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Insurance Companies 829 views November 26, 2019
Oriental Insurance Company Introduction
|Name||The Oriental Insurance Company Ltd|
|Company Tagline||Prithvi, Agni, Jal, Akash, Sabki Suraksha Humare Paas|
|Head Quarters||New Delhi|
|Managing Director||A V Girija Kumar|
|Owner||Government of India|
|No. of Insurance Products||170|
|Total No. of Employees||15000(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.
Table of Contents
The various benefits and features of Oriental Insurance Company are as follows:
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:
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.|
over 5 years or obsolete vehicles the IDV is mutually agreed upon.
|Policy Tenure||1 year|
|Benefits||Benefits 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.|
|The following expenses are covered:|
|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.|
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|
Automobile Association Discount
Bonus on the premium of a new policy for claim-free periods
Discount for anti-theft devices
|Expenses Covered||Any 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.
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.|
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 Covered||All 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.
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|
|Benefits||The benefits are as follows:
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 Covered||The 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.|
Salient Features about 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
|Benefits||A 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.
|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 policy||As specified in the policy||As specified in the policy|
|Pre-Hospitalisation Post Hospitalisation expenses||Pre 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 years||Sum Insured in multiples of Rs. 1,00,000 and Rs. 10,00,000 for those over 18 years||Sum 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|
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.
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|
Salient Features of Jan Arogya Policy
|About this policy||According 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|
|Benefits||Free 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.
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.
Salient features of Overseas Mediclaim policy
|About the policy||It 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.
|Exclusions||Any claims for dental emergencies apart from those due to accidents
Salient features of HOPE 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.
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
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.
Sex change surgeries, cosmetic surgery/plastic surgery.
Salient Features of PNB Royal Mediclaim
|About the policy||This 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
A grace period of 30 days for renewal
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.
Salient features of Happy Cash
|Benefits||Cancellation within 30 days after notice
The premium can be capped at renewal depending on the prescribed factors
A grace period of 30 days
|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
|Exclusions||Among 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.
13. Oriental Home Insurance Plan:
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:
To renew the policy:
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.
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.
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 email@example.com or can be made through their hotline number: 1800-118-485.
To fill for claim procedurals or for buying related processes these are documents required:
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:
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.
Ans: Oriental Insurance two-wheeler renewal policy process is as follows:
The general toll-free customer care number is 1800118845. You can also call on 011-33208485, however normal charges will be applicable.
The Oriental Individual Mediclaim Premium Chart is given on the website.
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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