Oriental Insurance Company

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Incurred Claim Ratio - 96*
*Data according to IRDA Annual Report (2014-15)

Oriental Insurance Company Overview

Established on 12th September, 1947, the Oriental Insurance Company Ltd began its operations in Mumbai, India. Previously, it was a wholly owned subsidiary of Oriental Government Security Life Assurance Company Limited. From 1956 to 1973, the company was a subsidiary of LIC before nationalisation of General Insurance Business in India. In 2003, the Union Government acquired all the shares of Oriental Insurance Company Ltd. from General Insurance Corporation of India.

Headquartered in New Delhi, Oriental Insurance Company Ltd. has 30 regional offices and more than 1800 active branches across the country. The company has shown its international capabilities by opening branches in Nepal, Kuwait, and Dubai. With more than 1400 employees, Oriental Insurance Company has emerged as one of the leading insurance providers in India.

Dr. AK Saxena operates as the Chairman cum Managing Director of Oriental Insurance Company. With a first year premium of Rs. 99,556, the company made a modest beginning in 1950. The company has recorded the Gross Premium of Rs. 7282.54 crore in the financial year of 2013-2014.

Oriental Insurance Product Portfolio
Oriental Health Insurance:

Oriental Health Insurance plans take care of all your medical emergencies by managing the financial aspect. Once you are sorted financially, you can concentrate on taking care of the well-being of yourself and your family.

Individual Mediclaim Policy:

The Individual Mediclaim Policy is available to any individual between the age of 18 and 80 years for treatment in India. It is a health cover for medical expenses incurred by the insured due to hospitalisation. The hospitalisation may occur due to a sudden illness, an accident or a surgery necessitated by a disease, during the policy period.

Family Floater Health Insurance:

The Happy Family Floater Policy is a health insurance policy for the entire family including the insured, his or her spouse, children, parents and parents-in-law. The floater aspect of the policy implies single sum insured for the entire family provided they reside in India. The policy is available as two plans – Silver and Gold. No medical examination is required for persons up to the age of 60 years.

Happy Family Floater Policy:

The Happy Family Floater Policy is a health insurance policy for the entire family including the insured, his or her spouse, children, parents and parents-in-law. The floater aspect of the policy implies single sum insured for the entire family provided they reside in India. The policy is available as two plans – Silver and Gold. No medical examination is required for persons up to the age of 60 years.

Group Mediclaim Policy:

The Group Mediclaim Policy from Oriental Insurance is available to any group, association, institution or a corporate body of more than 50 persons or families, provided it has a central administration point. The policy reimburses reasonable and necessary expenses for hospitalisation expenses for illnesses or diseases contracted or injury sustained by the insured persons during the policy period up to the sum insured.

Oriental Jan Arogya Policy:

The Jan Arogya Policy covers reimbursement of expenses incurred on hospitalisation for any illness, diseases or injury. In the event of any claim becoming admissible under the scheme, the insured person is paid an amount equivalent to reasonable expenses that are incurred by or on behalf of the insured person. However, the amount paid should not exceed the sum insured in any one period of insurance.

Oriental Bank Mediclaim Policy:

This Oreintal Insurance cover is available to account holders and employees of Oriental Bank of Commerce. The group policy reimburses reasonable and necessary expenses for hospitalisation due to an illness or disease, or an injury sustained by the insured persons during the policy period. The amount paid can be up to the sum insured limit.

Health of Privileged Elders (HOPE) Policy:

The Health of Privileged Elders (HOPE) policy has been exclusively designed for citizens aged 60 years and above. The policy reimburses hospitalisation and/or domiciliary hospitalisation expenses for specified diseases contracted or injuries sustained by the insured persons. The sum insured amounts available are Rs. 1/2/3/4/5 lakh.

PNB Oriental Royal Mediclaim:

The PNB-Oriental Royal Mediclaim Insurance Policy is available to account holders and employees of Punjab National Bank. The policy reimburses reasonable and necessary expenses for due to an illness, disease or injury up to the sum insured limit.

Pravasi Bharatiya Bima Yojana (PBBY):

This Oriental insurance scheme is available to all Indian citizens who apply and obtain an emigration clearance required under the Emigrant Act, 1983 (31 of 1983), between the age group of 18 and 60 years while on employment abroad. In case of accidental death or permanent disablement that leads to loss of employment while in employment abroad, a capital sum insured Rs. 10 lakh is paid to the insured or his/her nominee or legal representative.

Thana Janta Sahakari Bank Mediplus Policy:

The Thana Janta Sahakari Bank Mediplus Policy reimburses hospitalisation expenses for illness or diseases contracted, or injury sustained by the insured person. In the case of a claim, the company or the third party administrator (TPA) will pay the hospital or the insured.

Oriental Car Insurance:

Road accident and theft are the two most common issues that every car owner must take care of. The Oriental car insurance plan does exactly the same for you. It offers a comprehensive coverage so that you can ride, stress-free.

Oriental Two Wheeler Insurance:

A two-wheeler insurance policy keeps your two-wheeler secured against damages caused by man-made and natural calamities. The cost of two-wheeler insurance is nominal, and can be further reduced if the owner installs anti-theft equipment, like siren and tracker on his/her two-wheeler.

Oriental Commercial Vehicle Insurance:

Anyone who owns a business must have some type of commercial vehicle that must be used to make deliveries. This vehicle, like other vehicles running on the road, must be insured. This is where commercial vehicle policy steps in. There are commercial vehicle insurance policies available to cover vehicles like goods carrying vehicles, passenger carrying vehicles, etc.

Oriental Travel Insurance:

Oriental travel insurance policies become a great companion for you on your holidays, business trips or visits and help in safeguarding the dilemma of lost baggage on the way.

Overseas Mediclaim Business and Holiday Plan by Oriental Insurance

This Oriental Insurance policy provides indemnity for expenses incurred on treatment for illnesses or injury suffered during overseas travel. The condition must an emergency and should require immediate treatment. The plan covers Indian residents undertaking bonafide trips abroad for business and official reasons or for holidays. The sum insured ranges from Rs. 50000 to Rs. 500000.

Overseas Mediclaim Employment and Study Plan By Oriental Insurance

This Oriental Insurance policy provides indemnity for expenses incurred on medical treatment for illnesses or injuries that happen during overseas travel for employment or study. The minimum period of cover is of 2 months, and a maximum of 12 months. The sum insured is $75000. The policy can be renewed if required. The premium has to be paid in US dollars, irrespective of the country being visited.

Oriental Home Insurance:

Buying a home is probably one of the biggest investments you have ever made in your life. Therefore, it is your responsibility to protect it from unpredictable damages including natural or manmade disasters. Home insurance gives an all-encompassing protection for your dream home. A comprehensive home insurance policy also covers the content of a house.

Oriental Personal Accident Insurance:

Accidents are unforeseen. Such mishaps not only affect a person physically but the impact can also be felt on the emotional and financial grounds. Hence, it becomes important to ensure the financial stability of your family by buying a good personal accident policy. The policy covers death of individual and physical injuries.

 

Oriental Personal Accident:

The personal accident policy provides compensation in the case of injuries that may result in death or disablement, whether temporary or permanent. One can opt for additional benefits such as cumulative bonus, and children education fund, among others.

 

Oriental Gramin Accident Insurance:

The Gramin Accident Insurance policy covers accidents in the rural sector. The policy provides compensation in the event of death, permanent total disablement, loss of limbs or loss of eyesight due to accidents. It covers any person between the age group of 10 to 70 years irrespective of occupation, income, etc.

 

Oriental Jan Arogya Bima:

The Jan Arogya Bima policy is available to persons between the age of 5 and 70 years and provides for hospitalisation and domiciliary hospitalisation expenses for a premium as low as Rs. 70 for an adult individual and Rs. 50 for each dependent child not exceeding 25 years of age. Benefits are offered up to Rs. 5000 per person per annum without any sub-limits.

 

Oriental Janata Personal Accident Policy:

The Janata Personal Accident Policy provides compensation to the insured or his/her family in the event of death, permanent disablement, loss of limbs or loss of eyesight due to an accident.

 

Oriental Nagrik Suraksha Policy:

The Nagrik Suraksha Policy is an accidental insurance that provides compensation for accidental injuries and/or reimburses hospital expenses incurred due to the accidental injuries. The policy covers Indian citizens in the age group of 5 to 70 years in the family package, and between 18 and 70 years for the individual/group cover.

 

Oriental Personal Accident - Group:

This Oriental Insurance policy provides compensation if one of the persons in the insured group sustains injuries, solely and directly because of an accident caused due to a visible act of violence and results in death, or temporary or permanent disablement.

 

Oriental Personal Accident - Individual:

The Personal Accident Insurance policy provides compensation in the event of the insured sustaining injuries, solely and directly resulting from an accident caused by violence, visible and external means, which leads to death, or temporary or permanent disablement

Oriental Liability Policies:

The liability policies from Oriental Insurance protects the insured against any liability that may arise in the natural course of their business

  • Directors And Officers Liability Policy.
  • Professional Indemnity Errors & Omissions Insurance for Chartered Accountants/Financial.
  • Accountants/Management Consultants/Lawyers/Advocates/Solicitors/Counsels.
  • Professional Indemnity Errors & Omissions Insurance Policy for Consulting Engineers/Architects & Interior Decorators.
  • Professional Indemnity Policy for Doctors and Medical Practitioners.
  • Professional Negligence Errors and Omissions Insurance Policy for Medical Establishments.
  • Sports Insurance Policy.
  • Stock Brokers Indemnity Insurance Policy.

Oriental Business Office/Traders/Multi Peril Policies

Oriental Insurance provides various commercial insurance policies meant to protect the trading community

  • Burglary Policy
  • Carriers’ Liability Policy
  • Electronic Equipment Insurance Policy
  • Fidelity Guarantee Policy – Floating Group
  • Fidelity Guarantee Policy – Individual Named
  • Money Insurance Policy
  • Multi Peril Policy For LP Gas Dealers
  • Neon Sign Policy
  • Office Umbrella Policy
  • Plate Glass Insurance Policy
  • Policy For Jewellers' Block Insurance
  • Shopkeeper's Insurance Policy

Oriental Engineering/Industry Policies:

Oriental Insurance offers various policies for the engineering/industry sector.

  • Advance Loss Of Profit (following erection all risks)
  • All Risks Insurance
  • Contractor's All Risk Insurance Policy
  • Employers Liability Insurance
  • Engineering Insurance
  • Fire Policy 'C'
  • Industrial All Risk Insurance Policy
  • Liability Insurance Policy (under Public Liability Insurance Act 1991)
  • Machinery Breakdown Insurance Policy
  • Machinery Insurance Policy
  • Machinery Loss Of Profit Insurance Policy (output basis)
  • Product Liability Policy
  • Public Liability Policy (industrial risk)
  • Public Liability Policy (non-industrial risk)
  • Standard Fire and Special Perils Policy (material damage)

Oriental Agriculture/Sericulture/Poultry Policies

Oriental Insurance has a range of general insurance policies for farmers, fishermen, horticulturalists, apiarists and various other people plying their trade in rural markets

  • Animal Driven Cart/Tanga Insurance
  • Apple Insurance (Input) Policy
  • Aquaculture (Shrimp/Prawn) Insurance Policy
  • Beetlevine Insurance (input policy)
  • Coconut Palm Insurance Policy
  • Failed Well Insurance
  • Honey Bee Insurance Scheme
  • Hut Insurance
  • Inland Fresh Water Fish (Embankments) Insurance
  • Insurance of Biogas Plant (Gobargas)
  • Khalihan Insurance Package Policy
  • Kissan Package Insurance
  • Package Insurance for Tribals
  • Plantation/Horticulture (Input) Policy
  • Policy for Insurance of Fish in ponds (fresh water)
  • Policy for Kisan Agricultural Pumpset Insurance Scheme
  • Poultry Insurance
  • Rose Plantation Insurance
  • Sericulture (Silkworm) Insurance
  • Tea Plantation Insurance

Oriental Animals/Birds General Insurance Policies:

These Oriental Insurance policies cover animals owned by people or businesses and kept either for commercial purposes or for personal reasons

  • Calf/Heifers Rearing Insurance Scheme
  • Camel Insurance
  • Cattle Insurance
  • Dog Insurance
  • Duck Insurance Scheme
  • Elephant Insurance
  • Foetus (Unborn Calf) Insurance Scheme
  • Horse/Yak/Mule/Pony/Donkey Insurance
  • Pig Insurance
  • Rabbit Insurance
  • Sheep And Goat Insurance Policy

Oriental Aviation and Marine Policies

The aviation and marine policies from Oriental Insurance provide the necessary cover to the aviation and shipping industries

  • Aircraft Hull and Spares All Risks Aviation Liability Insurance (airlines)
  • Aircraft Hull/Liability Insurance Policy
  • Aviation Fuelling/Refuelling Liability Insurance Policy
  • Aviation Personnel Accident (crew members)
  • Loss of License Insurance
  • Hull War and Allied Peril Policy

It is advisable to compare all Oriental General insurance plans with plans from other General insurance companies in India to choose the best insurance plan that suits you the most.

Oriental Insurance Distribution Network:

Oriental Insurance has more than 31 regional offices and more than 1800 operating offices across India. It also has operations in countries such as Nepal, Kuwait and Dubai. It has a total strength of more than 15,000 employees.

Oriental General Insurance - Latest News

  • Milap Chand appointed as the Chief Regional Manager at the Oriental Insurance Company

    A 1987 Direct Recruit Officer, Milap Chand has been appointed as the Chief Regional Manager of the at Nagpur regional branch of The Oriental Insurance. Before joining the Nagpur Regional Branch, Milap was working as a regional manager with the regional branch of The Oriental Insurance Company Limited in Raipur.

    Milap Chand belongs to Kangra in the state of Himachal Pradesh. He pursued his master’s degree in agricultural sciences and is also a Insurance Institute of India‘s fellow member. He has worked at Chandigarh, Ludhiana, and Shimla and managed various regional offices in several positions, such as divisional manager, branch manager, senior divisional manager, etc. before being promoted as a regional manager in 2013.

    He is well-known for his excellent Marketing proficiency in the General Insurance sector of the Indian Insurance Industry. Along with Vidharbha, the Regional Office at Nagpur also has some offices in Jalgaon, Dhule and Aurangabad, under its direct control. The offices combined procure premiums up to the amount of Rs. 128 Crores.

    The company post Milap Chand joining the office as Chief Regional Manager is expecting a procurement of utmost intact rural insurance business with premium touching an amount of nearly Rs. 200 Crores.

  • Oriental General Insurance and Other PSU Insurers to Give 13.5% hike on Wages

    The employees of 5 public sector insurance companies including Oriental General Insurance have got the wage hike of 13.5 % with retroactive affect from August 2012. The new wage pact is going to benefit 63,000 employees of the four state run general insurer that includes Oriental General Insurance and sole re-insurer GIC.

    The newly appointed chairmen of GIPSA Mr. A.K Saxsena who is also the chairmen and MD of Oriental General Insurance has told that the employees will be getting around 13.5% hike in their wages according to the agreement implemented since February 2016. He also concluded that, as per the wage revision the basic salary will be revised by merging the DA with the basic pay for all employees.

    The total annual wage hike will benefit around 8.5lakh employees and officers in 43 bank. this annual wage hike will work out to be Rs4,725crore.

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