All about the Oriental Insurance Company

The Oriental Insurance Company Limited was formed at Bombay on 12th September 1947 as a wholly owned subsidiary of the erstwhile Oriental Government Security Life Assurance Company Ltd. The core intent to form Oriental Insurance was to cater the requirement of General Insurance for all the segments of Indian market. Oriental Insurance made a modest beginning with a first year premium of Rs. 99,946 in the year 1950 and since then the Oriental Insurance has pioneered various general insurance products in India and has earned a reputation in the Indian Insurance industry for its smooth and orderly accomplishment of the general Insurance business. During the year 2015-16, Gross Premium stood at Rs. 8611 crores, a mammoth leap from the inception amount which stood at less than a lakh.

Oriental insurance Company Overview

Oriental insurance offers individual and industrial based insurance products. Apart from providing insurance to individuals and their families, it also provides products to large corporate and industries like power plants, steel and chemical plants, petrochemical industry etc. OICL also focuses on catering the insurance needs of both rural and urban segment and hence has developed insurance products accordingly.

The services offered are backed by a highly competent team of professionals to render the best customer service. The head office for the Oriental Insurance Company is located at New Delhi and has more than 31 Regional Offices and more than 1800+ branch offices in almost all the Tier-I & tier – II cities of the country. Oriental Insurance has its presence in domestic and international locations. It has expanded globally in cities like Nepal, Dubai and Kuwait. The total manpower strength of the company is about 14,000+ employees.

Oriental Insurance Company Mission Vision

The vision of Oriental insurance is, ”To be the most respected and preferred Non-Life Insurer in the markets we operate.”

The objective or a mission of the OICL:

• Act as a financially sound corporate entity with high business ethics
• Implement best human resource development practices to build a highly efficient, dedicated and motivated workforce with high morale and moral values
• Optimally utilize the information technology infrastructure
• Provide excellent customer service
• Run the business profitably through prudent underwriting and efficient and proper claim management
• Effectively manage our reinsurance operations
• Effectively manage our investments for optimising yield
• Have effective risk management systems
• Improve the penetration of non-life insurance by proper underwriting, innovation and marketing
• To evolve as a vibrant and dynamic leading non-life insurer

Source: https://orientalinsurance.org.in/

Financial growth of Oriental Insurance

Oriental Insurance Company began its operations in 1950 with a first-year premium of Rs. 99,946. And soon, in 1973 the Gross Premium increased to Rs. 58 crores. While, the GDP Income in India during the year 2014-15 (Audited) was Rs.7561.93 crores and the Premium Income outside India was Rs.153.97 crores. The Gross Direct Premium in India and abroad showed a growth of 3.83%. The Net Premium Income (Domestic and Foreign), on the other hand grew by 1.42% to Rs. 6472.39 crores in 2014-15.

Oriental Insurance offers

Oriental Insurance Company offers various types of general insurance such as two-wheeler, car, health, travel, etc. to meet their customer’s demand.

To meet the growing need of insurance products, NIC provides different types of general insurance products such as motor insurance, health insurance, travel plans, rural insurance, industrial risk coverage plans, catering individuals and commercial requirements.

Each insurance product has variants to meet different needs of different customers.

Oriental Insurance Products and Services

Oriental Motor Insurance Plans

Oriental Insurance offers motor insurance plans to cover your vehicle against any damages that may be incurred to you or by your vehicle. Motor insurance plans keeps you financially protected in case of an unfortunate accident that may cause disability, property damage, or death.

Oriental offers motor insurance for cars and two wheelers. You can insure your car and two wheeler and stay financially protected.

Oriental Car Insurance Policy

Oriental car insurance offers full coverage to cover any damages or loss incurred to your car.

Car Insurance Plans

Oriental insurance offers two types of car insurance plans:

• Third party liability cover
• Comprehensive car insurance

Third party liability car insurance

The oriental third party liability policy is a way to stay financially protected against any loss or damage caused from the insured car due to an accident to the third party. Third party property damages and bodily injury is covered. Moreover, the third party legal liability is covered to offer protection against any unseen legal liability arising due to accidental damages or permanent injury or death of a person. The third-party sum insured limit is up to Rs. 7.5 lakh.

Under the third-party cover, you also get covered against accident. The owner-driver gets a personal accidental cover with a coverage up to an amount of Rs. 2 lakhs in the case of death or permanent disability caused while driving the insured car.

Comprehensive car insurance

The private car Insurance plan offered by Oriental Insurance covers your car against any loss or damage caused due to earthquake, explosion, storm, flood, fire, landslide, rockslide, etc.

The car insurance is valid for 1 year and has to be renewed. The exclusive feature under oriental comprehensive car insurance plan is Emergency Service through TVS in the State of Delhi & NCR, Punjab, Haryana, Himachal Pradesh, Rajasthan, All Southern States, Mumbai and Kolkata in case of breakdown of your car. The best part is that it costs you nothing.

Oriental Two Wheeler insurance Policy

Oriental offers full coverage against any damages or loss incurred to your two wheeler.

Two Wheeler Insurance Plans

You can opt for either of the two wheeler insurance plans offered by the oriental insurance company:

• Third party liability two wheeler policy
• Comprehensive two wheeler insurance

Third party liability two wheeler insurance

The third party two wheeler insurance offered by the Oriental Insurance Company protects you against any financial losses incurred to the third party due to the insured bike.

This policy covers financial losses in case of any third party property damages, bodily injury, disability or death due to the insured two wheeler. The policy covers the third party legal liability arising due to accidental damages or permanent injury or death of a person.

Moreover, the owner-driver is covered against accidental losses up to an amount of Rs. 2 lakhs in the case of accidental death or permanent disability.

Comprehensive two wheeler insurance

You can cover your two wheeler with an insurance plan offered by Oriental Insurance, which covers you financially against any loss or damage caused due to earthquake, explosion, storm, flood, fire, landslide, rockslide, etc. on to your two wheeler.

With a comprehensive two wheeler insurance, you can cover your two wheeler against natural and man-made perils including vehicle theft.

Under the Oriental Motor Insurance, no compensation is provided for a body Injury or death arising as a direct or consequential event due to usage of liquor or any drug or narcotic substance or as an act of suicide attempt or self-sustained injury.

Oriental Health Insurance Policy

Oriental Personal Accident Insurance Policy

Personal Accident – Individual Plan

Oriental insurance offers accident cover plan for an individual, which can be bought without any medical checkup. An individual gets a lifelong coverage. The policyholder can get a 30 days grace period to renew the plan in case any premium payment is missed.

The Oriental Insurance Company Limited personal accident plan covers an individual against any unexpected unfortunate accident, which may cause the insured to suffer disablement, loss of limbs, losing body parts or even death. The compensation is paid by the Oriental Insurance. If the insured dies due to the sole reason of accident, the Capital Sum Insured is payable to the nominee. For bodily injury that may cause disablement or loss of limbs, the Oriental Insurance company compensates as per the loss, a percentage of the coverage (sum insured) against the loss is mentioned in the below table.

	LOSS	% OF CAPITAL SUM INSURED
i)	Loss of toes – all	20
	Both Great phalanges	5
	One Great phalanx	2
	Other than great, if more than one toe lost each	1
ii)	Loss of hearing both ears	50
iii)	Loss of hearing one ear	15
iv)	Loss of four fingers and thumb of one hand	40
v)	Loss of four fingers	35
vi)	Loss of thumb both phalanges	25
	Loss of thumb-One Phalanx	10
vii)	Loss of index finger- three phalanges	10
	Loss of index finger – two phalanges	8
	Loss of index finger- one phalanx	4
viii)	Loss of middle finger- three phalanges	6
	Loss of middle finger – two phalanges	4
	Loss of middle finger- one phalanx	2
ix)	Loss of ring finger- three phalanges	5
	Loss of ring finger – two phalanges	4
	Loss of ring finger- one phalanx	2
x)	Loss of little finger- three phalanges	4
	Loss of little finger – two phalanges	3
	Loss of little finger- one phalanx	2
xi)	Loss of metacarpals – first or second (additional)	3
	Loss of metacarpals–third, fourth or fifth (additional)	2
xii)	Any other permanent-Partial disablement	As assessed by the doctor

 

• Personal Accident – Group Plan
• Oriental Shopkeeper Insurance Policy

Unfortunate accidents like fire or shop breaking can impact the business and the losses would be borne by the shop owner. However, if the shop owner purchases the shopkeeper insurance policy offered by the oriental insurance company, one can stay covered against such financial losses.

You can buy and renew shopkeeper insurance policy online through the Oriental Insurance Company’s website.

The shopkeeper insurance policy covers the risks and perils that may cause the property loss to the shop owners. The policy covers fire, house breaking, cash in safe or in counter, pedal cycle, baggage, personal accident, breakdown of electric appliances, etc. depending on the premium paid and the sum insured chosen by the proposer. You can also cover the risk of terrorism on payment of an additional premium. One can also opt for a long term policy.

• Oriental Householder Insurance Policy

Protects a residential home completely against accidental damages to its building and house contents.

You can buy a new householder policy or renew the existing householder policy through the website of Oriental Insurance Company.

The coverage under the householder plan is divided into ten sections that cover a number of perils. The proposer needs to buy a minimum of three sections, of which Section IB is compulsory as it provides coverage for the house contents against fire and allied perils.

The below table shows the coverage against each sections:

Sections	Type of Coverage	Coverage
I	Fire	Household building and its contents is covered as per Fire Policy + Earthquake Risk.
IIA & II B	House- Breaking	A. House-breaking including Larceny and Theft   B. House-breaking excluding Larceny and Theft Extension is available.
III	All Risks	Loss or damages to Jewelries, Valuables etc. due to an accident or unfortunate incident
IV	Plate Glass	Accidental breakages of fixed plate glass
V	Domestic Electrical Appliances	Damage to electrical appliances because of electrical or mechanical breakdown.
VI	Personal Computer and Laptop	Damages due to all risks except exclusions as specified.
VII	Pedal Cycle	Loss by Fire & allied perils House-breaking / Theft, external accidental means
VIII	Baggage	Baggage loss due to accident or any misfortunate incident
IX	Personal Accident	Death or bodily injury by accidental, external violent, visible means including Medical Expenses because of accident & weekly compensation during in-patient hospitalization.
X A	Public Liability	In case of legal liability of the Insured for bodily injury or accidental death caused to a victim up to sum insured of Rs.25, 000.
XB	WC	As per WC Act

 

Other Products

• Professionals

Oriental Insurance Company offers many other insurance plans for professionals from various domains. The list of different professional insurance plans offered are:

• 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

 

• Business Office/Traders/Multi-Perils

Oriental Insurance (OICL) also provides insurance products related to business office, plans for traders, etc. The following is the list of the plans offered by OICL:

• 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 Jewelers’ Block Insurance
• Shopkeeper’s Insurance Policy

 

• Engineering/Industry

All risk pertaining to industry and engineering are covered under different insurance schemes provided by Oriental Insurance.

• Advance Loss Of Profit (Following Erection All Risks)
• All Risks Insurance
• Contractor’s All Risk Insurance Policy
• Employers Liability Insurance
• Engineering Insurance
• 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 (Out-Put Basis)
• Product Liability Policy
• Standard Fire and Special Perils Policy (Material Damage)

 

• Agriculture/Sericulture/Poultry

There are many agricultural, sericulture, and poultry-based insurance plans including Kissan package policy for farmers. The following are the plans offered by OICL:

• Animal Driven Cart Insurance
• Kissan Package Insurance
• Poultry Insurance
• Apple Insurance (Input) Policy
• Aquaculture Insurance Policy
• Beetlevine Insurance
• 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
• Package Insurance for Tribals
• Plantation/HortiCulture (Input) Policy
• Policy for Insurance of Fish in ponds (Fresh Water)
• Policy for Kisan Agricultural Pumpset Insurance Scheme
• Rose Plantation Insurance
• Sericulture (Silkworm) Insurance

 

• Animals/Birds

OICL offers various animals and birds related insurance products. One can buy an insurance policy to insure their dog, elephant, horse, etc.

Following are the plans that are offered:

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

 

• Aviation

Aviation related insurance plans are provided by the Oriental Insurance Company. The plans offer coverage for cabin crew members, loss of flying license, hull and spares related risk coverage. Depending on the coverage one wants, one needs to opt for the plan accordingly. Plans offered:

• Aviation Personnel Accident (Crew Members)
• Loss of License Insurance
• Aircraft Hull and Spares All Risks Aviation Liability Insurance (Airlines)
• Aircraft Hull/Liability Insurance Policy
• Aviation Fuelling/Refuelling Liability Insurance Policy

• Marine

OICL also provides insurance marine related risks.

• Hull War and Allied Peril Policy

Premium Payment process of Oriental Insurance Company

Oriental Insurance Online Payment Process

You can buy Oriental Insurance Policy Online and also pay the premium online with just a few clicks using any of the payment options Visa or Mastercard, Credit and Debit Cards, RuPay Debit Cards, payment through Internet Banking, E-Wallets / Cash Cards, UPI, & IMPS, etc.

Oriental Insurance Offline Payment Process

You can directly pay OIC at any of their branches nearest to you. Oriental Insurance Company also provides an option of offline payment service for their customers.

• Company branch – You can pay cash or deposit a cheque
• Pay premiums through Oriental Insurance Agents and Brokers

Oriental Insurance Renewal

Now, you can renew the old-OICL policy and or non-OICL policy and port it to Oriental Insurance. Renewal and premium payment can be done online.

Online Renewal Process at Oriental Insurance Company

Renew any of your general insurance policy- car, bike, health online. Renewal of the insurance policy online is the simplest way. Renew before your insurance policy expires.

Visit their official website. At the top their website you could see the “RENEW” tab. When you click on the RENEW tab, you will be taken to another webpage, where you have an option to select whether it is an old OICL policy or non-OICL policy. Select accordingly and fill out the rest of the details including policy number, other policy details, and so on. Then, proceed to premium payment. You can pay the premium through Visa or Mastercard, Credit and Debit Cards, RuPay Debit Cards, payment through Internet Banking, E-Wallets / Cash Cards, UPI, & IMPS.

Port Insurance Policy Provided by Other Insurer to Oriental Insurance

You can port your insurance policy provided by other insurance companies to Oriental Insurance.

You can compare different insurance plans with Oriental Insurance Company plans and port it to OICL.

Why Port from other insurance company to OIC:

• You may not be happy with the service offered to you by the other insurance company
• You are looking for a completely Government owned insurer
• You want a brand that has been trusted by many since years by the citizens of India
• You feel you can save money or get more coverage, you can compare plans and port your insurance policy to Oriental Insurance Company

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Oriental Insurance FAQ

• What kind of policies are available online with Oriental Insurance Company Limited?

You can buy many non-life insurance policies online through Oriental Insurance Company. You can buy general insurance products like two wheeler insurance, car insurance, health insurance, travel plans, etc. online.

• How to renew Oriental insurance policy online?

Visit their official website. At the top their website you could see the “RENEW” tab. When you click on the RENEW tab, you will be taken to another webpage, where you have an option to select whether an old OICL policy or non-OICL policy. Select accordingly and fill out the rest of the details including policy number, other policy details, and so on. Then, proceed to premium payment. You can pay the premium through Visa or Mastercard, Credit and Debit Cards, RuPay Debit Cards, payment through Internet Banking, E-Wallets / Cash Cards, UPI, & IMPS.

• Why should you buy Oriental Health insurance Policy?

Oriental insurance is one of the oldest insurance companies in India. It completely handled by the Central Government. You can be rest assured about the financial position to fulfill the claim lodged. Furthermore, Oriental Insurance is well-known for claim settlement. The claim settlement ratio of Oriental Insurance is very high, which implies that every legit and genuine claim lodge is settled. Besides, Oriental Insurance Company has a large network of hospitals where all the medical treatment can be done with the help of cashless facility for all the medical treatment expenses incurred subject to policy exclusions.

• Why should you buy Oriental Car Insurance Policies?

A third party car insurance is mandatory as per the Indian Motor Vehicles Act, 1988 for all cars plying on Indian roads. However, it just provides third party liability cover. It does not include any coverage for car’s own damage. A comprehensive policy covers both liability cover and car’s own damage. With a comprehensive policy, you stay protected financially even in case of car’s own damage.

• How to make a claim with Oriental Insurance Company Limited?

You need to intimate the OICL immediately. Depending on the type of insurance policy, you need to download the claim form or e-claim according to your suitability. According to the type of claim, the OICL will ask for the supporting documents apart from the policy number, the details of the policyholder and/or nominee.