Oriental Insurance

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Oriental Insurance Company

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.

Oriental Insurance Company - Products & Services

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.

Oriental Car Insurance Plans

Oriental motor insurance is a one stop for all car insurance and two wheeler insurance requirements. Oriental car insurance will offer complete cover and the two wheeler insurance policy will take care of your bike insurance needs. Oriental Car Insurance plan carry solutions for all car insurance needs. The company offers a wide range of motor insurance products to match different requirements of customers.

Motor Package Insurance Policy For Two Wheeler

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.

Key Features

  1. Accidental Loss of or damage to the Vehicle

  2. Liability to third parties, Personal accident cover to owner driver.

  3. Various Add on Covers on extra premium

Oriental Health Insurance Plans

Motor Package Insurance Policy For Private Car

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.

Key Features

  1. Accidental Loss of or damage to the Vehicle

  2. Liability to third parties, Personal accident cover to owner driver.

  3. Various Add on Covers on extra premium

Oriental Health Insurance Plans

Another domain in which the company deals is the Oriental Health insurance Plan. The company is offering multiple products under this category starting from plans for individual to family. All plans are designed in a way that can offer wider coverage.

Individual Mediclaim Policy

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.

Key Features

  1. The Policy term is one year and is available to any proposer between the age of 18 to 65 years for treatment taken in India.

  2. The proposer can also get his family covered (as defined under 2.1).

  3. Maximum Entry age for any member, is 65years however, this can be extended upto 70 years.

  4. In such case, an additional premium of 10% (including on all future renewals) will be charged on applicable rates, including on Optional PA cover.

  5. Sum Insured (SI) available from Rs.1 lac to Rs.10 lacs.

  6. Pre-existing diseases covered after four consecutive renewals.

  7. Life long renewals allowed.

  8. Family discount of 10% (including on PA cover) if more than one person is covered under the policy.

Happy Family Floater Health Insurance Policy

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.

Key Features

  1. Extension (on request) to SAARC countries without any additional premium

  2. Diamond Plan introduced- Sum Insured Rs.12 lacs to Rs.20 lacs

  3. Organ Donor Benefit- When Insured Person is the donor

  4. Medical Second Opinion -Reimbursement

  5. Maternity Expenses Cover

  6. New Born Baby Cover

  7. Life Hardship Survival Benefit under all Plans

  8. Restoration of Sum Insured

  9. Increase in Day Care Procedure List

Health Of Privileged Elders

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.

Key Features

  1. Exclusively designed for Citizens aged 60 years and above

  2. Policy is available for Sum Insured 1 lac, 2 lac, 3 lac, 4 lac and 5 lacs.

  3. Covers specified diseases only

  4. Compulsory co-payment of 20% on admissible claim amount

  5. Discount in premium for opting Voluntary Co-payment.

  6. Loading for new entrants

  7. Benefit of continuity extended if already insured with any mediclaim policy of the Company

  8. TPA service available

  9. Cashless Service through TPA only and limited to Rs. 1 lakh.Exclusively designed for Citizens aged 60 years and above

Group Mediclaim

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.

  1. The Group Mediclaim Policy will be available to any Group/Association/ Institution/ Corporate Body of more than 50 persons/families provided it has a central administration point. Each insured should cover all eligible members (insured Persons) under one group policy only. In other words different categories of eligible members shall not be allowed to be covered under different group policies. It is not permissible to issue any un-named group policies.

  2. The group policy will be issued in accordance with IRDA guidelines, in the name of the Group/ Association / Institution / Corporate Body (called insured) with a schedule of names of the members including his/her eligible family members as per the following definition.

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.

  1. The policy covers reimbursement of Hospitalization / Domiciliary Hospitalization expenses for illness /

  2. Room, Boarding Expenses as provided by the hospital/nursing home.

  3. Nursing Expenses.

  4. Surgeon, Anesthetist, Medical Practitioner, Consultants, Specialists Fees.

  5. Anesthesia, Blood, Oxygen, Operation Theatre Charges, Surgical Appliances, Medicines & Drugs, Diagnostic Materials and X-Ray, Dialysis, Chemotherapy, Radiotherapy, Cost of Pacemaker, Artificial Limbs & Cost of Organs and similar expenses.

  6. N.B. : Company's Liability In respect of all claims admitted during the period of insurance shall not exceed the Sum Insured of Rs. 5,000/- per person.

Overseas Mediclaim policy

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.

Pravasi 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 policy

Oriental 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 well

Happy 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.

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

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.

Oriental Home Insurance

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.

Oriental Insurance FAQ

1. What Benefits Does Personal Accident Insurance Provide?

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.

2. What Is Cumulative Bonus?

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%.

3. What is sweet home insurance policy?

Sweet home coverage is package deal policy covering building, content, machinery breakdown of electrical/electronic items & personal accident cover for insured and spouse.

4. Will I be able to renew my policy online?

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

Oriental Insurance News

Linking Of Aadhaar With Insurance Policy Is Mandatory, Says IRDA

Monday November 13, 2017

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.

Merger of 4 General Insurance Companies For Rapid Growth

Wednesday May 17, 2017

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).

CCEA nod to list 5 general insurance companies in stock market

Wednesday January 18, 2017

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.

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