Insurance Companies 2569 views November 26, 2019

Oriental Insurance Company

Oriental Insurance Company Introduction

NameThe Oriental Insurance Company Ltd
TypePSU
Company TaglinePrithvi, Agni, Jal, Akash, Sabki Suraksha Humare Paas
Head QuartersNew Delhi
Founded1947
Managing DirectorA V Girija Kumar
OwnerGovernment of India
No. of Insurance Products170
Total No. of Employees15000(Approx)

Insurance policies, broadly classified into Life and General, are instruments devised to provide lump-sum monetary relief during times of urgent needs in return for a specified premium payable for a time period. Oriental Insurance Company Limited, a general insurance company with a wide customer base across the world, is situated in India. The company’s services and insurance products catalogue is being provided across different regions such as Nepal and Kuwait to name a few. General insurances, also known as property and casualty insurance in the US, by Oriental Insurance Company are specialized to cover both large projects like steel and chemical plants, as well as cater to the needs of the urban and rural population in the world.

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Table of Contents

Features and Benefits of Oriental Insurance Company-

The various benefits and features of Oriental Insurance Company are as follows:

  1. This company is among the oldest companies and has a claim rejection ratio much lesser than their claim settlement ratio.
  2. Among other benefits, insurance policies sold by the company have various capping limits that help with considerable deductions on the premium payable. In addition, their insurance products are reasonably priced as well.
  3. Once issued, the insurance plan comes with lifelong renewal feature and allows a proposer to cover up to a maximum of 7 members of their family: 3 children and 4 adults maximum.
  4. Furthermore, the company provides co-payment facility of about 10% of the claim amount.
  5. Their claim settlement ratio, as mentioned, is high and for the year 2017-18 the ratio reached up to 113.86%

Insurances Offered by Oriental Insurance Company

Oriental Insurance Company’s insurance product portfolio is designed to meet with the needs of various customers across the nation, keeping in mind different requirements in regards to the coverage for different sectors. These policies are beneficial as they provide customized coverage benefits at reasonable prices.

The categories of policies provided and their salient features are:

1. Oriental Motor Insurance Policy

  • Oriental Private Car Package Policy:

Salient features of Private Car Package Policy

About the policy In cases of accidents by private care which
causes injury/death/property damage to the third party then the expenses
arising due legal liabilities are covered by this policy
Sum Assured The sum assures
will be on the basis of the Insured Declared Value (IDV).
For vehicles lesser than 5 years old the manufacturers listed selling price, adjusted deprecation on the basis of age of a vehicle is the IDV.
For vehicles
over 5 years or obsolete vehicles the IDV is mutually agreed upon.
Policy Tenure 1 year
BenefitsBenefits like voluntary deductible
Discount or anti-theft device
No-claim bonus or discount
Discount to Automobile Association’s membership.
The free benefit of Emergency service through TVS is all provided.
Expenses
Covered
The following expenses are covered:
Accidental damage/loss
Liability to the third party/personal accident cover
With an additional premium- burglary, fire, theft, explosion, earthquake, floods, transit by road, malicious strikes etc. can be covered.
Optional Covers Nil Depreciation Cover: for partial damages to an insured vehicle might be indemnified without depreciation thereon, subject to terms and conditions.
Loss of Personal Effects: a maximum of Rs. 5000 to Rs. 10,000 can be chosen. In case of payable loss by own then the cover helps compensate for an additional premium of Rs. 400 for Rs. 5000 and Rs. 650 for Rs. 10,000
Alternative Car Benefit: for those deprived of the use of the insured vehicle after an accident.
The inconvenience is alleviated with the allowance of using another vehicle for a specified period.
The owner is liable to pay if the vehicles get damaged beyond 20% of IDV and are disabled.

Exclusions Accidental damage by the third party without driving license.
Mechanical or electrical failure etc.
  • Oriental Two-wheeler Package Policy:

Salient Features of Two-wheeler Package Policy

About the policy This insurance type is mandatory under the Government policies. It compensates for costs arising from accidents etc. on two-wheelers.
This policy may help earn compensation for repair/reinstate/ replace the vehicle part
Sum assured The amount insured is calculated in a similar to the previous policy.
Policy Tenure 1 Year
Benefits Voluntary deductible
Automobile Association Discount
Bonus on the premium of a new policy for claim-free periods
Discount for anti-theft devices
Expenses CoveredAny damages or losses to vehicle due to accidents
All legal liabilities payable to the third party
Add-on policy covers for burglary, theft, riots, storm, explosions, lightening etc. for an additional premium
Exclusions Damages due to war or mutiny or nuclear risks are not covered
Additionally, damage outside of India is also not covered unless extra premium is paid for SAARC countries.
  • Oriental Commercial Vehicle Package Policy:

Salient Features of Commercial Vehicle Package Policy

About the policy All transportation mediums whose un-laden weight is over 7,500 kgs as used for carrying goods or passengers fall under this category
All legal liabilities to the person employed in relations to the operation and maintenance of the commercial vehicle
Risks covered Damages caused by fire, explosion, lightning, burglary, riots and strike, terrorist activities
Also, by storms and hurricanes etc.
Accidental damages by railroad transit, inland water, lift or air etc.
Exclusions Any consequential losses or damages will not be covered
Wear and tear, mechanical issues, failure and such damages etc.
Accidents under the influence of alcohol or drugs will not be covered either.
  • Liability only Policies (for all types of vehicles):

Salient Features of Liability only Policy

About this policy Under this policy the company will indemnify for events of an accident, arising from the use of Motor Vehicle anywhere in India, as liable to pay legally.
Risks CoveredAll damages caused by legal liability under this policy will cover for the damage or the loss to the third party
Such as death, injury, property damage etc.
Loss of limbs, eyes, permanent or total disablement is covered
Exclusion These include accidents/damages/losses from willful or intentional non-compliance of the provisions mentioned.
Fines, penalties, exemplary damages etc.

2. Oriental Health Insurance Policy

  • Oriental Insurance Individual Mediclaim Policy:

Salient Features of Individual Mediclaim Policy

About the policy This policy covers all hospitalization and other healthcare-related costs incurred during the policy term.
It is designed for an individual and the specified family members. For those up to the age of 55 years will not require a compulsory medical examination
Sum Assured The sum assured by this policy starts from:
Rs. 1 lac to Rs. 5 lacs in multiples of Rs. 50,000
Thereafter, Rs. 5,00,000 to Rs. 10,00,000 in multiples of Rs. 1,00,000
Age Factor Policy for an individual between the ages of 18 years to 65 years
The policy age limit can be extended to 70 years with an additional premium of 10%
Policy Tenure 1 year
BenefitsThe benefits are as follows:
Cashless facility
5.5% discount in premium if TPA services are not availed
Grace Period of 30 days before policy renewal for OMP cover
Free Look Period of 15 days
Cash allowance for each day for hospitalization expenses over 2 days.
Allowed lifelong renewals
Expenses CoveredThe cost incurred from hospitalization: rooms, boarding and nursing expense up to 1% of sum insured per day.
Intensive Care Unit expenses up to 2% per day of the sum insured or Rs. 10,000 whichever is lesser.
Ambulance fees of Rs. 2000 or 1% whichever is lesser. Incurred charges for specialists, surgeons, consultants, anaesthetist etc.
Day-care treatments (less than 24 hours) and other medical equipment or processes. For example drugs and medicines, chemotherapy and x-ray etc. respectively.
Treatment for dog bites- a maximum of Rs. 5000, domiciliary hospitalization charges of 20%
Ayurvedic and homoeopathic treatments at government-recognized institutes.
Exclusions
Some exclusions to coverage are: incurred expenses within the first 30 days to policy inception (except accidents)
Expenses during pregnancy and childbirth.
Treatments for sinusitis, hernia, asthma, psychiatric disorders and
Lastly, pre-existing diseases (only covered after 4 claim-free policy terms)
Optional Covers Personal Accident Cover for death or permanent disability- Rs. 2,00,000 lacs to Rs. 10,00,000 lacs for 18 plus and Rs. 4 lacs for 18 below.
  • Oriental Insurance Happy Family Floater Health Policy:

Salient Features about Oriental Happy Floater Health Policy

About the Policy On contrary to the previous policy, this can be availed for an individual and their specified family members.
The proposer can choose the sum insured which will be applicable for all family members insured under the same policy. A co-payment facility of 10% is allowed
Under this policy, three different plans are offered: GOLD, DIAMOND and SILVER. Pre-acceptance
Sum Assured SILVER - Rs. 1 lac to 5 lacs
GOLD - Rs. 6 lacs to 10 lacs
DIAMOND - Rs. 12 to 20 lacs
Age Factor The proposer has of 18 years and above with a maximum of 65 years subject to conditions (up to 70 years)
Children between the age of 3 months to 18 years
Members covered
(a minimum of two persons have to be covered)
Proposer’s legally wedded spouse
Dependent children of the specified ages
Sons of a maximum of 25 years- studying and/or financially dependent
Daughters financially dependent, before marriage, after divorce or becoming widowed
Either dependent parents or parent-in-law
Unmarried, dependent siblings.
Policy Tenure 1 year
BenefitsA floater plan to cover members of the family.
The discount of 5.5% on the premium for non-TPA services.
5% discount on the premium if purchased online
Organ donor benefit
Extension to SAARC countries without additional premium etc.

Expenses coveredTypes SILVERGOLDDIAMOND
Room, Boarding and Nursing Expenses 1% of the sum assured will be provided each day 1% of sum assured per day Per day Rs. 10,000 plus 0.5% of the sum insured for only policies above Rs. 10 lacs.
Intensive Care Unit (ICU) Expenses 2% of the Sum assured per day. 2% of the Sum assured per day.Per day Rs.20,000 plus 1% of the Sum Insured for policies above Rs.10lacs
Ambulance charges A maximum of Rs.1000 per illness and 1% of the sum assured (maximum of Rs. 3000)A total of Rs. 2000 per illness and a maximum of Rs. 6000 per policy A maximum of Rs. 3000 per illness and a maximum of Rs. 8000 per policy
Anaesthesia, Oxygen, Blood, Operation Surgical Appliances, Medicines & Drugs, X-Ray, Dialysis, Chemotherapy & and other charges.As specified in the policy As specified in the policy As specified in the policy
Surgeon, Specialists Anaesthetist, Consultants and Medical Practitioner etc.As specified in the policyAs specified in the policyAs specified in the policy
Pre-Hospitalisation Post Hospitalisation expensesPre charges- 30 days prior hospitalization and post charges- 60 days after discharge
Optional Covers Restoration of Sum Insured 50% to 100% can be restored with the appropriate additional premium payable 50% to 100% can be restored with the appropriate additional premium payable-
Personal Accident CoveR Sum insured in multiples of Rs. 1,00,000 and Rs. 5,00,000 for individuals over 18 yearsSum Insured in multiples of Rs. 1,00,000 and Rs. 10,00,000 for those over 18 yearsSum insured in multiples of Rs. 1,00,000
And Rs. 20,00,000 for over 18 years.
Life Hardship Survival Benefit As defined in the plan As defined in the plan As defined in the plan

3. Oriental Insurance Group Mediclaim Policy

Salient Features of Group Mediclaim Policy

About the Policy This policy can be utilized by any Group/Association/Institution/Corporation of over 50 people/ large families with eligible members, wherein all members are insured under one group policy.
This group policy will follow the guidelines set by IRDA guidelines, in the name of the bigger group or title with a schedule of names insured together.
Sum Assured Claims can be made with a minimum of Rs. 50,000 to Rs. 2,00,000 lacs in multiples of Rs. 25,000
Alternatively, Rs. 2,00,000 to Rs. 5,00,000 in multiples of Rs. 50,000
Alternatively, Rs. 2,00,000 to Rs. 5,00,000 in multiples of Rs. 50,000
Age Factor Dependent children up to 21 years of age will be covered
Daughters until marriage and sons to the age of 26 years only if he is a bonafide student or is dependent.
Benefits Cashless Facility
Domiciliary Hospitalization benefit
Low claim discount
High claim ratio loading
Expenses covered This policy reimburses expenses arising from hospitalization charges for covered/specified illness/diseases or injuries within the policy tenure. The coverage, however, cannot be exceeded over the sum insured.

About 1% of total sum assured or Rs. 5000 per day, whichever is less, will be provided for room/boarding/nursing expenses

Incurred expenses because of ICU unit will be covered for about 2% of the total assured sum or Rs. 10,000 per day, whichever is less depending on the total number of admission days.

Additional costs of surgeon, specialist’s fees, consultants, specialists etc. Anaesthesia, oxygen, medicines and drugs, dialysis and chemotherapy, pacemakers, diagnostic test etc. for about 1% of the total assured sum or Rs. 2000, whichever is less.

Ambulance services for about 1% of the assured sum or Rs. 2000, whichever is less.

Optional Covers Maternity cover: By paying 10% of the total basic premium for all insured persons under the policy for a maximum benefit of Rs. 50,000

4. Oriental Insurance Jan Arogya Policy

Salient Features of Jan Arogya Policy

About this policyAccording to this policy, designed for the poorer sections of the nation with low premiums and reasonable coverage, reimburses for hospitalization costs during a policy period.
The company will compensate for all claims made under causes admissible under this scheme, but only till when the assured sum gets exhausted.
Sum insured The sum insured is of Rs. 5000 per annum.
Age Limit For children the age limit is of 3 months to 5 years of age, given at least either of the parents is covered.
As for adults the age-limit 18 years to 70 years.
Policy Tenure 1 Year
BenefitsFree look period of 15 days
Premium Revision Clause
Domiciliary Hospitalization Benefit
Expenses Covered It covers for in-patient hospitalization charges
Illnesses/diseases/ injuries due to accidents or causes covered by the policy
Pre-hospitalization charges up to 30 days prior
Post hospitalization charges up to 60 days after discharge
Incurred costs by surgeons, specialists, consultants etc.
Exclusions Dental treatments and surgeries; cost of spectacles, lenses and hearing aids.
Illnesses and diseases arising out of war or war-like activities.

5. Oriental Overseas Mediclaim Policy

Overseas Mediclaim (Business and Holiday):-Salient features of Overseas Mediclaim Policy

About the policy This policy covers hospitalization charges that can incur aboard during a business or holiday trip.
It can compensate for being admitted, accommodation for the extended period etc. as specified
Ideal for For Indian Residents on bonafide trips to aboard for either business or holiday purposes.
Policy Tenure 1 year subject to changes/ terms and conditions
Sum Insured The assured sum ranges from Rs. 50,000 to Rs. 5,00,000
Benefits Foreign nationals working in India can avail it from the first day of their visit up to the last day of the number of specified days, or on return to India whichever is earlier.
Expenses Covered It covers all medical expenses during a trip made by the beneficiary outside of India.
The coverage extends to in-patient and out-patient expenses in foreign
Frequent travellers to abroad, special policies covering for trips taken within the 12 month period are covered.

6. Overseas Mediclaim (Employment and Studies)

Salient features of Overseas Mediclaim policy

About the policyIt provides indemnity for expenses arising from medical treatments/ illnesses/injuries/diseases etc. contracted or sustained during over the policy term (which cannot be lesser than 2 months) for employment and studies reason.
When required the policy can be renewed and a sum insured of US $75,000 will be provided, however, the payable premium must be done in US dollars irrespective of the country.
Sum Insured It ranges from Rs. 50,000 to Rs. 5,00,000
Policy Term 2 months to 1 year
Coverage The covering factors are divided of 2 sections and they depend on the cover plan purchased as provided by the insurer
Based on the policy and cover plan the coverage factors will be prescribed under the chosen section.
ExclusionsAny claims for dental emergencies apart from those due to accidents
Pregnancies/miscarriage/child birth

7. Oriental Insurance Health of Privileged Elders (HOPE) Policy:

Salient features of Oriental HOPE insurance policy

About the policy As implied, this policy is for the privileged senior citizens. It is designed to protect those over 60 years of age.
The issues and emergencies covered are age-specific and therefore are ideal for the older generation.
Sum Assured The sum assured ranges from Rs. 1,00,000 to Rs. 5,00,000
Policy Tenure 1 year
Age Limit Individuals over the age of 60 years
Benefits Discount on premium if on co-pay basis. For example: 30% co-payment then 30% discount on premium, 20% co-paid then 20% discount.
Co-payments of compulsory 20% apply to this policy.
Expenses covered It covers all specified diseases, illnesses and injuries such as cancer, stroke, knee-injury, orthopaedic diseases, ophthalmic diseases etc.
Costs from hospital rooms, nursing charges and ICU charges etc.
Other expenses arising from emergency ambulance services, anaesthesia, blood, oxygen, surgical appliances,
Cost of specialists, consultants, surgeons, medicines and drugs etc.

8. OBC Oriental Bank Mediclaim Policy-2017

Salient featured of OBC Mediclaim

About the policy This health insurance policy is an extension provision to cover for the customers and employees of the Oriental Bank of Commerce.
The plan is on a family floater basis and can be purchased with an advance payment of the premium.
Sum Assured The sum assured ranges between Rs. 1 lac to Rs. 5 lacs and is in multiples of Rs. 1 lac.
There are five variants to the sum insured and can be opted as per requirement.
Age limit The age limit for the cover is valid for those under the age of 80 years and only renewal can be done over it.
Policy Tenure 1 year
Benefits Cashless hospitalization facility is one of the important benefits provided
Expenses covered The various expenses covered are-
1% of the total sum assured or Rs. 5000, whichever is lesser, for expenses incurred during each day of hospitalization. It included the boarding costs, room charges and nursing fees etc.
2% of the sum assured or Rs. 10,000 for ICU charges
Lesser than1% of Rs. 1000 per illness is covered with respect to ambulance charges
A cash allowance of Rs. 1000 on a daily basis in case of hospitalization
Funeral charges, actuals limited to Rs. 1000, are also covered.
Exclusions Non-allopathic treatments are not covered
Injuries and illness arising from hazardous hobbies or sporting activities.
Any genetic defects, out-patient treatment and stem cell procedures

9. Oriental Insurance Pravarsi Bharatiya Bima Yojana (PBBY)

Salient Features of Pravarsi Bharatiya Bima Yojana

About the policy This policy covers all medical and hospitalization expenses during a trip made. It is on a family floater basis in India
Under this policy, you are allowed to cancel the policy for Rs. 101 as cancellation charges, if the journey is not made.
Age limit It constitutes for individuals of 18 years up to 60 years
Policy Tenure As agreed upon
Benefits It provides maternity cover
Employments contingency cover
As well as cashless services across the company’s networked hospitals
Lastly, reimbursement of the expenses covered.
Expenses Covered In-patient treatment across the nation as well as the country of employment
All legal expenses, hospital costs and charges as specified
Listed procedures and processes
Ayurvedic, Unani and Homeopathic treatments from a Government approved hospital or institute.
Exclusions Infertility/Congenital/Genetic conditions
Sex change surgeries, cosmetic surgery/plastic surgery.

10. PNB Oriental Royal Mediclaim Insurance Policy-2017

Salient Features of PNB Royal Mediclaim

About the policyThis policy is similar to OBC Mediclaim and is extended to PNB
Sum Assured

The sum assured can vary from Rs. 1 lakh to Rs. 10 lakhs
It can be divided into 10 Sum Insured slabs
It is charged on the basis of an individual’s age
Age Limit It is for people over 18 years going up to 79 years of age.
Persons over 80 years will not be covered newly.
Policy Tenure 1 year
Benefits Covers for daycare procedures
Life-long renewal
A grace period of 30 days for renewal
Cashless facility
Freelook period of 15 days
No Pre-acceptance medical check-up is required
Expenses covered Pre-existing diseases are covered after a period of 3 years
Rs. 200 daily cash allowance for hospitalization with a maximum of Rs. 1000 within the policy period.
Organ donor expenses
In-patient hospitalization expenses
Ambulance Charges up to Rs. 1000 within the period.
Funeral expenses up to Rs. 1000 etc.

11. Oriental Happy Cash-Nishchint Rahein

Salient features of Happy Cash

BenefitsCancellation within 30 days after notice
The premium can be capped at renewal depending on the prescribed factors
A grace period of 30 days
Convalescence benefit
Expenses Covered It covers for hospitalization charges as scheduled in the policy
Pre-hospitalization charges and post hospitalization charges
Daily cash allowance for medical care
ExclusionsAmong other exclusions; Injuries or diseases from war or was-like activities are not covered
Cosmetic surgeries for a cause not covered by the policy
Substance abuse, self-inflicted harm and injuries STDs and HIV/AIDS etc.

12. Oriental Personal Accident Policy

  • Oriental Insurance Gramin Accident Policy
  • Oriental Insurance Jan Arogya Bima Policy
  • Oriental Insurance Janata Personal Accident Policy
  • Oriental Insurance Nagrik Suraksha Policy
  • Oriental Insurance Personal Accident-Group
  • Oriental Insurance Personal Accident-Individual

13. Oriental Home Insurance Plan

  • Oriental Insurance Directors and Officers Liability Policy
  • Oriental Insurance Professional Indemnity Errors and Omissions for Chartered Accountants/ Financial Accountants/Management Consultants/Lawyers/Advocates/Solicitors/Counsels Policy
  • Oriental Insurance Professional Indemnity Errors and Omissions Insurance Policy for Consulting Engineers/Architects and Interior Decorators Policy
  • Oriental Insurance Professional Indemnity Policy for Doctors and Medical Practitioners Policy
  • Oriental Insurance Professional Negligence Errors and Omissions Insurance Policy for Medical Establishments Policy
  • Oriental Insurance Sports Policy
  • Oriental Insurance Stock Brokers Indemnity Insurance Policy

14. Oriental Business Office/Traders/Multi-Peril Insurance Plan

  • 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

15. Oriental Engineering/Industry Insurance Plan

  • 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)

16. Oriental Agriculture/Sericulture/Poultry Insurance Plan

  • 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 (Fresh Water)
  • Policy for Kisan Agricultural Pumpset Insurance Scheme
  • Poultry Insurance
  • Rose Plantation Insurance
  • Sericulture (Silkworm) Insurance

17. Oriental Animals/Birds Insurance Plan

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

18. Oriental Aviation Insurance Plan

  • 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

19. Oriental Marine Insurance Plan

  • Hull War and Allied Peril Policy

Things to Keep in Mind Before Purchasing Insurance Policies from Oriental Insurance

  1. Make sure to go through the exact terms and conditions of the policy.
  2. The focus should be given to the covered factors and the excluded factors to assess if the insurance picked will actually cover for your needs when the time arises.
  3. Do not provide false information or incorrect information: be careful of the information provided on the written form so as to avoid human errors. The insurance issued can be cancelled if found misleading or untrue.
  4. All details regarding the policyholder’s health condition, financial status etc. must be disclosed if specifically asked for.
  5. A relevant document should validate the information provided and must be original.
  6. Lastly, a copy of the policy, of the documents provided, of relevant receipts and other such documents must be safely kept together and must be handy at all times.

How to Purchase and Renew Policies from Oriental Insurance?

Purchasing and renewing insurance plans from Oriental Insurance can be done at one’s convenience through a secured online portal. The company accepts various payment modes as well to buy, renew insurances and to cover premiums payable. Modes such as NEFT, Mobile Banking, Net Banking, E-wallets, direct deposit, credit or debit cards etc.

Orient Insurance Company provides the facility to calculate the premiums payable- Oriental Insurance Premium Calculator: This tool helps in calculating the required premium payable depending on various factors. To make use of it all you have to do it type in the relevant details to the information asked for. For example date of birth, marital status, number of dependents, annual income etc. An approximate calculation of the premium will be provided and can be of help while planning of insurance purchase.

Here’s how you can purchase Oriental insurance policy: 

  1. Through the online method, you will have to open the company’s authentic website and tap on the menu symbol.
  2. Next, you will have a tap on buy online and choose the required policy.
  3. You will be directed to a detail’s page wherein you will be asked to fill in all required details as prescribed. Calculation of the premium payable can be done on this page.
  4. Fill in the information and move on to the payments page and clear out the dues.
  5. The application will be processed by the company and the policy will be issued within specified days.
  6. In any case, if an online purchase doesn’t suit your needs then purchasing the policy can be done offline by visiting the company or reaching out to Oriental Insurance through their customer care service.

To renew the policy:

  1. This too can be completed online. Oriental insurance provides over a hundred different policies, each of which can be renewed online by visiting the insuring company’s website.
  2. After which you should select the ‘Renew’ option and be asked to type in all necessary information like the policy number and the existing OICL or non-OICL policy.
  3. The details about the policy including the proposer’s personal information and the facility to calculate the premium will be visible after the previous step.
  4. Pay to renew the policy from the ample available options offered on-screen. Print out the confirmation receipt after the request is processed through and the renewal successfully completes.

How to Register a Claim for Different Insurance Plans?

Claims under the Oriental Insurance Company can be conveniently made with certain step-by-step procedures as specified for respective policies. Commonly for all categories of policies, the claim procedure is divided into two types: Cashless Claims and Reimbursement Claims.

1)- Cashless Claims: 

Cashless claims are as simple as the name suggests: you will not have to bear the cost of medical or hospitalization expenses and the policy insured will cover for it directly with the hospital. But, the condition to avail oneself of this facility is to get admitted to one of the company’s network hospital. A network hospital, therefore, is a hospital or such organizations and institutes which provides recognized medical services and is affiliated with the insuring company.

  1. To register a claim you will have to duly fill a prescribed pre-authorization form provided by the company. This pre-authorization form can be accessed either from the hospital or from the TPA. It is to seek the approval for the treatments to be availed.
  2. The duly filled form should be sent across via email or fax along with any other necessary proofs like a soft copy of the ID proof or a copy of the insurance policy etc.
  3. The application after approval will be processed through the claim management department so as to cross-examine with the hospital etc. before initiating the cashless claim settlement process.
  4. It is likely that such claims can get rejected; in such a case, applying for reimbursement claim instead can be done.

2)- Reimbursement Claims:

On the other hand, reimbursement claims simply reimburse the incurred expenses due to hospitalization. In this claim you will not require a pre-authorization form as the expenses will be initially settled by you and the reimbursement of it will be provided if the claim request passes through by the insuring company. This process will occur after the treatment has been completed, unlike the before method.

  1. A duly filled form to initiate the claim request has to be sent across to the company either through online methods or offline along with any necessary documents like discharge papers, medical reports, bills/receipts etc.
  2. The claim management department will yet again process the request made by verifying the authenticity of the claim made and approve it if deemed right. In case of any queries from the company’s side, you are answerable to the questions raised.
  3. The approved application will be issued and reimbursement claim will be settled within a week or so.
  4. Note that the claim will have to adhere with all the terms and conditions otherwise partial payment or no reimbursement can occur. The company is liable to provide the reasons behind it.

In situations of emergency hospitalization, you can immediately intimate Oriental Insurance inside the 24 hour period and in case of planned hospitalization the company had to be informed before 48 hours to the covered treatment. The claim requests can either be mailed at csd@orientalinsurance.co.in or can be made through their hotline number: 1800-118-485.

Documents Required Buying Insurance Plans and Making Claims

To fill for claim procedurals or for buying related processes these are documents required:

  1. For purchase related aspects you can provide the following documents: KYC (Know Your Customer) documents to prove your identity and proof of address. For example Aadhaar card, Ration card, PAN card, Passport or Driving license etc.
  2. In addition to KYC documents, proof of age has to be provided such as birth certificate etc., medical reports and certificates as required by certain policies, and proof of income: for example bank’s passbook statement, salary slip etc.
  3. To make claims the documents required are: duly filled Oriental Insurance claim form, copy of the claim imitation and Xerox premium receipts and the policy purchased.
  4. For Medical coverage- proof of hospitalization: medical certificates, discharge certificates, original medical recovery/treatment report like sonography and X-ray etc. For medical oriented expenses: cash memos, original bills, receipts, prescriptions and pharmacy reports.
  5. For Travel and other insurance coverage: leave application acknowledged by the employer, bills and receipts, original airline tickets etc.
  6. Lastly, in case of accidents, in addition to the aforementioned documents FIRs (First Information Report and such might be required.

Coverage Factors as Excluded by Oriental Insurance Policies

Oriental Insurance Company makes sure that a variety of factors are covered for the customer’s benefit, however, plans from the company does have certain common exclusions that are not covered by any of their policies. They are:

  1. Any arising expenses due to war and war-like operations, no injuries/ illnesses/ diseases caused by them will be covered.
  2. Similarly, incurred costs from substance abuse and self-inflicted injuries are also excluded.
  3. Sexually Transmitted Diseases like HIV/AIDS are not covered, including treatments outside of India.
  4. Additionally, sex-change surgery, circumcision, cosmetic surgeries, plastic surgeries, eyesight operations, dental surgeries and cosmetic dental surgeries are excluded.
  5. All kinds of admission fees, registration fees, primary hospital admission fees, fees for investigation and diagnostic purpose are excluded.
  6. Except for ectopic, pregnancy, infertility, congenital and genetic conditions and stem cells are not covered.

Summary

With over 31 regional offices and more than 1800 active branches, Oriental Insurance has been at the top of the game with its core strength lying in the highly trained workforce with great expertise covering various disciplines representing the company.  This company has a wide variant of insurances provided: a considerable insurance products portfolio. From the wide variants offered, make sure to follow through the prescribed information to make your final decision based on the cover and the requirements fulfilled by the chosen plan.

FAQs

What is the process for two-wheeler renewal policy?

Ans: Oriental Insurance two-wheeler renewal policy process is as follows:

  1. Visit the company’s official website
  2. ‘Renew’ tab will be seen at the top of the page
  3. Click on ‘renew and select the policy type- Old OICL Policy or Non-OICL Policy
  4. Enter the details of your policy accurately, along with your policy number
  5. Pay your premium through debit/credit card, internet banking, IMPS, UPI, Cash cards or E-wallet.
  6. Your policy is then renewed

What is Oriental bike Insurance customer care number?

The general toll-free customer care number is 1800118845. You can also call on 011-33208485, however normal charges will be applicable.

Where can I find the Oriental Individual Mediclaim Premium Chart?

The Oriental Individual Mediclaim Premium Chart is given on the website.

How to check Oriental Insurance claim status?

You can check your claim status by going to the company website and entering your login details. However, this is only for registered users. If you are not a registered user, you need to first register yourself and then login.

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