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Most Popular Policies of Oriental Insurance

  • Oriental Individual Mediclaim Policy
    Oriental Individual Mediclaim Policy offers coverage to individual policyholders for hospitalization and domiciliary treatments for sudden ailments, surgeries and injuries due to accidents.
    Key features of Oriental Individual Mediclaim Policy
    • One can take this Policy for himself and or for his family members
    • There is 10% discount in premium if family members are covered
    • Domiciliary treatment and Day care procedures are covered under the plan
    • Application for people up to 80 years
    Buy now
  • Oriental Insurance Overseas Mediclaim Policy
    Oriental Overseas Mediclaim Policy gives comprehensive cover for you and your family against medical and other financial emergencies during travel.
    Key features of Oriental Overseas Mediclaim Policy
    • Policy covers medical expenses when the policyholder is out of India.
    • Policyholders' all medical expenses both as outpatient and inpatient while outside India
    • The Overseas Services Provider of Oriental Insurance provides cashless facility in foreign countries
    • The sum insured amount ranges between Rs.50000 and Rs.500000
    Buy now
  • Oriental Insurance Happy Family Floater plan
    This family floater plan covers the proposer and his/her family members like spouse, children, parents and parents-in-law.
    Key features of Oriental Insurance Happy Family Floater plan
    • Applicants don't have to undergo pre-policy medical check-ups up to 60 years
    • The Gold variant of the plan offers attendant allowance and daily cash allowance
    • Proposers can choose between TPA and non TPA services.
    • 5% discount on premium if proposers' don't opt for TPA services
    Buy now
  • Oriental Insurance Private Car policy
    Oriental Insurance Private Car policy covers accidental damage or loss of vehicle that is used for social, domestic and pleasure purposes.
    Key benefits of Oriental Insurance Private Car policy
    • Zero depreciation cover is available with the plan
    • Loss of Personal items is covered under the Oriental Insurance Private Car policy
    • Alternative Car Benefit is available with Oriental Insurance Private Car policy
    • Free Emergency Services from TVS is on offer
    Buy now

About Oriental Insurance Company Limited

Oriental InsuranceThe Oriental Insurance is a renowned general insurance company in India. The Oriental insurance operates through its 1800 active branches and 31 regional offices throughout the country. Based out of New Delhi, the operation of Oriental Insurance is not limited in India as it also has branches in countries like Dubai, Kuwait and Nepal. As of now, Oriental Insurance Company Limited boasts a total strength of over 14000 employees. The chief goal of Oriental Insurance is “Service to clients”. The Corporate Vision of Oriental Insurance is “TO BE THE MOST RESPECTED & PREFERRED NON-LIFE INSURER IN THE MARKETS WE OPERATE”.

Early days of The oriental Insurance Company Limited

Oriental Insurance came into existence in Bombay on 12th September in 1947. Oriental Government Security Life Assurance Company Ltd owned Oriental Insurance at that time and hence the company is named so. The Oriental Insurance was established with a view to carry out the business of general insurance. The general insurance business was nationalized in India in 1973. Till that time, from 1956 Oriental Insurance Company Limited was a subsidiary of Life Insurance Corporation of India. Until 2003, all shares of Oriental Insurance were held by General Insurance Corporation of India. At present Central Government of India owns all shares of the Oriental Insurance.

Operations of Oriental Insurance Company Limited

The Oriental Insurance is known for specifying systems to ensure seamless and tidy business orders. Oriental Insurance went from strength to strength over the years by dint of its highly skilled and focused workforce. The chief expertise of Oriental Insurance Company Limited lies in crafting customized insurance covers for massive projects like power, steel, petrochemical and chemical plants. Oriental Insurance, with a view to catering to both rural and urban population has come with a wide range of insurance plans. Oriental Insurance is also reputed for its customer service which is provided by a technically qualified, amicable and professional team.

Financial growth of The Oriental Insurance since inception

The Oriental Insurance Company Limited began modestly as its total premium in 1950 was Rs. 99,946. From that meager amount of below one lakh, the total premium of Oriental Insurance rose to Rs. 58 crore in 1973. Oriental Insurance accumulated a total premium of a whopping Rs. 8611 crore in the fiscal year of 2015-16.

Corporate Objectives of Oriental Insurance

• Oriental Insurance shall act like a financially stable corporate organization with high business principles
• Oriental Insurance shall carry out best practices in human resource development to put together highly dedicated, efficient and motivated manpower with high moral values
• Oriental Insurance shall make best use of information technology
• Oriental Insurance shall provide policyholders with bespoke customer service
• Oriental Insurance shall operate business gainfully by managing claims properly and underwriting policies wisely
• Oriental Insurance shall manage its reinsurance business activities effectively
• Oriental Insurance shall manage its investments effectively for yield optimization
• Oriental Insurance shall have effective systems to manage risks
• Oriental Insurance shall help non-life insurance penetrate better in India by prudent underwriting, innovation and effective marketing
• Oriental Insurance shall evolve as a spirited & enterprising non-life insurance provider

Oriental Insurance – facts and figures

The income of Oriental Insurance from Gross Direct Audited Premium in India in 2014-15 was Rs.7561.93 crores. Premium Income of Oriental Insurance from international operations in Nepal, Dubai and Kuwait was Rs.153.97 crores in the same fiscal which was a fall from Oriental Insurance’s income of Rs 154.70 crores in the previous year. The total Gross Direct Premium of Oriental Insurance revealed a 3.83% growth. The total Net Premium Income of Oriental Insurance increased to Rs. 6472.39 crores at a 1.42% growth in 2014-15.

The net premium of Oriental Insurance from operations in foreign countries was Rs.155.79 crores. The Net Incurred Claims of Oriental Insurance from foreign operations during this year were Rs.139.73 crores at a growth of 64.9%. The foreign operations of Oriental Insurance led to a total surplus of Rs. 1.29 crores.

Oriental Insurance posted a profit of Rs 617.34 crores prior to tax and Rs. 392.10 crores after tax for the year 2014-15. Oriental Insurance came up with these figures after considering income of Rs 1177.33 crores from Dividend, Interest & Rent and Profit of Rs 923.2 crores on sale of Investments.

The Solvency Margin of Oriental Insurance is 1.68 as at 31st March 2015.

Technological advancements at Oriental Insurance

Oriental Insurance, like other establishments has taped into technological progress to serve its customers better. Oriental Insurance implemented an Integrated Non-Life Insurance Application Software in all its branches to enhance customer service.

Corporate Social Responsibility of The Oriental Insurance Company Limited

Corporate Social Responsibility of Oriental Insurance conveys how it is responsible as a Corporate Citizen. Oriental Insurance has come up with mechanism and guidelines for carrying out social programme for development and welfare of the community.

The vision of Oriental Insurance’s Corporate Social Responsibility is, as a socially responsible corporate citizen, Oriental Insurance will make efforts to take part in socially beneficial programmes.

The objective of Oriental Insurance’s Corporate Social Responsibility is to carry out business in a manner that is economically, environmentally and socially sustainable. Another objective of Oriental Insurance’s Corporate Social Responsibility is to initiate beneficial programmes for community and enhance the quality of life of those community people. Oriental Insurance also strives to put together community goodwill to improve its image as a socially responsible corporate citizen.

Vision of Oriental Insurance

Oriental Insurance aspires to become the most preferred and respected non life insurer where it operates.

Mission of Oriental Insurance

Oriental Insurance aims to make contributions in nation’s socio-economic objectives by becoming a viable as well as a vibrant organization that cater to the diverse insurance requirements of the community. To accomplish this mission, Oriental Insurance strives hard to manage its business operations effectively.

Values of Oriental Insurance

• Oriental Insurance puts highest priority to customer needs
• Oriental Insurance keeps its business operations transparent
• Oriental Insurance seeks top standards of professional ethics and public conduct

Commitments of Oriental Insurance

• Oriental Insurance shall act fairly, courteously and reasonably while dealings with customers
• Oriental Insurance shall ensure clarity in claim process and in policy documents
• Oriental Insurance shall provide complete information related to products and services
• Oriental Insurance shall deal with customer grievances sympathetically and quickly
• Oriental Insurance shall resolve customers grievances in all offices through designated customer service officers
• Oriental Insurance shall respond to all general insurance needs that are commercially viable of citizens in order to offer new insurance covers.
• Oriental Insurance shall provide rural and weaker segment of society with customized and inexpensive insurance plans
• Oriental Insurance shall continue to create a dedicated, sensitized and professional manpower for efficient execution of roles

Standards of Oriental Insurance for access to citizens

• Oriental Insurance shall host all the required information with hyperlink about documents needed for policies issuance and claims settlement on its official portal.
• Oriental Insurance shall host all the required information with hyperlink about working hours, contact numbers after office hours on its official portal
• Oriental Insurance shall make information about products and services available in information kiosks and by display in office
• Oriental Insurance shall expand its reach through intermediaries, print and electronic media and other available and working communication channels
• Oriental Insurance shall improve citizen’s access through its portal, call centre, helpline and by interacting personally with customers
• Oriental Insurance has a fixed time to resolve customer’s grievance. Every Wednesday between 3 to 5 pm, the Officer-in- charge at Oriental Insurance interact personally with customers

Standards of Oriental Insurance for servicing

• Oriental Insurance strives to achieve the timeline as per Regulator’s prescription in terms of servicing of policyholders.
• Oriental Insurance aims to be clear and transparent to its customer while asking for requirements for claim settlement and other services.

Standards of Oriental Insurance regarding openness and fairness

• Oriental Insurance is open to feedback regarding services they receive. Oriental Insurance welcomes feedback that suggests rooms for improvements
• Oriental Insurance reviews the service quality on offer every year to improve the standards

Benchmarks of Oriental Insurance for servicing

• Oriental Insurance make decision within 3 days of submitting proposals for various personal lines of Insurance
• Oriental Insurance make decision within 7 days of submitting proposals for various
commercial lines of Insurance
• Oriental Insurance issue all policies within 7 days of receiving premium
• Oriental Insurance issue notice for renewal 15 days prior to termination of policy
• Any change in the policy will be effective within 10 days
• Oriental Insurance appoints investigator or surveyor within 48 hours of being intimated
about claim
• To offer assistance and guidance for appointing surveyor, Oriental Insurance has come up with a free helpline – 1800 11 8485
• Oriental Insurance make decision on claims within 15 days for retail and personal
insurance plans and within 30 days for commercial insurances
• Customers of Oriental Insurance are provided with claim status within 3 days of making
request
• Oriental Insurance pays out claim within 3 days of receiving discharge voucher
• Oriental Insurance inform customers about non-admissible claim within 30 days of
• receiving required documents
• Oriental Insurance have grievances registered ntegrated Grievance Management System.
• Oriental Insurance have registered grievances monitored through Grievance Redressal
System
• Oriental Insurance acknowledges grievances within 3 days and resolve the same within 15
days
• Customers can forward unresolved grievances to Head office of Customer Care Department of
Oriental Insurance and get the resolution within 14 days

This Charter summarizes the proposal of Oriental Insurance to the citizens. The charter is neither
a part of policy conditions or contract of customers of Oriental Insurance nor the service conditions to workforce of Oriental Insurance.

Awards won by Oriental Insurance

The Oriental Insurance has been considered as “Best General Insurance – Public” in the very first version of CNBC TV18 Best Bank and Financial Institution Awards presented for the financial year of 2011 by MCX. The awards is expected to become a yardstick for excellence banking and finance fields in India due to its distinguished jury, meticulous selection process and the competence of winners like the Oriental Insurance.

Oriental Insurance rated top by ICRA and CRISIL, two of India’s major credit rating agencies. The Company has also been rated as AM Best which is a reputed international rating agency, rated Oriental Insurance B++(Very Good).

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Contact Details — Oriental Insurance Company :

Oriental House,
A-25/27, Asaf Ali Road,
New Delhi — 110002
Phone: 011-43659595
Email: csd@orientalinsurance.co.in