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Oriental General Insurance

Oriental General Insurance

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.

Oriental Insurance Company – At a Glance

Characteristics Specifications
Company Name The Oriental Insurance Company Limited
Headquarter New Delhi
Company Type Public
Date of Establishment 12 September 1947
Incurred Claim Ratio (ICR)* 106.10%
Operating Offices 1800+
Regional Offices^ 30
Number of Employees 13,500
Countries Operational India, Dubai, Nepal and Kuwait
Network Hospitals 4300+

*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 Vision and Mission

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:

  • To act as a company that is financially sound and has high business ethics
  • To grow as a dynamic and vibrant non-life/ general insurer
  • To implement the best practices for human resource development to build a highly dedicated, efficient and motivated workforce with high moral values & morale
  • To manage the investments effectively for optimising profits
  • To utilize the information technology (IT) infrastructure optimally
  • To profitably run the company through prudent underwriting and proper & efficient management of claims
  • To provide excellent customer service
  • To have effective risk management systems
  • To manage the reinsurance operations effectively
  • To improve the penetration of general insurance through proper innovation, underwriting and marketing

Oriental Insurance Company Financial Growth

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%

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:

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.

Oriental Individual Mediclaim Insurance Policy:

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.

Oriental Happy Family Floater Health Insurance:

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.

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 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.

Oriental Health of Privileged Elders (HOPE) Insurance Policy:

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

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.

Oriental Car Insurance:

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.

Oriental Two Wheeler Insurance:

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.

Oriental Commercial Vehicle Insurance:

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:

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.

Oriental Overseas Mediclaim Business and Holiday Insurance Policy

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.

Oriental Overseas Mediclaim Employment and Study Insurance Policy

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.

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 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.

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 Oriental Personal Accident Insurance policy covers the death of an individual or the expenses incurred on the treatment of physical injuries.

Oriental Personal Accident Policy (Individual):

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.

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 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 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.

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 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. It includes:

  • 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/ MultiPerils Policies

Oriental Insurance provides various commercial insurance policies meant to protect the trading community. It includes:

  • 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 the 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. It includes:

  • 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 (freshwater)
  • 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. They include:

  • 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. It includes:

  • 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

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:

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 Company - Premium Payment Process:

Oriental Insurance online payment of premiums while buying policies can be made in both online as well as offline modes.

Offline Process of Oriental Insurance:

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.

  • Company Branch: You can pay the premium amount at the nearest branch of the insurance company
  • Make a payment of premiums via the Oriental Insurance brokers and agents

Online Process of Oriental Insurance:

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.

How to File a Claim with Oriental Insurance Policy?

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.

Reimbursement Claims Procedure:

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:

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.

Cashless Claims Procedure:

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.

Document Checklist:

In order to file a 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 along with the 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, along with the certificate of the attending medical practitioner about the 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 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.  

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 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:

  • Visit the website for Oriental Insurance online renewal
  • At the menu bar of the website, there is a ‘RENEW’ tab for renewing the policy.
  • Clicking on the renew option takes you to another webpage. On this web page, there is an option for selecting a policy that you need to renew
  • Select the type of policy to be renewed whether the old OICL policy or non-OICL policy
  • 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.
  • After payment, Oriental Insurance policy will be renewed

Oriental Insurance FAQs

Oriental Insurance - Latest News

  • Union Cabinet Decides to hold the National Insurance + Oriental Insurance + United Insurance Merger

    The Union Cabinet on July, 08, 2020 decided to cease the merger process of National Insurance, Oriental Insurance and United India Insurance amid the current situation. The focus has been shifted to their profitable growth with fund infusion of Rs 12,450 Crore.

    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 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 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.

Written By: PolicyBazaar - Updated: 25 July 2020
1,583,792 Confirmed Cases in India*
18,410,580 Confirmed Cases worldwide*
662,356 Confirmed deaths worldwide*
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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