Oriental InsuranceIncurred Claim Ratio - 96*
Oriental Insurance Company Profile:
The Oriental Insurance Company Limited laid its foundation stone in Mumbai on September 12, 1947. Previously, it was wholly owned subsidiary of Oriental Government Security Life Assurance Company Limited. From 1956 to 1973, the company was 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 headquarters located at New Delhi. It has 31 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. With more than 14000 employees, Oriental Insurance Company has emerged as one of the leading general insurance provider in India.
Dr. A K 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:
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 aspect. Once you are sorted financially, you can concentrate on taking care of 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 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.
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 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.
Oriental Group Mediclaim Insurance Policy:
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.
Oriental Jan Arogya Insurance Policy:
The Oriental janarogya 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 Health of Privileged Elders (HOPE) Insurance 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.
Oriental Motor Insurance:
Oriental Motor Insurance understands your needs and provides comprehensive motor insurance products, which provide added protection to your vehicle. It further offers cover for demise, property damage of third-parties or liability.
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.
An Oriental 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.
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 policies become a great companion for you on your holidays, business trips, or visits and the insurance company ensures to offer the best travel insurance India and help in safeguarding the dilemma of lost baggage on the way.
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.
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.
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 home insurance offers the following types of insurance:
Fire, All risks, House breaking, Plate Glass, Pedal Cycle, Baggage, Personal Computer and laptop, personal accident, WC, Public Liability, and domestic appliances including TV set.
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 Oriental 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
Oriental Gramin Accident Insurance:
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.
Oriental Jan Arogya Bima:
The Oriental 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 Insurance Policy:
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 Insurance Policy:
Oriental 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 Group Personal Accident Insurance Policy:
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 Insurance Policy (Individual):
The Oriental Personal Accident Insurance policy for individual which 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 Insurance 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 Insurance 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 online Oriental insurance plans with other General insurance companies plans in India to choose the best insurance plan that suits you the most.
Oriental Insurance Premium Calculator:
Oriental Insurance Premium Calculator is a specially designed tool, which aids you calculate the required premiums. 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 Company - Premium Payment Process:
Oriental Insurance Online Payment of premiums against Oriental Insurance policies can be made in both online as well as offline mode.
Offline Process of Oriental Insurance:
You can pay directly at the nearest branches of the Oriental Insurance Company. OIC also offers an option of the offline payment for their consumers.
- Company Branch: You can deposit a cash or pay in cash
- Make payment of premiums via the Oriental Insurance brokers and agents
Online Process of Oriental Insurance:
You can purchase policy from the Oriental Insurance Company online and also make the payment of the premiums in just 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.
How to File a Claim with Oriental Insurance Policy?
Filing a claim with Oriental Insurance Policy is quick and easy. You can file claim via two methods with the help of the Oriental Insurance Claim Form, namely reimbursement claims and cashless claims.
Reimbursement Claims Procedure:
You have to make preliminary notice of claim with necessary details relating to 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 form 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 such added information and assistance as the TPA/Company might need in dealing with 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 the satisfaction of the TPA/Company, which under the situations in which the policyholder was placed it wasn’t possible for him/her or any other individual to give any notice to file a claim within the redefined period of time.
Cashless Claims Procedure:
Claims relating to the Cashless facility will be via the agreed list of Day Care Centre/Nursing Home/Network Hospital and is subject to the pre-admission approval. The TPA must, verify that the individual qualifies the claim under the respective policy and after the satisfaction will issue a guarantee of payment letter to the respective Hospital/a pre-authorization letter/Day Care Centre/Nursing Home specifying the sum assured as payable and also the disease for which the individual is looking for to be admitted as patient. The right to refute pre-authorisation if the policyholder is to offer the pertinent medical information as needed by 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 claim with Oriental Insurance, you will be required to keep the following documents handy:
- Duly filled Oriental Insurance Claim form
- A copy of the claim intimation given to the insurance provider with XEROX of the policy and its premium receipts.
- Medical recovery report
- Medical treatment report/Hospital Discharge report
- Leave certificate from the employer
- Details of the medical expenses including cash memos/original bills receipts together with the prescriptions.
- Original Reports of the tests conducted (ECG/Sonography/X-Ray etc.)
- The registration number of the nursing home/hospital, in case the hospital is not registered then the certificate of the attending medical practitioner about number of beds, qualified staff/nurses around the clock, availability of the qualified doctors/consultants, well-equipped operation theatre in the nursing home/hospital
- First Information Report (FIR)/Police Panchnama about the accident
How to Compare & Buy Oriental Insurance Policy Online?
There are plenty of web aggregators that help the buyers to compare insurance plans online. One such aggregator 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 as well.
Oriental Insurance Renewal Process
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 in following steps. However, it is suggested to carry out Oriental Insurance Renewal of a policy before an existing policy expires. Oriental Insurance Policy Renewal requires the following steps to be followed:
- Visit the official website of the insurer for Oriental Insurance Online Renewal
- At the top of the website, there is a tab ‘RENEW’ for renewing the policy.
- Clicking the renew option takes to another webpage. On this web page, there is an option for selecting a policy. Select either old OICL policy or non-OICL policy accordingly.
- Now fill up the remaining details with the policy number and other details of the policy.
- Go to the option of premium payment. The premiums can be paid through Master cards or Visa debit and credit cards, Internet Banking, RuPay Debit Cards, IMPS, UPI, Cash Cards, or E-Wallets.
Oriental Insurance FAQs
Q1. What is Cumulative Bonus?
A1. If a policyholder does not opt for any claim in an entire policy period he/she is eligible for getting 5% of cumulative bonus. This cumulative bonus is provided for each non-claim year until this bonus reaches to 50%.
Q2. What is the process to make claim through Oriental Insurance Company Limited?
A2. 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.
Q3. What kind of insurance policies are offered by Oriental Insurance Company Limited?
A3. 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.
Q4. What is the sweet home insurance policy of Oriental Insurance?
A4. 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.
Q5. What are the benefits that one gets in Personal Accident Insurance of Oriental Insurance?
A5. 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.
Q6. How to make Oriental Insurance Online Payment to renew the policy?
A6. Oriental Insurance Policies of 120 products can be renewed online. All the policies that you buy from the Oriental Insurance Company Limited can be renewed online on its official website. 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.
Oriental Insurance - Latest News
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.
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 insurers that include Oriental General Insurance and sole re-insurer GIC.
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.
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