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Oriental Insurance
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  • Claim Ratio 113.86%
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Oriental Insurance Company

Oriental Insurance Company Ltd. is a public sector general insurance firm in India. The company was established on 12 September 1947 and it is a complete subsidiary of Oriental Government Security Life Assurance Company Ltd. To carry out operations of parent body general insurance. At the time of the nationalization of insurance business in India in 1956, it became a part of Life Insurance Corporation; LIC and they worked together until 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.

Headquarters New Delhi
Claim Settlement Ratio113.86%
Number of Branches1800+
Regional Offices31
Number of Employees15000 approx.

Oriental Insurance Company - Products & Services

The company caters to 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.

  • Health Insurance:
    Health insurance is coverage with respect to the issue of rising medical expenses among individuals. Under the medical insurance coverage, a person should 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 Health Insurance Plans

The company offers multiple products under the health insurance category starting from plans for the individual to family. All plans are as follows and designed in a way that can offer wider coverage. It consists of 8 different health plans, viz.:

  • Mediclaim Policy (Individual)
  • Happy Family Floater Health Insurance Policy
  • Health of Privileged Elders (HOPE)
  • Group Mediclaim Policy
  • Oriental Jan Arogya Bima Policy
  • Overseas Mediclaim policy
  • Oriental Happy Cash Policy
  • Janata Personal Accident Policy

Mediclaim Policy (Individual)

Mediclaim Policy (Individual)

An effective individual health insurance plan offers the necessary financial cover to an individual during hospitalization or domiciliary hospitalization. It helps in dealing with unwanted medical emergencies such as accidents, sudden illness, surgery.

Key Features of Mediclaim Policy (Individual)

  • The policy term is 1 year and is available to individuals between the age group of 18 to 65 years for undergoing treatment in India.
  • The policyholder can also add his/her family member.
  • The maximum entry age for any member, is 65 years however, this may go up to 70 years.
  • In that case, an extra premium of 10% (including all future renewals) will be charged on applicable rates, which also includes the Optional PA cover.
  • Availability of Sum Insured from Rs. 1 lakh to Rs. 10 lakhs.
  • Pre-existing diseases covered after 4 consecutive renewals.
  • One may renew the policy life long.
  • Family discount of 10% (including PA cover) if more than 1 person is covered under the policy.

Happy Family Floater Health Insurance Policy

Happy Family Floater Health Insurance Policy

Happy Family Floater Health Insurance Policy

Happy Family Floater Policy is a complete health insurance plan for the entire family dwelling in India. This effective health insurance plan offers the needful medical cover to the entire family under a single insurance policy. The family includes self, spouse, children, parents, and parents-in-law.

Key Features of Happy Family Floater Health Insurance Policy

  • The extension (if requested) to SAARC countries without charging an additional premium.
  • Diamond Plan introduced- Sum Insured Rs. 12 lakhs to Rs. 20 lakhs.
  • Organ Donor Benefit- When an Insured Person is a donor.
  • Medical Second Opinion -Reimbursement.
  • Maternity Expenses Cover.
  • New Born Baby Cover.
  • Availability in three plans viz. Silver, Gold, and Diamond.
  • Life Hardship Survival Benefit under all Plans.
  • Restoration of Sum Insured.
  • Increase in Day Care Procedure List.

Health of Privileged Elders (HOPE)

Health of Privileged Elders (HOPE)

It is one of the most effective health insurance plan which is specially designed for senior citizens. It offers health coverage to the people who are above 60 years.

Key Features of Health of Privileged Elders (HOPE)

  • Exclusively designed for senior citizens aged 60 years and above.
  • The policy is available for Sum Insured of Rs. 1 lakh to 5 lakhs.
  • Covers specified diseases only.
  • Compulsory co-payment of 20% on the admissible claim amount.
  • Discount in premium for opting Voluntary Co-payment.
  • Loading for new entrants.
  • The benefit of continuity extended if already insured with any mediclaim policy of the company.
  • TPA service is available.
  • Cashless Service through TPA only and limited to Rs. 1 lakh exclusively designed for the aged people.

Group Mediclaim Policy

Group Mediclaim Policy

Group Mediclaim- A health insurance plan that offers coverage to the entire group of individuals that can include family members, colleagues or someone else under a single insurance plan. This plan is comparatively affordable. The group Mediclaim policy will be available to any institution/affiliation/ group/ corporate firm of more than 50 individuals. Each insured needs to cover all eligible contributors (insured persons) underneath one group policy.

  1. 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 insured members 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 unnamed group policies.
  2. The group policy will be issued under 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 Bima Policy

Oriental Jan Arogya Bima Policy

Focused on allowing the poorer sections of the society a medical insurance cover, this plan offers a 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.

  • The policy covers reimbursement of Hospitalization/Domiciliary Hospitalization expenses for illness.
  • Room, Boarding Expenses as provided by the hospital/nursing home.
  • Nursing Expenses.
  • Surgeon, Anesthetist, Medical Practitioner, Consultants, Specialists Fees.
  • 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.
  • 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

Overseas Mediclaim policy

Overseas Mediclaim policy - The 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.

Features of Overseas Mediclaim policy

  • Offers medical facilities while traveling in case you fall sick.
  • All the medical expenses including hospitalization are covered.
  • A health practitioner or advisor fee will also be covered under the policy.
  • Permanent total disability, loss of eyes, loss of limb coverage is provided in the policy.
  • Cover for theft or loss of baggage and valuables.
  • The policy is applicable for the different flyers like going for business or official trips, holidays, studies or employment purposes.

Oriental Happy Cash Policy

Oriental Happy Cash Policy

It is a powerful medical insurance plan that gives insurance together with hospitalization, convalescence benefit – and cash advantage as well.

Features of Oriental Happy Cash Policy

  • A perfect fit for incidental expenses that can not be claimed or reimbursed at the moment.
  • Daily cash benefit for non-medical expenditure in the hospital in every 24 hours of hospitalization.
  • Convalescence benefit is the benefit paid in a lump sum for consecutive hospitalization beyond 30 or 60 days.
  • One can avail of family and loyalty discounts on the premiums paid.

Janata Personal Accident Policy

Janata Personal Accident Policy

The Janata PA coverage offered by Oriental is a plan offers compensation in the case of the insured sustaining injuries, solely and directly from an accident, which can provide a sum insured ranging from Rs. 25,000 to Rs. 5 lakhs.

Features of Janata Personal Accident Policy

  • The plan is available for every age group of people, i.e. no age bar.
  • Irrespective of the origin, occupation, and profession, anyone can buy the policy.
  • Any loss or death due to an accident to the policyholder is covered under the policy.
  • Bodily injuries, total permanent disablement, total loss of eyesight or eye or hand or foot are applicable for coverage under the plan.

Oriental Motor Insurance Plans

Oriental motor insurance is a one-stop for all car insurance and two-wheeler insurance requirements. Oriental car insurance is offering complete cover for car and the two-wheeler insurance policy will take care of your bike. The company offers a wide range of motor insurance products to match different requirements of customers. Primarily there are 2 types of motor insurance plans:

For Two Wheeler:

Oriental Two Wheeler - A complete motor insurance policy with the benefit of third-party liability coverage at an affordable price. This plan offers complete coverage to you and your vehicle.

Key Features

  • Accidental loss or damage to the two-wheeler.
  • Liability to third parties, personal accident cover for owner/driver.
  • Various add on covers on paying an extra premium.

For Private Car:

Oriental Private Car Insurance, an effective car insurance policy for your car. This plan covers the car against theft, damages that take place because of any natural or man-made calamities.

Key Features

  • Accidental loss of or damage to the car.
  • Liability to third parties, personal accident cover for owner/driver.
  • Various add on covers on payment of extra premiums.
Oriental Health Insurance Plans

Oriental Travel Insurance

Oriental travel insurance is particularly designed for individuals who are frequent travelers or who are traveling for educational and business purposes. Oriental travel insurance offers comprehensive coverage for you and your family while you are on a trip inside the country 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 may occur at any time during the tour.

You can additionally purchase travel insurance online and also make online payments through debit/credit card or net-banking.

Features

  • It offers medical expenses for both inpatient and outpatient even when the policyholder is living abroad.
  • Sum assured available from Rs. 50,000 up to Rs. 5 lakhs.
  • The cashless settlement is also provided by the company via an overseas service provider.
  • It covers foreign nationals working in India.

Numerous types of plans under Oriental Travel Insurance includes:

  • Commercial enterprise and excursion tour for individuals.
  • Study policy for students applying for studies overseas.
  • For business and holiday purposes.
  • Employment as a corporate frequent flyer or for studies.

Oriental Home Insurance

Oriental Sweet Home Insurance - A house is your biggest asset and we usually take all steps that 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 homeowner’s package coverage provided by Oriental and offers 3 special plans and each plan having 5 sections.

Achievements of Oriental Insurance Company

The Oriental Insurance 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.

  • As per the Solvency Margin mandated by IRDA, the company has a Solvency Margin of 1.68 as of 31st March 2015.
  • The organization is not only IT-friendly; however, it is also technically savvy. An incorporated non-life insurance software (INLIAS) has been applied in all workplaces. This will make certain that 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.

Faqs

Yes, the company is owned by the government and is a public sector company.

If the insured individual does not go for any claim in the policy period, he's entitled to get a 5% cumulative bonus for every such no-claim year up to 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

Yes, IRDA allows you to port your policy to any other insurer of your choice. Along with the Hospital list please also check product features/benefits.

Premium depends upon various factors viz. type, make, model, cc, usage, place of registration, past claims history, etc. of the vehicle. Therefore approach our underwriting office with vehicle details for exact premium.

If, however, the policy has already expired, fresh insurance can be obtained. Since a break in insurance has occurred, the vehicle will be physically inspected by a company official or an authorized representative/agency, at your cost. The entitlement of No Claim Bonus will be as per rules.

Yes, please approach the same office which had issued the policy, with a written request. A nominal fee is charged for issuing a duplicate policy copy.

In line with the initiative of the Government of India, we are providing 10% digital payment discount (subject to a maximum of Rs.2000 per policy) on purchase of NEW POLICIES through our Portal to individual customers in respect of the following products:

  • Motor Policy --> Two Wheeler Package Policy
  • Motor Policy --> Private Car Package Policy
  • Personal Accident Policy ( Individual)
  • Mediclaim Insurance Policy ( Individual)
  • Happy Family Floater Policy
  • Overseas Mediclaim Policy
  • Janata Personal Accident Policy

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Last updated on 03-12-2019