Oriental Insurance Company Limited: A Look Back in the Past

Oriental Insurance Company Limited, an Indian public sector general insurance company, was formed into a legal corporation on 12th September 1947 at Bombay. Oriental Insurance Company has its headquarters in the capital of the country, New Delhi. Oriental Insurance was formerly a completely owned subsidiary of Oriental Government Security Life Assurance Company Limited and subsequently the company was formed to meet the needs of General Insurance business in India. Until the nationalization of General Insurance Business in the country, Oriental Insurance Company was a subsidiary of LIC India from 1956 to 1973. All shares of the Oriental Insurance Company that had been held by the General Insurance Corporation of India were transferred to the Central Government in the year 2003. After the company was first set up, it raked a humble premium of Rs. 99, 946 in the year 1950. The aim of Oriental Insurance was “Service to clients” and high achievement in the General Insurance Sector and this is what transformed them into a strong non life insurance company of India today.

Oriental Insurance Company Limited: Now in Present

Presently, Oriental Insurance Company has its head office at New Delhi with 31 Regional Offices in the country and over 1800 office branches in various cities in India to carry out general insurance business. The company also has foreign operations in Nepal, Dubai and Kuwait. With the staggering strength of around 14,000+ employees Oriental Insurance is keeping their vision upbeat of becoming the most respected and chosen Non-Life Insurer in the market. This can be well guessed from the fact that Oriental Insurance Company’s Gross Premium went up to Rs. 58 Crores in 1973 from the gross premium of less than a Lakh when the company first began. The gross premium jumped at epic Rs. 8611 Crores during the fiscal year 2015-2016. Oriental insurance has policies on offer for almost all of your needs and requirements. Oriental Insurance has more than 170 policies on offer. Each of the policies offered by the company is characterized by utmost swiftness, effectiveness and cost effective price range.

Currently, the Oriental Insurance to be merged with National Insurance Company Limited (NICL) and United India Insurance Company (UIIC) as per the announcement made by the Government of India on 2nd February 2018. The company now provides their unique products online. Oriental Insurance being the pioneer in implementing the techniques for smooth and well arranged business conduct concentrates on formulating extraordinary covers for big projects like petrochemical, power plants, chemical and steel plants etc. The company has come up with variegated insurance covers to supply to the requirements of both the urban and rural population of the country. Oriental Insurance Company has been rated A++ (excellent) by A.M. Best.

Oriental Insurance: Various Products & Services

As previously mentioned, Oriental Insurance has various different products and services for everyone on offer. The Oriental Insurance policy can be purchased both online and offline as per your convenience. Oriental Insurance has policies for numerous categories that take in policies for Car, Two Wheeler, Health, Personal Accident, Travel, Business, Property, Agriculture and so on.

Oriental Health Insurance: Oriental Health Insurance policies make sure that you and your family get the best coverage against various unforeseen medical conditions that are out of our control. The prime objective of Oriental Health Insurance is to put the insureds in the safe zone from the sky-high medical expenses since the Oriental health Insurance plans cover almost all the medical expenses of an insured person depending on the type of plan opted by the proposer. The company offers health insurance policies for everyone in India - Group, Individual and Senior Citizen.

Oriental Car Insurance: Oriental Car Insurance policies are particularly designed to protect a vehicle owner and his vehicle from various sorts of damages. Oriental Insurance offers different motor insurance policies for both car and two wheeler. Both third party and comprehensive covers for motor insurance are offered by the company. You can easily buy or renew Oriental Car Insurance for private or commercial vehicles Online. Apart from the mentioned four wheeler insurance covers, the Oriental Car Insurance also offers various add on covers like NIL Depreciation Cover, Alternative Car Benefit, Free Benefit of Emergency Service through TVS, Loss of Personal effects etc on extra payment with the premium.

Oriental Two Wheeler Insurance: Oriental Two Wheeler Insurance provides the similar types of coverage like Oriental motor insurance. The bike insurance plans are designed to secure a rider against third party liability and property damages as well as own damages. A number of effective add on covers for bikes are available under the plans offered by Oriental Two Wheeler Insurance.

Oriental Travel Insurance:Oriental Travel Insurance plans are all packed up with advanced coverage against any unfortunate scenario when you travel overseas. Since no one knows how their international journey will be like and what ill-fated situation they could witness, Travel Insurance plans are a must. Oriental Travel Insurance covers trip interruption, trip delays, trip cancelations, medical health emergencies in the foreign land and various other similar problems interconnected to your travelling.

Oriental Insurance: Some of the Best Plans

Oriental Insurance policies give you the best benefits out of your chosen insurance plan. Some of the best Oriental Insurance plans are discussed in brief below. You can avail quotes on various Oriental Insurance plans you want to buy or renew online.

Happy Family Floater Policy: Happy Family Floater Policy is an Oriental Mediclaim policy that covers an entire family under single Sum Insured with extensive medical coverage. This Oriental Insurance policy for health is basically available in three plans Silver, Gold & Diamond. The company lets you purchase or renew Happy Family Floater Policy from their portal online.

Individual Mediclaim Policy: This Oriental mediclaim Insurance covers the medical expenses of an individual insured person following hospitalization. This health insurance plan provides coverage against various illnesses and injuries like sudden illness, accidental injury, any surgery for ailments. You can buy and renew Individual Mediclaim Policy from the company’s official website online.

Overseas Mediclaim policy: This plan is designed to offer you relaxation when you travel overseas by providing coverage for you and your family. This Oriental Insurance policy for travel can be availed online.

Janata Personal Accident Policy: This is one of the most effective Oriental Insurance plans. Janata Personal Accident Policy provides coverage to any citizen of India regardless of age, sex and occupation falling under the age group of 10 to 80 years. This is a cheap priced insurance plan that can be afforded by anyone.

Nagarik Suraksha Policy: This Oriental Insurance policy provides personal accident coverage against Death, Permanent Total Disablement, Permanent Partial Disablement, Loss of Limb/limbs etc and offers reimbursement of the hospitalization expenses as per policy guidelines.

Oriental Happy Cash Policy: The Oriental Happy Cash Policy has been designed to provide daily cash benefits to the insured person or the insured’s family in case of hospitalization to help up with the incidental costs that creates a financial stress over the insured. This Oriental Insurance policy is perfect for the protection against all the non medical expenses. You can instantly buy or renew this policy online from the company’s website.

Oriental Householder Policy: Oriental Householder Policy provides comprehensive protection for your home (any housing building) and the contents inside the building against a number of unforeseen perils such as loss by house breaking, personal accident, loss due to fire etc.

Oriental Insurance Renewal

Just as you can buy Oriental Insurance Online, you can likewise go for Oriental Insurance renewal online as well. The renewal of Oriental polices online will hardly consume you time and give you the best quotes on the basis of your price and requirements. You should give Oriental Insurance renewal the same percentage of importance you give while buying Oriental Insurance online. Below is the procedure for Oriental Insurance online renewal. All you have to do is follow the steps below thoroughly to complete your renewal of various Oriental policies.

  • Log into the official site of the Oriental Insurance Company Limited for the online renewal of the policy from the same company.
  • Choose the renew option for online renewal.
  • Next, enter policy number for instant Oriental Insurance Renewal.
  • After entering your policy number, proceed to the payment section for the completion of the online policy renewal procedure.
  • After your payment has been made online, you will receive a confirmation soft copy affirming your successful Oriental Insurance online renewal.

How to File a Claim with Oriental Insurance?

The main purpose of purchasing insurance in India is to avail financial benefits at the time of your needs. Oriental Insurance Company takes a remarkable position in terms of claim settlement ratio. Oriental Insurance provides a quick and transparent claim settlement process. The company provides 24/7 cordial customer support for claim assistance. Furthermore you can get instant help for claim support from the official online site of Oriental Insurance Company.

The claim procedure of Oriental Insurance is simple and will hardly take a few minutes. Relevant in this context, you should note that the claim procedure for different insurance policies under Oriental Insurance is different. For example, the claim procedure for Oriental Motor Insurance will be different than Oriental Health Insurance. In order to file claim with Oriental Insurance Company you will be required to follow some steps. Of course, there are some of the steps that will be similar in all terms of filing claims with Oriental Insurance. Below the similar claim procedure of Oriental Insurance is discussed in brief.

  • In order to get your claim registered with Oriental Insurance Company, you will need to imitate the insurer at your earliest or at least before or within the specified time period as per your policy.
  • You can call your insurer directly and register your claim instantly.
  • After you register your claim with Oriental Insurance, you will be required to provide all the necessary documents in reference and support of the claim to get financial assistance.
  • The company will send their surveyor (if necessary, as per the policy type) to calculate your risk.
  • Once your claim gets approved, you will get your claim settled with Oriental Insurance within a specific time period.