Oriental Insurance Company – History, Claim Process, Renew Policy, Health Insurance, Motor Insurance, Group Mediclaim, Property Insurance, Liability, Marine Insurance | Buy and Renew Policy Online

About Oriental Insurance Company Limited

Oriental Insurance Company Ltd is a Public Sector General Insurance Company, incorporated in Mumbai on 12th September 1947. Oriental Insurance is headquartered in New Delhi and it is one of the four Government-Owned General Insurance Company in India, along with National Insurance Company Ltd., New India Assurance Company Ltd. and United India Insurance Company Ltd. Oriental Insurance offers a range of Insurance Products for Individuals and Businesses including Motor Insurance, Health Insurance, Travel Insurance, Group Mediclaim Policies, Commercial General Liability Insurance, Trade Credit Insurance, Workmen’s Compensation Insurance, Property Insurance, Directors and Officers Insurance Policy, Cyber Insurance and other specialty insurance products Oriental Insurance operates through a network of 1,000+ Operating offices, 25 Regional Offices and 8 Corporate Business Offices across India. The Company has 7000+ employees and has overseas branches in Dubai, Kuwait and Nepal.

The Oriental Insurance Company reported a Gross Written Premium of Rs18,794 Crores in FY24 v/s Rs15,993 Crores in FY23, resulting in a growth of 17.5% on a Y-o-Y basis. The Company’s market share stood at 6.31% as on March 2024 as compared to 6.08% on March 2023. The Profit After Tax for the company stood at Rs19 Crores in FY24 v/s a loss of Rs4968 Crores in FY23. The Company reported a net incurred claims ratio of 98.89% in FY24 from 112.14% during the year FY23.

History of Oriental Insurance Company Ltd

Oriental Insurance Company was formed on 12th September 1947 in Mumbai and was a wholly owned subsidiary of The Oriental Government Security Life Assurance Company Ltd and was formed to carry out General Insurance business. The Company became a subsidiary of Life Insurance Corporation of India from 1956 to 1973 following the nationalisation of the Life Insurance Business. The General Insurance Business was nationalised under the General Insurance Business Nationalisation Act 1972 under which the shares of The Oriental Insurance Company were transferred to General Insurance Corporation of India in 1973. In 2003, the ownership of General Insurance Corporation of India and the 4 public sector General Insurance Companies, including the Oriental Insurance Company was transferred to the Government of Indi following the General Insurance Business (Nationalisation) Amendment Act 2002.

Oriental Insurance Company Ltd: An Overview

How to Purchase an Insurance Policy with Oriental Insurance Company?

The Insured needs to follow the below-mentioned steps to purchase a Policy from Oriental Insurance Company:

Online Process to purchase Oriental Insurance Policy

1. Go to Oriental Insurance website and click on the ‘Buy New Policy’ button
2. Choose the type of policy you want to purchase - Motor, Health, Travel etc.
3. Fill in the proposal form with your personal details, policy details and declaration.
4. Upload necessary documents such as ID proof, address proof etc.
5. Pay the premium using net banking, UPI, credit/debit card or wallet.
6. The Insurance Policy will be emailed to your registered email ID.

Offline Process to purchase Oriental Insurance Policy

1. Contact an Oriental Insurance Broker or visit the nearest branch office. Alternatively contact Qian Insurance Brokers to purchase an Oriental Insurance policy.
2. Discuss your Insurance requirements and get a Quote for the Policy.
3. The Qian Insurance Team will help you complete the proposal form and submit relevant documents.
4. Pay the premium via cash, cheque or demand draft.
5. The Policy will be mailed to your address within 2 days.

Oriental Insurance Company - Insurance Policy Renewal Process

Insurance Policies usually have a 1 year duration and it is necessary to renew your Policy every year to continue your Insurance Coverage. The Process to renew your Policy with Oriental Insurance Company is as follows:

Online Process to Renew Oriental Insurance Policy

1. Go to Oriental Insurance website and Click on the ‘Quick Renewal’ button
2. Enter Registered Mobile Number/Email ID and provide your personal details, Policy Details and Declaration.
3. Pay the premium using net banking, UPI, credit/debit card or wallet.
4. The renewed Insurance Policy will be emailed to your registered email ID.

Offline Process to Renew Oriental Insurance Policy

1. Contact Qian Insurance Broking or visit the nearest branch office to renew your Oriental Insurance policy.
2. Provide relevant details along with the details of expiring Policy
3. The Qian Insurance Team will assist you with renewal quotes and to submit relevant documents.
4. Pay the premium via cash, cheque or demand draft.
5. The Policy will be mailed to your address within 2 days.

How to File a Claim with the Oriental Insurance Company?

Here are the steps to file an Insurance Claim with Oriental Insurance:

1. Intimate Claim: Go to the Oriental Insurance Website, Click on Claims Registration, select the relevant Insurance Policy and register a claim by providing details like Insured Information, Date of Incident etc. The Company will provide a Claim Intimation number upon successful registration of the Claim
2. Submit Claim Documents: Submit the Claim Form and other relevant documents such as surveyor’s report, FIR Report, Report of Losses, Bank Account details etc.

Oriental Insurance Personal Insurance Plans

The Oriental Insurance Company offers a range of Insurance Policies for Individuals and Families such as Health Insurance, Motor Insurance and Travel Insurance Plans.

Health Insurance Products offered by The Oriental Insurance Company

Oriental Insurance Company offers a range of Health Insurance Plans for individuals, families and senior citizens. The Plans also cater to varying requirements such as a comprehensive Health Insurance Plan, Critical Illness Plan, Super Top-Up Health Insurance Plans etc.

Oriental Mediclaim Insurance Policy (Individual) - 2024

The Oriental Mediclaim Insurance Policy (Individual) is a comprehensive Health Insurance Policy providing coverage for Hospitalization Expenses due to illness or injury, Daycare Procedures and Pre and Post-Hospitalization Expenses.

Key Features of the Oriental Mediclaim Insurance Policy – Individual

1. The Oriental Mediclaim Insurance Policy offers various Sum Insured Options from Rs1 Lakhs to Rs50 Lakhs
2. Room Rent Limit of 1% and 2% of Policy Sum Insured for Normal Rooms and ICU Rooms respectively
3. Policy is issued to individuals between the ages of 18 to 65 years
4. The Policy provides additional coverage upto 10% of the Policy Sum Insured for 22 listed critical illnesses for Policy Sum Insured of Rs25 lakhs and above
5. The Policy provides Personal Accident coverage upto 10% of the Policy Sum Insured for Policy Sum Insured of Rs12 lakhs and above
6. Pre and Post-Hospitalisation Expenses coverage for 30 days - 60 days respectively
7. Daycare Procedures covered under the Policy
8. The Policy provides Coverage for Domiciliary Hospitalisation upto 20% of the Sum Insured subject to maximum Rs50,000 per Insured Person during the Policy Period.
9. Waiting Period of 12, 24 and 36 months for Specified Diseases
10. Waiting Period of 36 months for Pre-Existing Diseases
11. The Premiums paid for the Policy are eligible for Section 80D Deductions under the Income Tax Act, 1961
12. Lifetime Renewal

Oriental Youth Eco Care Policy

The Oriental Youth Eco Care Health Insurance Policy provides coverage for Hospitalization Expenses, Daycare Procedures and Pre and Post-Hospitalization Expenses for persons aged 18-45 years residing in India. The Plan is offered under 2 Variants: Basic Plan and Premium plan

Key Features of the Oriental Youth Eco Care Policy

1. The Oriental Youth Eco Care Insurance Policy offers various Sum Insured Options from Rs3 Lakhs to Rs1 Crore. The Policy is available for any person in the age bracket of 18 to 45 years for treatment taken in India
2. No Room Rent Capping for Policy Sum Insured of Rs10 lakhs and above
3. Modern Treatment methods covered upto the Sum Insured for Policy Sum Insured of Rs10 lakhs and above
4. Cataract Limit of Rs1 lakh per eye for Policy Sum Insured of Rs10 lakhs and above
5. Pre- and Post-Hospitalisation Expenses coverage for 45 days - 90 days respectively
6. The Premium Plan offers Maternity Coverage of between Rs50,000 to Rs1 lakh depending on the Policy Sum Insured after a Waiting Period of 24 months
7. The Premium Plan offers Coverage for Assisted Reproduction Treatment of upto Rs2 lakh after a Waiting Period of 36 months
8. Cumulative Bonus of 10% Base Sum Insured up to a maximum of 100% of the Base Sum Insured under the current Policy Year. If a Claim is made under the Health Insurance Policy during any Policy Year, the cumulative bonus will be reduced at the same rate at which it has accrued.
9. Policy can be issued on an Individual or a Family Floater Basis.
10. Waiting Period of 12 months for Pre-Existing Diseases
11. Waiting Period of 12 and 24 months for Specified Diseases
12. Waiting Period of 24 months for Maternity Coverage
13. Waiting Period of 36 months for Assisted Reproduction Treatment (ART)
14. The Premiums paid for the Policy are eligible for Section 80D Deductions under the Income Tax Act, 1961
15. Lifetime Renewal

Oriental Happy Family Floater Policy 2024

The Oriental Happy Family Floater Policy is a Health Insurance Plan that provides coverage for the entire family under a common Sum Insured.

Key Features of the Oriental Happy Family Floater Policy 2024

1. The Plan is offered under 4 Variants: Silver, Gold, Diamond and Platinum plan with Sum Insured options ranging from Rs1 Lakhs to Rs50 lakhs. Minimum Entry age of 18 years and Maximum Entry Age of 65 Years
2. Room Rent Limit of 1% and 2% of Policy Sum Insured for Normal Rooms and ICU Rooms respectively. The Room Rent Limit can be enhanced by 50% for Silver Plan and 100% for Gold, Diamond and Platinum Plan on payment of additional premium
3. Pre- and Post-Hospitalisation Expenses coverage for 30 days - 60 days respectively
4. Silver Plan has a compulsory Co-Payment of 10%. The Co-Payment Limit can be waived off on payment of additional premium
5. The Silver and Gold Plans offer a Restoration Benefit upto a 50% or 100% of the Policy Sum Insured depending on the limit chosen
6. The Diamond and Platinum Plans provide coverage for Maternity Expenses upto a limit of 2.5% of the Policy Sum Insured after a Waiting Period of 24 months
7. New born Baby Expenses from day one covered upto Sum Insured under All Plans
8. The Platinum Plan offers Coverage for Assisted Reproduction Treatment of upto Rs2 lakh after a Waiting Period of 36 months
9. The Platinum Plan provides a coverage of an additional 10% of the Policy Sum Insured for Critical Illnesses on Benefit Basis on exhaustion of Base Sum Insured.
10. Policy covers Modern Treatment Methods upto the Prescribed Sub-Limits
11. Waiting Period of 24 months for Specified Diseases
12. Waiting Period of 24 months for Maternity Coverage
13. Waiting Period of 36 months for Pre-Existing Diseases
14. Waiting Period of 36 months for Assisted Reproduction Treatment (ART)
15. The Premiums paid for the Policy are eligible for Section 80D Deductions under the Income Tax Act, 1961
16. Lifetime Renewal

Oriental Cancer Protect Policy

The Oriental Cancer Protect Policy provides specialized health insurance coverage for cancer treatments. The policy can be purchased by individuals aged 18-65 years to cover themselves and their eligible family members for medical expenses incurred on cancer treatment. The Policy provides coverage for inpatient and outpatient expenses incurred on treatment of cancer.

Key Features of the Oriental Cancer Protect Policy

1. Oriental Cancer Protect Policy provides reimbursement for treatment costs of cancer, either in Inpatient, Outpatient or Daycare Form. Various Cancer Treatment methods like chemotherapy, radiation, immunotherapy, surgery, bone marrow transplants are covered.
2. Policy provides Sum Insured options ranging from Rs5 lakhs to Rs50 lakhs
3. Pre- and Post-Hospitalisation Expenses coverage for 45 days - 90 days respectively
4. Room Rent Limit of 1% of the Policy Sum Insured subject to a maximum of Rs10,000 per day for Policy Sum Insured upto Rs15 lakhs and upto a maximum of Rs25,000 per day for Policy Sum Insured between Rs25 lakhs to Rs50 lakhs for Normal Rooms
5. ICU Room expenses are paid as per actuals
6. Cumulative bonus of 5% of Sum Insured for each claim-free year, up to maximum of 50%.
7. Cancer Care Benefit of 50% of Sum Insured is paid if an Insured Person is diagnosed with Cancer for the first time and is in Stage IV.

Oriental Super Health Top-Up Insurance Policy

Oriental Super Health Top-Up is a Super Top-Up Health Insurance Plan which provides health insurance coverage over and above an existing base Health Insurance Plan. The Plan enhances the Health Insurance Coverage at affordable premiums.

Key Features of the Oriental Super Health Top-Up Insurance Policy

1. The Policy provides coverage when the aggregate of admissible medical expenses in a Policy Year exceeds the deductible amount. Once the deductible is exceeded, the policy starts paying as per the sum insured and terms.
2. Sum Insured options range from Rs3 Lakhs to Rs30 Lakhs with Deductible options ranging from Rs3 lakhs to Rs20 lakhs. Higher the deductible, lower is the premium.
3. Room Rent Limit of 1% and 2% of Policy Sum Insured for Normal Rooms and ICU Rooms respectively.
4. Pre and Post-Hospitalisation Expenses coverage for 30 days - 60 days respectively
5. The Policy Plans provide coverage for Maternity Expenses upto a limit of 10% of the Policy Sum Insured after a Waiting Period of 12 months
6. New-Born Baby Expenses are covered upto Sum Insured from Day 1
7. Waiting Period of 12, 24 and 36 months for Specified Diseases
8. Waiting Period of 36 months for Pre-Existing Diseases
9. The Premiums paid for the Policy are eligible for Section 80D Deductions under the Income Tax Act, 1961
10. Lifetime Renewal

Oriental Arogya Sanjeevani Policy

Oriental Arogya Sanjeevani Policy is a standard Health Insurance Plan mandated by IRDAI with common coverage and features across all Health Insurance Companies. The Plan provides coverage for Hospitalization Expenses, Pre and Post-Hospitalisation Expenses, Daycare Procedures etc.

Key Features of the Oriental Arogya Sanjeevani Policy

1. Sum insured options ranging from Rs50,000 to Rs20 lakhs
2. Minimum Entry age of 18 Years and Maximum Entry Age of 65 years
3. Pre and Post-Hospitalisation Expenses Coverage for 30 days and 60 Days
4. Room Rent Limit of 2% of Sum Insured subject to a maximum limit of Rs5000 per day for Normal Rooms for Policy Sum Insured upto Rs5 lakhs. The Maximum limit increases to Rs10,000 per day for Normal Rooms for Policy Sum Insured of Rs6 lakhs, Rs8 lakhs and Rs10 lakhs and to Rs20,000 per day for Normal Rooms for Policy Sum Insured of Rs15 lakhs and Rs20 lakhs.
5. Room Rent Limit of 5% of Sum Insured subject to a maximum limit of Rs10,000 per day for ICU Rooms for Policy Sum Insured upto Rs5 lakhs. The Maximum limit increases to Rs20,000 per day for ICU Rooms for Policy Sum Insured of Rs6 lakhs, Rs8 lakhs and Rs10 lakhs and to Rs40,000 per day for ICU Rooms for Policy Sum Insured of Rs15 lakhs and Rs20 lakhs.
6. Cumulative Bonus of 5% per year for every claim free year, provided that the policy is renewed without a break every year, subject to a maximum of 50% of Sum Insured.
7. Modern Treatment Methods are covered upto 50% of the Policy Sum Insured
8. Cataract Limit of upto Rs. 40,000 per eye or 25% of Sum Insured whichever is lower
9. Co-Payment of 5% on each and every claim
10. Waiting Period of 24 and 36 months for Specific Diseases
11. Waiting Period of 36 months for Pre-Existing Diseases
12. The Premiums paid for the Policy are eligible for Section 80D Deduction under the Income Tax Act, 1961
13. Lifelong Renewal

Oriental Critical Illness Policy

The Oriental Critical Illness Policy is a Critical Illness Policy which provides comprehensive coverage against specified critical illnesses and related expenses. The Policy is a Benefit Policy which pays a lumpsum amount on diagnosis of covered critical illness during Policy Period.

Key Features of the Oriental Critical Illness Policy

1. The Policy has two plans - Plan A and Plan B. Plan A covers 11 critical illnesses whereas Plan B covers 22 critical illnesses.
2. The major Critical Illnesses covered include Cancer, Heart Attack, Stroke, Kidney Failure, Paralysis, Major Organ Transplant etc.
3. The Sum Insured ranges from Rs2 lakhs to Rs50 lakhs
4. Survival Period of 30 days
5. Plans can be changed from A to B at renewal after 4 claim-free years, subject to medicals after 45 years.
6. Waiting Period of 36 months for Pre-Existing Diseases

What is the Health Insurance Claim Settlement Process with the Oriental Insurance Company?

The steps to file a Health Insurance Claim with Oriental Insurance Company are listed below:

Intimate Claim

You need to intimate Oriental Insurance Company about the claim by either:

1. Go to the Oriental Insurance Company Website, Click on Claim Registration, enter your registered Mobile Number/Email ID, select the relevant Insurance Policy and register a claim by providing details like Insured Information, date of incident etc.
2. The Insurance Company will provide a Claim Intimation number upon successful registration of the Claim

Oriental Health Insurance Cashless Claim Settlement Process

To avail Cashless Claim Settlement under the Oriental Health Insurance Policy, the Policyholder must follow the steps listed below:

1. Locate the nearest network hospital covered by the Oriental Health Insurance Policy to avail treatment
2. Inform the Insurance Company about the hospitalization before 3-4 days in case of a planned hospitalization and within 4-5 hours in case of an emergency
3. Show the Health Card issued by the Insurance Company/TPA to the Insurance desk at the hospital
4. Fill the Pre-Authorization Claim Form provided by the hospital
5. The Hospital sends the Pre-Authorization Claim Form to the TPA for Claim Settlement
6. The TPA will inspect the details and inform the Insured about the approval or rejection of the Claim
7. Once the Claim gets approved, the hospital sends the expenses and receipts to the Insurer and the hospital gets reimbursed for the treatment expenses directly by the Oriental Insurance Company. The advantage of cashless claim settlement is that the Policyholder does not need pay any amount from his own pocket.

Oriental Health Insurance Reimbursement Claim Settlement Process

If the Policyholder chooses a non-network hospital, he will have to opt for Reimbursement Claim Settlement. The Reimbursement Claim Settlement is listed below:

1. Inform the TPA within 24 hours of admission to the hospital. The TPA will provide the Policyholder with a Claim Intimation Number after the claim is raised so that the Claim Status can be tracked.
2. Make the payment to the hospital for the medical expenses incurred and keep original copies of all the Invoices.
3. Submit the required documents to the TPA
4. The TPA will verify the Claim Details, ask for additional documents if required and will approve or reject the Claim.
5. The approved Claim Amount gets credited directly to the Bank Account of the Insured

What are the documents Required for a Reimbursement Claim under a Health Insurance Policy?

The Insured needs to submit the following documents to Oriental Insurance Company to avail Reimbursement Claim Settlement under the Policy:

1. ID Proof, Policy Health Card and Address Proof
2. Duly Filled and Signed Claim Form
3. Pathology Reports
4. Medicine Prescriptions and Pharmacy Bills
5. Pre and Post-Hospitalisation Bills
6. Hospital Bills
7. Discharge Summary

Vehicle Insurance Products Offered By Oriental Insurance Company

Oriental Motor Insurance Policy

The Oriental Car Insurance Policy provides comprehensive coverage against loss or damage to vehicles because of Accidents, Theft, Fire, Natural Calamities etc. The Policy covers damages to the Insured Vehicle as well as Third-Party Liabilities.

Key Features of Oriental Motor Insurance Policy

1. The Motor Insurance Policy provides coverage under 2 Sections:
   • The Own Damage Section provides coverage against Loss of or damage to the Insured Vehicle due to various perils such as Fire, Theft, and Natural Disasters.
   • The Third-Party Liability Section covers Legal liability to third parties for Death, Injury, or property damage caused by the Insured Vehicle.
2. Various Add-On Covers are available like Zero Depreciation, Engine Protector, Return to Invoice, Roadside Assistance, Consumable Expenses Cover etc.
3. Cashless claim facility is offered across network garages pan-India for repair/replacement of the insured vehicle.
4. No Claim Bonus of upto 50%

Oriental Two-Wheeler Insurance Policy

The Oriental Two-Wheeler Insurance Policy provides comprehensive coverage for motorcycle and scooter owners. This Policy provides coverage against against loss or damage to Two Wheelers because of Accidents, Theft, Fire, Natural Calamities etc. as well as Third Party Liability

Key Features of the Oriental Two-Wheeler Insurance Policy

1. Comprehensive Coverage: The policy covers damages to the insured two-wheeler due to accidents, theft, fire, natural disasters, and vandalism as well as the legal liability for injuries or damages caused to third parties due to the insured vehicle.
2. No Claim Bonus (NCB): Policyholders benefit from a No Claim Bonus for each claim-free year, which significantly reduces the Renewal Premium.
3. Add-On Covers: The Policy provides various add-on covers such as Zero Depreciation Cover, Accessories Cover, Roadside Assistance etc.
4. Quick Claims Settlement: The claims process is efficient, with timely assessment by surveyors to expedite settlements.

Oriental Commercial Vehicle Insurance Policy

Oriental Commercial Vehicle Insurance Policy provides Comprehensive Coverage for commercial vehicles like trucks, buses, tempos, trailers, etc. against loss or damage to the vehicle due to Fire, Accidents, Natural Calamities etc. The Policy also provides coverage for Bodily Injury or Property Damage caused to Third Parties by your Vehicle.

Key Features of the Oriental Commercial Vehicle Insurance Policy

1. The Own damage Cover which protects the Vehicle against loss or damage due to Accidents, Theft, Fire, Explosion, Self-Ignition, Lightning and other Perils while Third-Party Liability Cover provides cover for liability arising due to Bodily Injury or Property Damage caused to Third Parties.
2. The Policy provides enhanced protection through various add-on covers like Roadside Assistance, Daily Cash Allowance, Consumables Cover, Return to Invoice etc.
3. Cashless claim settlement is provided across a wide network of authorized garages in India. This facilitates hassle-free repairs without any payment from the owner’s pocket.
4. No-Claim Bonus of 50%
5. Discounts on own damage premium for installing anti-theft devices which helps reduce the overall premium outgo.

Oriental Motor Insurance – Incurred Claim Ratio (%)

The Incurred Claim Ratio of Oriental Insurance Company for the Motor Segment stood at 97% in FY24 vs 103% in FY23. The Own Damage Incurred Claim Ratio declined to 107.71% in FY24 vs 119.71% in FY23 while the Third Party Incurred Claim Ratio declined to 91.38% in FY24 vs 96.30% in FY23.

What is the Claim Settlememnt Process for a Oriental Vehicle Insureance Policy?

A Vehicle Insurance Claim can be settled in 2 ways:

1. Cashless Claim Settlement
2. Reimbursement Claim Settlement

Oriental Insurance Cashless Claim Settlement Process

In order to avail Cashless Claim Settlement under the Oriental Motor Insurance Policy, the Policyholder must follow the steps listed below:

1. Locate the nearest network garage covered by the Oriental Motor Insurance Policy on www.orientalinsurance.org.in and bring the damaged car/bike to the same for repairs
2. Inform Oriental Insurance Company about the accident and damage to the vehicle by providing the necessary details such as Policy Number, Date, Time and Description of Accident
3. The Insurance Company will send a surveyor to the Garage to inspect the extent of damage after which the approval to begin repairs is given.
4. Once the approval is received, the Garage can commence repairs.
5. The Insured needs to fill the claim form and provide the related documents as mentioned in the form.
6. Once the vehicle is ready, the Insured needs to pay his share of the Claim consisting of Deductible, Depreciation etc. to the garage and drive off. The balance would be settled by Oriental Insurance Company directly with the network garage.

Oriental Insurance Reimbursement Claim Settlement Process

If the Policyholder chooses a non-network Garage, he will have to opt for Reimbursement Claim Settlement. The Reimbursement Claim Settlement for Motor Insurance is listed below:

1. Inform Oriental Insurance Company of the Accident on the Mobile App or Website
2. The Company will send a surveyor to assess the extent of damage
3. The Insured needs to submit the Duly Filled and Signed Claim Form along with the necessary documents as mentioned in the form
4. The Insurance Claim is processed on receipt of documents and the Claim Amount will be credited to the bank account of the Policyholder

Business Insurance Plans offered by Oriental Insurance Company

The Oriental Insurance Company offers customized Insurance Policies for Large Corporates, MSMEs and Startups including Marine Insurance Policy, Fire Insurance Policy, Commercial General Liability Insurance Policy, Group Health Insurance Policy, Workmen’s Compensation Insurance, Professional Indemnity Insurance Policy, Cyber Insurance Policy, etc

Employee Benefit Insurance Offered by Oriental Insurance Company Ltd

Oriental Insurance Company offers a range of employee benefit plans, ranging from Group Health Insurance, GPA Insurance Policy, WOrkmen’s Compensation Insurance etc.

Oriental Insurance Group Mediclaim Policy

Oriental Insurance Group Mediclaim Policy provides comprehensive coverage for hospitalization expenses, Pre and Post-Hospitalization Expenses and Daycare Procedures for employees and their family members under a common Health Insurance Plan. The Policy can be customised to suit businesses of all sizes - from Small & Medium Enterprises to Large Organizations.

Key Features of Oriental Group Mediclaim Policy

1. Oriental Group Mediclaim Policy covers hospitalization expenses including Pre and Post-Hospitalization Expenses, Daycare Procedures, AYUSH Treatment.
2. The Policy provides coverage for Employee, Spouse, Dependent Children and Dependent Parents.
3. Various Sum Insured Options ranging from Rs50,000 to a maximum of Rs 5 lakhs are available under the Policy
4. Provides Cover for Pre-Existing Diseases from Day 1
5. Provides Maternity Coverage without any Waiting Period

Oriental Insurance Group Personal Accident Insurance Policy

Oriental Group Personal Accident Insurance Policy provides compensation in case of Accidental Death or Disablement of the Insured. The Policy provides coverage for Accidental Death, Permanent Total Disability (PTD), Permanent Partial Disability (PPD), and Temporary Total Disability (TTD).

Key Features of Oriental Group Personal Accident Insurance Policy

1. Oriental GPA Insurance Policy pays 100% of the Sum Insured to the family of the Insured Employee in case of Accidental Death
2. The Policy pays a lumpsum amount to the Insured depending on type of Disablement as per Policy Terms and Conditions
3. The Policy also provides cover for Accidental Medical Expenses allowing the Insured to claim both OPD and Inpatient Medical Expenses
4. Policy provides a 24*7 Worldwide Cover
5. Policy can be issued on Named and Unnamed basis as well

Oriental Insurance Workmen’s Compensation Insurance Policy

The Oriental Insurance Workmen’s Compensation Insurance Policy provides coverage to employers against their legal liability to pay compensation for injury, disability or death caused to employees due to accidents during the course of employment.

Key Features of Oriental Insurance Workmen’s Compensation Insurance Policy

1. Oriental Workmen’s Compensation Insurance Policy covers legal liability of employers under Employees’ Compensation Act, Fatal Accidents Act, and Common Law.
2. The Policy pays compensation for death, permanent total disability, permanent partial disability, and temporary disability of employees.
3. Can extend to cover medical expenses related to treatment of bodily injuries.
4. Key exclusions like contractual liability, war, liability under agreements, etc

Property Insurance Policies Offered by Oriental Insurance Company Ltd

Oriental Insurance Company offers a range of Property Insurance Policies, from SFSP Policy to Bharat Laghu Udyam Suraksha and Bharat Griha Raksha Policy to cater to the requirements of customers.

Oriental Standard Fire and Special Perils Insurance Policy

The Oriental Standard Fire and Special Perils Insurance Policy is a type of Insurance Policy which provides coverage for Loss or Damage to the Insured Property due to fire and allied perils. It covers residential, commercial and industrial properties.

Key Features of Oriental Standard Fire and Special Perils Insurance Policy

1. The Fire Insurance Policy covers loss or damage to Assets due to named Perils like Fire, Lightning, Explosion, Aircraft Damage, Storm, Flood, Earthquake etc.
2. Natural Calamities Like Earthquakes, Storm, Tempest Flood, Inundation can also be covered by paying additional Premiums
3. Loss of rent, start-up expenses, and removal of debris expenses can be covered by opting for Add-On Covers
4. The Sum Insured can be chosen on Reinstatement Value Basis or Market Value Basis
5. Floater Cover available to cover stocks at multiple locations under a Single Insurance Policy.

Oriental Bharat Sookshma Udyam Suraksha Policy

Oriental Bharat Sookshma Udyam Suraksha Policy provides cover for loss or damage to property due to Fire and allied Perils. The Policy is applicable for companies where the Total Value at Risk across all Insurable Asset Classes at one location does not exceed Rs5 crores.

Key Features of Oriental Bharat Sookshma Udyam Suraksha Policy

1. The Insurance Policy covers damage to Building, Machinery, Furniture, Stock etc. due to fire, explosions, natural disasters up to Rs5 crore at a single location.
2. The Policy has built-in covers for expenses like debris removal, start-up costs, professional fees.
3. Minimal exclusions like war, pollution, willful negligence, mechanical breakdown etc.
4. The Policy is suitable for small factories, shops, restaurants, workshops etc.

Oriental Bharat Laghu Udyam Suraksha Policy

The Oriental Bharat Laghu Udyam Suraksha Policy is a type of Fire Insurance Policy which provides coverage against Loss or Damage to property due to Fire and allied Perils. The Policy is applicable for commercial establishments where the Total Value at Risk across all insurable asset classes at one location exceeds Rs5 Crore but does not exceed Rs50 Crore

Key Features of Oriental Bharat Laghu Udyam Suraksha Policy

1. The Policy provides protection against Fire and allied perils, burglary.
2. The Policy can insure a variety of assets such as Buildings, Plant and Machinery, Furniture, Fixtures and Fittings and Stocks.
3. The Oriental Bharat Laghu Udyam Suraksha provides In-built covers for Removal of Debris, Architect’s Fees
4. Option to customize coverage with add-ons like Terrorism, Loss of Rent etc.
5. You can opt for Declaration Policy and Floater Cover for stocks.

Oriental Bharat Griha Raksha Policy

The Oriental Bharat Griha Raksha Policy is a Property Insurance Policy which provides insurance cover for home building and contents against fire and allied perils. It is designed for individual homeowners and residential societies. The Insurance Policy offers coverage under 2 sections: - Home Structure Cover: The Home Structure Cover provides coverage for Physical Loss, Damage, or Destruction of Home Building due to Insured Perils such as Fire, Explosion, Earthquake, Storm, Flood, Landslide etc. - Home Contents Cover: The Home Contents Cover provides coverage for Physical Loss, Damage, or Destruction of the general contents of your home caused by Insured Perils.

Key Features of Oriental Bharat Griha Raksha Policy

1. The Oriental Bharat Griha Raksha Policy covers Structure and Contents including furniture, fixtures, fittings, etc.
2. The Policy provides Optional Add-Covers to cover valuable contents like jewellery, silverware, paintings, works of art etc. on an Agreed Value Basis
3. Multi Year Policy Duration from 1 Year to 10 Years
4. Underinsurance does not apply to the Oriental Bharat Griha Raksha Policy.

Liability Insurance Policies Offered by Oriental Insurance Company Ltd

Oriental Product Liability Insurance Policy

Oriental Product Liability Insurance Policy provides coverage against legal liability of the Insured to pay damages on account of the Bodily Injury and Property Damage caused by an Insured Company’s defective products. The Product Defect may be a Manufacturing Defect or may even be due to faulty packaging, delivery specifications or instructions as to use of the product.

Key Features of Oriental Product Liability Insurance Policy

1. The Oriental Product Liability Insurance Policy covers the Legal Liability for Third-Party Bodily Injury or Property Damage caused due to defects in products manufactured, sold, or distributed by the Insured. The Policy provides Coverage for Defence Costs and Compensatory Damages
2. The Policy provides various add-on covers such as Technical Collaborator’s Liability, Vendor’s Liability, etc.
3. The Policy provides coverage for Claims for all incidents that occur after the Retroactive Date

Oriental Public Liability Insurance Policy

The Oriental Public Liability Insurance Policy provides coverage against legal liability of the Insured to pay damages on account of the Bodily Injury and Property Damage caused on Insured Company’s designated business Premises or resulting from the conducting of the Insured’s Business Operations

Key Features of Oriental Public Liability Insurance Policy

1. Oriental Public Liability Insurance Policy provides coverage for Industrial and Non-Industrial Businesses.
2. The Policy provides coverage for Bodily Injury or Property Damage cause on the Insured’s business pemises. The Policy pays Defence Costs and Compensatory Damages.
3. Policy provides Worldwide Territory and Jurisdiction coverage
4. Policy does not provide coverage for Pollution Liability
5. Various Add-On Covers such as Technical Collaborators Extension, Liability arising out of Transportation available, which enhances Policy Coverage.

Oriental Directors and Officers Liability Insurance Policy

The Oriental D&O Policy provides coverage to the Directors and Officers against liability arising from actions connected to their official corporate responsibilities.

Key Features Of Oriental Directors and Officers Liability Insurance Policy

1. The Oriental D&O Liability Insurance Policy provides coverage for Defence Costs and Compensatory Damages that the directors and officers are legally liable to pay resulting from claims against them for actual or alleged Wrongful Acts.
2. The Policy provides coverage for Claims resulting from all incidents that occur after the Retroactive Date
3. Policy provides Worldwide Territory and Jurisdiction coverage
4. The D&O Policy also offers useful extensions like Discovery Period, Emergency Costs, Reputational Damage Costs etc.
5. The Policy provides cover for Outside Directorships, Non-Executive Directors and Retired Directors as well

Marine Insurance Policies Offered by Oriental Insurance Company

Oriental Specific Voyage Marine Cargo Insurance Policy

The Oriental Specific Voyage Marine Cargo Insurance insures a single transit for any damage to cargo whilst in transit. The cargo owner must purchase a separate Policy for each and every transit. The Policy provides coverage for Loss or Damage to Cargo by Insured Perils such as Sinking, Capsizing, Collision, Piracy, Theft, Jettison, War, SRCC etc.

Key Features of Specific Voyage Marine Cargo Insurance Policy

1. This Policy is applicable for small business owners who do not have very frequent transits.
2. Coverage for a defined journey, ensuring that goods are protected during a specific voyage.
3. The Policy is applicable to multiple modes of transit, including sea, inland waterways, and land transport (road/rail).
4. The Policy Premium depends on voyage route, cargo type, vessel age/type, Sum Insured.

Oriental Marine Open Policy

The Oriental Marine Open Policy provides Insurance Coverage for all cargo shipments taking place withing a year. The Policy is suitable for large companies with frequent cargo dispatches. The Insured has to submit a monthly declaration of all the transits that took place in the previous month under a Marine Open Policy. The Policy eliminates the need to insure each transit separately, thus reducing the hassle of issuing a separate policy for each transit.

Key Features of the Oriental Marine Open Insurance Policy

1. A Marine Open Policy covers all shipments throughout the year; there is no need to issue a separate policy for each and every transit
2. Premium Rate depends on nature of cargo, transit routes, type of conveyance used.
3. Insured has to make periodic declaration of transits taking place to the Insurance Company
4. Certificates are issued under the Marine Open Policy for Individual Transits
5. The Sum Insured under the Marine Open Policy can be increased during the Policy Period

Oriental Marine Sales Turnover Policy (STOP Policy)

The Oriental Marine Sales Turnover Policy covers all the transits, that is Export Sales, Domestic Sales, Imports, Local Purchases, Inter-Factory Movements, Job Worker Movements, Capital Equipment and Container Movements under a Single Policy. The Insured just needs to declare the Sales Turnover of the Company on a periodic basis rather than making a declaration of all transits taking place as done in a Marine Open Policy.

Key Features of the Oriental Marine Sales Turnover Policy

1. The Sales Turnover Policy reduces the administrative hassle of having to provide monthly declarations of each and every transit taking place as in a Marine Open Policyw
2. Sum Insured under the Sales Turnover Policy is determined on the Insured’s estimated sales for the current year.
3. The Policy covers perils like Fire, Collision, Theft, Damage during transit
4. No need for individual declarations per shipment
5. All Risk or Basic Risk coverage as per Institute Cargo Clauses

Engineering Insurance Policies Offered by Oriental Insurance Company

Oriental Contractors All Risk Insurance Policy (CAR)

Oriental Contractors All Risk Insurance Policy provides comprehensive coverage for loss or damage to an under-construction project due to fire, theft or natural disasters. The Contractors All Risks Insurance Policy is a must-have policy for all civil construction projects.

Key Features of Oriental Contractors All Risk Insurance Policy (CAR)

1. The Material Damage Section covers physical Loss or Damage to construction works, materials, and equipment at the project site due to Perils such as fire, theft or natural disasters.
2. The Third-Party Liability Section provides coverage for the legal liability of the contractor for Bodily Injury or Property Damage caused to third parties because of work conducted on the site.
3. Add-on covers available like Surrounding Property, Debris Removal, Third Party Liability, Escalation Costs, Air Freight, Extended Maintenance, Customs Duty.
4. On-Site and Off-Site Protection: Coverage extends to materials and equipment that may be stored on-site or at off-site locations.

Oriental Erection All Risk Insurance Policy (EAR)

The Oriental Erection All Risk Insurance Policy provides coverage for risks associated with erection and installation machinery and equipments.

Key Features of Oriental Erection All Risk Insurance Policy (EAR)

1. Material Damage Section: The Material Damage Section of an EAR Insurance Policy provides coverage against the following risks:
   • Location Risks: Fire, Lightning, Theft and Burglary
   • Operation Risks: Insulation Failures, Short Circuit, Explosions etc.
   • Human Risks: Negligence, Carelessness
   • Natural Calamities: Storm, Floods, Earthquakes etc.
2. Third-Party Liability Section: The Third-Party Liability Section of the Oriental Erection All Risk Insurance Policy provides coverage for the legal liability of the contractor for bodily injury or property damage caused to third parties because of work conducted on the site.
3. The Policy commences from the arrival of the first consignment at site and ends on successful commissioning of the project or expiry of the policy period, whichever is earlier

Miscellaneous Insurance Plans offered by Oriental Insurance Company

Oriental Event Cancellation Insurance Policy

The Oriental Event Cancellation Insurance Policy provides comprehensive coverage for Event Cancellations due to unforeseen disruptions. The Policy provides reimbursement for Insured Expenses, which are budgeted and declared by the Insured and incurred directly on account of the Insured Event. This Insurance is critical for Event Organizers looking to mitigate financial risks associated with the cancellation, postponement, or other interruptions of their events.

Key Features of Oriental Event Cancellation Insurance Policy

1. The Oriental Event Cancellation Insurance Policy offers indemnity for Losses resulting from the cancellation, abandonment, postponement, interruption, curtailment, or relocation of the insured events due to covered perils.
2. The Policy also covers additional costs incurred by the Insured to mitigate the loss, as long as these costs do not exceed the amount of the loss being mitigated.
3. Wide Range of Events such as Corporate conferences, Weddings, Live concerts, Trade Shows, Sport Events, Award Functions can be covered under the Oriental Event Cancellation Insurance Policy

Oriental Jewellers Block Insurance Policy

The Oriental Jeweller’s Block Insurance Policy provides coverage to Jewellers for Losses due to Fire within Premises, Theft or Burglary within Premises or Losses which occur when the Jewellery Stock is in Custody of Directors, Employees, Brokers, Sorters etc.

Key Features of Oriental Jewellers Block Insurance Policy

1. The Policy provides coverage under Multiple Sections:
   • Section I: Covers loss or damage to property while located at the Insured Premises or other specified locations.
   • Section II: Provides coverage for property in transit, ensuring protection during distribution.
   • Section III: Focuses on loss or damage while the property is being transported within specified geographical areas.
   • Section IV: Extends coverage to office furniture, fixtures, and equipment used in connection with the jeweller’s business.
2. Exclusions: The Policy excludes losses due to wear and tear, theft by employees, and losses occurring during public exhibitions unless specifically covered.
3. Additional Covers such as Infidelity of Employees or Third Parties, Coverage for stocks whilst in transit or whilst being displayed at exhibition are also available

Purchase Oriental Insurance Policies with Qian!

Qian is a licensed Insurance Broker with the Oriental Insurance Company. We can assist you with all Insurance Policies as well as the entire Claim Settlement Process with Oriental Insurance Company. Get a Quote for Oriental Insurance Company’s Insurance Policy with Qian at insurance@qian.co.in or call us on 022-35134695. We would be glad to assist you.