above. Likewise, one has to link one’s Aadhaar number with the mobile number latest by February 6, 2018.
The All India Insurance Employees Association (AIIEA) which refers to be the major union in the public sector general insurance companies is now asking for a merger of four companies for the rapid growth.
Sanjay Jha, Secretary Standing committee (General Insurance, AIIEA), said, “The central government is planning to merge three non-life insurance companies — United India Insurance, Oriental Insurance and National Insurance — barring New India Assurance.
Mr. Jha further added that the union is happy with the concept of the merger but the New India Assurance company should also be added in the same.“The merger of all the four companies would prevent unhealthy competition amongst them, reduce marketing expenses. That apart, the risk retention capacity will increase for the merged entity thereby saving foreign exchange in terms of reinsurance premium outgo,”
As per the business figures that are released by the insurance regulatory authority, all these four public sector general insurance companies had earned around Rs 59,357.92 crore of premium in the last fiscal.
On asking about the post-merger and its effects, Mr. Jha said that the number of branches may go down and the staff may be deployed. But it is for a short time only, after the merger, the business will grow and will be able to open new branches and adding staff members every year just like LIC (Life Corporation Of India).
Today, India’s cabinet approved a policy to publicly list government general insurance companies. The same has been reported by news agency NewsRise, citing an unnamed government official. The companies are well-known government sector entities namely New India Assurance, United India Insurance, Oriental Insurance and National Insurance & General Insurance. Shareholding of these Cos to be divested from 100 % to 75 %. The same had also been announced by FM Jaitley in last year’s budget for the sake of improving transparency and accountability in public sector companies.