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The Oriental Insurance Company Limited laid its foundation stone in Mumbai on September 12, 1947. Initially, it was a wholly-owned subsidiary of Oriental Government Security Life Assurance Company Limited. From 1956 to 1973, the company became a subsidiary of Life Insurance Corporation (LIC) of India before nationalization 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.
Oriental Insurance Company has its head office in New Delhi. It has a network of 30 regional offices and more than 1800 active branches across the country. The company has shown its international presence by opening its branches in Nepal, Kuwait, and Dubai. Over the years, Oriental Insurance Company has emerged as one of the leading general insurance providers in India.
Shri Dinesh Waghela operates as the Chairman cum Managing Director of Oriental Insurance Company.
|Company Name||The Oriental Insurance Company Limited|
|Date of Establishment||12 September 1947|
|Incurred Claim Ratio (ICR)*||106.10%|
|Number of Employees||13,500|
|Countries Operational||India, Dubai, Nepal and Kuwait|
*The ICR mentioned in the table is for the year 2018-19 as per the IRDA Annual Report 2018-19.
^The above data is as per the March ’19 annual report of Oriental Insurance.
Oriental Insurance Company works with a vision of becoming the most respected and preferred general insurance company in the countries they operate in.
In order to achieve their vision, the mission of Oriental Insurance Company Limited is to fulfil the following objectives:
Oriental Insurance Company Limited made a gross premium of Rs 99,946 in the first year of its operations in 1950. With a modest beginning of less than a lakh, the premium grew up to Rs 58 Crore in 1973. The company recorded the Gross Premium of Rs 7282.54 Crore in the financial year of 2013-2014. In the year 2017-18, the company’s domestic gross premium went up to Rs 11452.01 Crore. The latest gross premium figures (in India) for the year 2018-19 is Rs 13199.32 Crore.
In the year 2018-19, the Oriental Insurance Company Limited made a gross direct premium of Rs 13848.75 Crore as compared to the Rs 11736.84 Crore in 2017-18. As a result, the company witnessed a growth of 15% growth of Gross Direct Premium from India and abroad.
Similarly, the Oriental Insurance Limited recorded a growth of 8% in net premium from India and abroad. This is because the company earned a net premium of Rs 10845.39 Crore in 2018-19 in comparison to Rs 10028.23 Crore in the year 2017-18.
The Incurred Claim Ratio of the Oriental Insurance Company Ltd for the year 2018-19 is as follows:
Health – 108.80%
Motor – 112.62%
Fire – 112.49%
The Oriental Insurance Company Ltd has a diversified product portfolio. Here’s a rundown to the product portfolio of the Oriental Insurance Co Ltd:
Oriental Health Insurance plans take care of all your medical emergencies by managing the financial aspects. Once you are sorted financially, you can concentrate on ensuring the well-being of yourself and your family.
Individual Mediclaim policy by Oriental Insurance India is available to any individual between the age of 18 and 70 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.
The Oriental Happy Family Floater policy by the Oriental Insurance Company Ltd 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 a single sum insured for the entire family provided they reside in India. The policy is available as three plans – Silver, Gold and Diamond. No medical examination is required for persons up to the age of 60 years under Silver & Gold plans and 55 years under the Diamond plan.
This Group Mediclaim policy from Oriental insurance India 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.
The Oriental Jan Arogya Bima policy covers reimbursement of expenses incurred on hospitalisation for any illness, diseases or injury. It is available to persons between the age of 5 and 70 years. In the event of any claim becoming admissible under the scheme, the insured person is paid an amount equivalent to reasonable expenses 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.
The Oriental 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.
Oriental Motor Insurance understands your safety needs and provides comprehensive motor insurance products, which provide added protection to your vehicle. It further offers liability coverage for the demise, bodily injuries and property damage of third-parties.
Road accident and theft are the two most common issues that every car owner must take care of. The Oriental Private Car Package insurance plan does exactly the same for you. It offers comprehensive car insurance policy that covers third party liabilities and own damages so that you can ride stress-free.
An Oriental Two-Wheeler Package insurance policy keeps your two-wheeler secured against damages caused by manmade and natural calamities as well as third party liabilities. 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.
Anyone who owns a business might have some type of commercial vehicle that may be used to make deliveries. This vehicle, like other vehicles running on the road, must be insured. This is where Oriental Commercial Vehicle Package policy steps in. There are commercial vehicle insurance policies available to cover vehicles like goods carrying vehicles, passenger carrying vehicles, etc.
Oriental travel insurance policy will let you enjoy your trip and take care of all your emergency travel needs. Avail the travel insurance policy and come back from your trip with cherishable memories of a lifetime.
This Oriental Insurance policy provides indemnity for expenses incurred on treatment for illnesses or injury suffered during overseas travel. The condition must be an emergency and should require immediate treatment. The plan covers Indian residents undertaking bonafide trips abroad for business and official reasons or holidays. The sum insured ranges from Rs. 50000 to Rs. 500000.
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 coverage period is of 2 months, and the maximum is 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.
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 provides all-encompassing protection to your dream home. A comprehensive home insurance policy also covers the contents of a house. Oriental House Holder insurance policy offers coverage for the following:
Fire, All risks, Housebreaking, Plate Glass, Pedal Cycle, Baggage, Personal Computer and Laptop, Personal Accident, Workmen Compensation, Public Liability and Domestic Appliances including TV sets.
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 Oriental Personal Accident Insurance policy covers the death of an individual or the expenses incurred on the treatment of physical injuries.
The Oriental Personal Accident policy provides compensation to an individual in the case of accidental injuries that may result in his death or disablement, whether temporary or permanent. One can opt for additional benefits to obtain coverage for accidental medical expenses.
The Oriental 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.
The Oriental 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 is novel accidental insurance that provides compensation for accidental injuries and/or reimburses hospital expenses incurred due to 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.
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.
The liability policies from Oriental Insurance protects the insured against any liability that may arise in the natural course of their business. It includes:
Oriental Insurance provides various commercial insurance policies meant to protect the trading community. It includes:
Oriental Insurance offers various policies for the engineering/industry sector.
Oriental Insurance has a range of general insurance policies for farmers, fishermen, horticulturalists, apiarists and various other people plying their trade in rural markets. It includes:
These Oriental Insurance policies cover animals owned by people or businesses and kept either for commercial purposes or for personal reasons. They include:
The aviation and marine policies from Oriental Insurance provide the necessary cover to the aviation and shipping industries. It includes:
Compare online Oriental Insurance plans with other general insurance companies plans and opt for the insurance plan that suits your requirements the most.
Oriental Insurance Premium Calculator is a specially designed tool, which aids you to calculate the required premiums for different insurance plans. This calculator is easy to use and extremely helpful while planning to buy any plan from Oriental Insurance online.
You will be required to enter some necessary information like your date of birth, annual income, marital status, gender, cover amount, number of dependents, etc.
Oriental Insurance online payment of premiums while buying policies can be made in both online as well as offline modes.
People who are buying Oriental Insurance offline can pay directly at the nearest branches of the Oriental Insurance Company. This is because OIC offers an option of offline premium payment to its consumers.
You can purchase the policy from the Oriental Insurance Company online and also make the payment of the premiums in just a few clicks by making use of the payment options namely MasterCard or Visa, RuPay Debit Cards, Debit and Credit Cards, E-wallets, Cash cards, payment via Internet Banking, IMPS and UPI, etc.
Filing a claim with Oriental Insurance Policy is quick and easy. You can file a claim via two methods with the help of the Oriental Insurance Claim Form - reimbursement claims and cashless claims.
You have to make preliminary notice of claim with necessary details relating to the name of the policyholder in respect of whom you’re making a claim, the policy number and nature of injury/illness. You must give the name and address of the hospital/ attending medical consultant/ nursing home to the insurance provider/ TPA within seven days from the hospitalisation date in respect of the reimbursement claims regularly.
Final claims together with the hospital receipted cash memos/ original bills, the claim documents and forms as enlisted in the claim form must be presented to the Policy issuing TPA/ office within 30 days of the discharge from the nursing home/ hospital. You may also have to give the TPA/ Company with added information and assistance as they might need it while processing the claim at regular intervals of time.
Waiver of the period of intimation may be taken into consideration in extreme cases of difficulties where it is ascertained to the TPA/ Company that it isn’t possible for the policyholder or any other individual to give any notice to file a claim within the predefined period of time.
Claims relating to the Cashless facility will be made via the agreed list of Day Care Centre/ Nursing Home/ Network Hospital and is subject to the pre-admission approval. The TPA will verify that the individual qualifies the claim under the respective policy and after the satisfaction will issue a guarantee of payment letter/ a pre-authorization letter to the respective Hospital/ Day Care Centre/ Nursing Home specifying the sum assured as payable and also the disease for which the individual is looking to be admitted as a patient. The right to refute pre-authorisation, if the policyholder is required to offer pertinent medical information as needed, is with the TPA.
This TPA will make the policyholder understand that denying of the cashless facility will not construe to be the denial of the medical procedure. The policyholder might obtain the medical procedure as per his/ her attending medical practitioner and later on, present the duly filled claim papers to the third-party administrator for the reimbursement subject to the admissibility of the claim under defined terms and conditions of the insurance policy.
In order to file a claim with Oriental Insurance, you will be required to keep the following documents handy:
There are plenty of web insurance brokers that help buyers to compare insurance plans online. One such broker is Policybazaar.com where one can compare different insurance policies and even purchase a required insurance plan. To compare the plans and policies of Oriental Insurance, one can take the help of Policybazaar.com and can purchase a suitable plan.
An insured can renew his/ her Oriental Insurance policy by paying the premiums online. Oriental Insurance online renewal is a quick and hassle-free process. Be it car, bike or health insurance policy of Oriental Insurance, a user can renew it online by following steps given below. However, it is suggested to carry out Oriental Insurance renewal of a policy before the existing policy expires. Oriental Insurance policy renewal requires the following steps to be followed:
Ans: If a policyholder does not opt for any claim in an entire policy period, he/she gets eligible for the cumulative bonus. This cumulative bonus is provided for each non-claim year until this bonus reaches up to 50%.
Ans: An insured is required to intimate the OICL as soon as possible. After that, the policyholder is requested to download the claim form according to the Oriental Insurance policy. However, if an insured wants, he/she can opt for e-claim as well. The OICL asks for the policy number, supporting documents, and the details of the nominee and the policyholder at the time of settling the claim.
Ans: One can purchase various non-life insurance policies online from Oriental Insurance Company. There are general insurance products like car insurance, two wheeler insurance, travel insurance, health insurance, etc. available.
Ans: It is an insurance policy that covers content, building, and machinery breakdown of the electronic/ electrical items and covers personal accident of self and spouse.
Ans: Personal Accident Insurance covers accidental demise, permanent partial or general disability, limbs loss, etc. as per the policy coverage and based on the norms of underwriting.
Ans: Oriental Insurance policies can be easily renewed online. All the policies that you buy from the Oriental Insurance Company Limited can be renewed online. However, there is one condition applied in the process, i.e. there shouldn’t be any break in insurance. Payment process against Oriental Insurance policy renewal is easy and simple.
The cabinet headed by PM Modi also further decided to increase the authorized share capital of these three state-owned General Insurance Companies to Rs 5,000 Crore each. The budget 2020-21 laid down a provision of capital infusion of Rs 6,950 Crore in these three insurers to maintain the required solvency ratio. It will further help them in meeting the insurance needs of the economy, resource management, and improve risk management.
Rs 3,475 Crore of capital infusion will be provided with immediate effect, and the remaining Rs 6,475 Crore will be released later in one or more batches. The Minister of Information and Broadcasting said that recapitalization will ensure stability among these government-owned insurance providers.
The government has issued guidelines in the form of KPI’s to ensure optimum utilization of the capital infused, to ensure the efficiency of the business and profitable growth. Arun Jaitley, the then Finance Minister announced the merger of these three insurers in a single insurance entity in the Budget 2018-19, and the merger process was left incomplete due to the poor financial health of these companies.
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.
The newly appointed chairmen of GIPSA Mr. A.K Saxena 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 banks. This annual wage hike will work out to be Rs.4, 725 Crore.