The Oriental Insurance Company Limited, formed on September 12, 1947, with general insurance products, was a subsidiary of the Oriental Government Security Life Assurance Company Ltd. A subordinate of the LIC from 1956 to 1973, the company was acquired by the Union Government from the General Insurance Corporation of India in 2003. The headquarters of Oriental Insurance is in New Delhi. With 31 regional offices and over 1,800 active branches, the company has expanded its reach to Dubai, Kuwait and Nepal.
Product Portfolio of Oriental Insurance
The company has an array of products. Each product is categorised in a manner to cater to the needs of its diverse customer base. Here is the list of insurance policies provided by the Oriental Insurance Company:
Oriental Health Insurance
These plans can help a policyholder manage the finances during medical emergencies. The plans available under Oriental Health Insurance are:
- Oriental Individual Mediclaim Insurance Policy: This policy is designed for people between 18-80 years of age. The plan covers medical expenses incurred at the time of health emergencies. Expenses of foreign treatment are not covered.
- Oriental Family Floater Health Insurance: This plan is for the entire family, including the policyholder. It usually covers the spouse, children, parents and parents-in-law of the insured. The plan offers two variants – Gold and Silver. No health check-up is required for individuals up to the age of 60 years.
- Oriental Group Mediclaim Insurance Policy: A plan available for a group, institution, corporate body or association with more than 50 individuals. The plan holds a central administration point as well. It covers all important expenses for medical treatment.
- Oriental Jan Arogya Insurance Policy: The policy covers the expenses incurred during illness, injury or disease. In such an event, the claim becomes admissible under the plan and the policyholder gets the equivalent amount of the expenses incurred by the insured person or on his/her behalf. However, one noteworthy point is that the amount paid cannot exceed the sum insured.
- Oriental Bank Mediclaim Insurance Policy: This plan is only for employees and account holders of Oriental Bank of Commerce (OBC). It covers every essential expense of hospitalisation. The amount paid can be equal to the sum insured.
- Oriental Health of Privileged Elders (HOPE) Insurance Policy: This policy is particularly designed for senior citizens aged 60 years and above. It reimburses the expenses of hospitalisation or domiciliary hospitalisation for the diseases specified. Rs. 1,2,3,4 and 5 lakh are the available sum insured amounts.
- PNB-Oriental Royal Mediclaim Insurance: This plan is exclusively available for employees and account holders of Punjab National Bank (PNB). Like other plans, this scheme also covers/reimburses the necessary and reasonable expenses of the hospital.
- Oriental Pravasi Bharatiya Bima Yojana (PBBY): This plan is offered to Indian citizens who get emigration clearance needed under the Emigrant Act, 1983. However, the age of the insured should be from 18 to 60 years while working abroad. In case of any accidental disablement or death that causes loss of employment, an amount of Rs. 10 lakh is paid to the policyholder or the nominee or legal representative.
- Oriental Thana Janta Sahakari Bank Medi-Plus Insurance Policy: This plan also covers the reasonable expenses of hospitalisation for injury, diseases or illness sustained by the policy holder. In case of a claim, the insurance service provider company or the 3rd party administrator will pay to the insured or directly to the hospital.
Oriental Personal Accident Insurance
It is hard to predict accidents. Mishaps can happen to anyone any time. They not only affect the person physically, but break him or her emotionally and financially too. Hence, it is important to have a personal accident insurance. This insurance option covers the physical injuries and death of the policy holder. Here are the schemes available from Oriental:
- Oriental Personal Accident: It provides compensation to the policyholder in the event of a severe injury that may later result in disablement (temporary or permanent) or death. An insured can also avail additional benefits like children education fund, cumulative bonus, etc. with this policy.
- Oriental Gramin Accident Insurance: As the name suggests, the policy is to cover accidents in rural areas. An insured or the nominee gets the compensation in case of disablement, loss of eyesight/limbs or death due to the accident. To avail the benefits of this policy, the age of the policy holder should be 10-70 years.
- Oriental Jan Arogya Bima: This scheme is for people between 5-70 years of age and intends to provide them with hospitalisation and domiciliary hospitalisation/medical expenses. The premium amount is Rs. 50 for the dependent child (age should be below 25 years) and Rs. 70 for adults. Benefits of this scheme are up to Rs. 5,000 per person annually and without any sub-limit.
- Oriental Janata Personal Accident Insurance Policy: This policy reimburses the policy holder and his or her family in case of permanent disablement, death, etc. due to an accident.
- Oriental Nagrik Suraksha Insurance Policy: It covers accidental injuries and compensates for medical expenses. All Indian residents can avail the benefits of this policy; however, the age of the applicant should be between 5-70 years for the Family Package and 18-70 years for the Individual Package.
- Oriental Group Personal Accident Insurance Policy: It is the best option to avail benefits of a health insurance. This plan reimburses if any insured group member is injured or dies due to an accident.
- Oriental Personal Accident Insurance Policy (Individual): This policy provides protection against any sort of injury, disablement (temporary or permanent) or death because of an accident.
Oriental Travel Insurance
Travel insurance is more than a necessity at present. Oriental travel insurance policies are versatile and offer a number of benefits too. The following are the policies provided by the company:
- Oriental Overseas Mediclaim Business and Holiday Insurance Policy: This policy is offered by the company to cover the medical expenses incurred during overseas travel. To avail the benefits, it is necessary that the condition is an emergency and needs immediate medical attention. The policy covers all Indians undertaking foreign trips for official reasons or business purpose or for holidays. The range of sum insured amount is Rs. 50,000 to Rs. 5 lakh.
- Oriental Overseas Mediclaim Employment and Study Insurance Policy: This plan covers medical expenses incurred during travel for study abroad or employment. The minimum time period for the cover is 2 months and the maximum cover is 12 months. The premium can only be paid in US dollars, no matter which country you have visited. Also, the policy can be renewed, if needed.
Oriental Home Insurance
Buying a house is undeniably the biggest investment one can ever make in his/her life. So, it is important to protect this investment as much as possible from the unpredictable damages (man-made and natural). And Oriental Home Insurance is the best and an easy way of doing so. This plan gives a home complete protection including its belongings.
Oriental Car Insurance
Theft and accident are issues that every car owner should insure against. This policy is designed to take care of your car and make every ride stress-free by providing comprehensive cover against any sort of accidental damage and theft.
Oriental Two Wheeler Insurance
This insurance provides coverage to two-wheelers against natural and manmade calamities. The cost of this policy is nominal. However, it can be reduced if the vehicle owner installs any anti-theft equipment such as GPS tracker to his or her two-wheeler.
Oriental Commercial Vehicle Insurance
Businesses usually own commercial vehicles, and these vehicles must be insured as per the rules and regulations. This policy covers the commercial vehicles carrying passengers, goods, etc. You can contact the Oriental Insurance customer care to know more about the policy and others mentioned in this page.
Oriental Liability Insurance Policies
These policies are crafted to protect the policyholder against any sort of liability that may take place in his or her business. Here are the liability policies offered by Oriental Insurance:
- Directors and Officers Liability Policy
- Stock Brokers Indemnity Insurance Policy
- Sports Insurance Policy
- Professional Negligence Policy for Doctors and Medical Practitioners
- Professional Negligence Errors and Omissions Insurance Policy for Medical Establishment
- Professional Indemnity Errors and Omissions Insurance Policy for Consulting Engineers, Architects and Interior Decorators
- Professional Indemnity Errors and Omissions Insurance for Chartered Accountants, Financial Accountants, Advocates, Lawyers, Management Consultants, Counsels and Solicitors
How to Buy a Policy with Oriental Insurance Online ?
Before buying a policy, it is important to compare it with other similar options. For this, you can use various online tools such as Oriental insurance premium calculator to compare the plans online. Once you are done with the comparison, you can follow the below steps:
- Visit the website/portal of Oriental Insurance Company
- Select your preferred plan from the ‘Buy Online’ option
- Now, fill up the form displayed on the screen and submit it
You can download the Oriental Insurance apps to buy the policy or simply step out to the closest branch office to understand and buy the policy. However, do not forget to prioritise your needs to find the best policy.
Oriental Insurance Renewal Process
A policyholder can renew his or her policy online. Be it health, home or car insurance, a customer can renew it with the following easy steps:
- Browse through the official portal of the company
- On the homepage of the website, you will find a tab named ‘RENEW’
- Once you clicked on the option, you will get two choices – Renewal of OICL Policy and Renewal of Non-OICL Policy
- Select the suitable option to proceed further
- Fill out all the requested details of your policy before moving to the ‘Premium Payment Option’
Now, choose your preferred payment mode to complete the process of Oriental Insurance renewal.
Advantages of Buying Oriental Insurance
- Affordable premium amount
- Easy claim settlement
- Hassle-free premium paying terms
- Tax Benefits
- Coverage for hospitalization expenses
- Cover for travel insurance
- Coverage for Home Insurance
- Wide range of plans
Q1. What is meant by ‘Family Package’ in Oriental Nagrik Suraksha Insurance Policy?
Here, Family Package means that the policy will cover the entire family, including the policyholder, spouse, children, parents and parents-in-law.
Q2. What are the events covered under the Personal Accident Insurance?
The policy covers the following events or accidents:
- Road, rail and air accidents
- Bursting of the gas cylinder
- Any fall or collision
- Dog and snake bites
- Poisoning, drowning and burn injuries
One notable point is that this is just an illustrative list of accidents. For an exhaustive list, you should contact the service provider or visit the nearest branch.
Q3. What are the features of Home Insurance?
The policy boasts the following special features:
- Household contents/belongings are covered on the First Loss Basis against fire and related perils, theft and damage, etc.
- There is no need to provide a household list
- Personal Accident cover is also available but on a Floater basis.
Q4. Is it possible to renew the motor insurance at the different location?
Yes, it is possible now. You need to fill out a new/fresh proposal form. Depending on the current situation, you may also have to visit the branch office to complete the formalities.
Q5. What if the insured lost his or her insurance policy?
In such a case, he or she can approach the same branch office to issue a duplicate copy. The request should be in writing. The charges for the duplicate copy of insurance policy are nominal.
Q6. What documents will be needed to claim the accidental insurance after the unforeseen death of the insured?
As per the company, you will have to submit the following documents:
- FIR or Police Report
- Post-Mortem Report
- Report of Hospital or Doctor or Nursing Home
- Death Certificate
- Departmental Inquiry Report (if any)
Q7. What is Cumulative Bonus?
A cumulative bonus is the additional benefit given by the company to the insured. If the policyholders do not claim anything during the expiring policy, he or she will be entitled to get a 5% cumulative bonus for such claims. This range can go up to 50%. More cumulative bonus means more benefits.