Oriental Car Insurance

Oriental Insurance Company Ltd. is one of the known faces in the general insurance industry in India. It is a public sector insurance company and offers more than 170 general insurance products including reliable car insurance policies. The company was established on 12th September 1947 and is headquartered in New Delhi.

Shri A. V. Girija Kumar is the Chairman-Cum-Managing Director of the company since May 2017. The company has more than 14,000 working employees and offers 170 insurance products to its customers that include car insurance policies, two-wheeler insurance policies, health insurance policies, home insurance policies, travel insurance policies, and business insurance policies. Car insurance products offered by the insurer include third-party car insurance policies and comprehensive car insurance policies. The insurer offers a wide range of add-on covers like nil depreciation cover, loss of personal effects, alternative car benefit, etc. that can be purchased along with comprehensive car insurance policies. These add-on covers come at an affordable premium.

The company had a modest start in the year 1950 with a premium of a little less than Rs. 1 lakh. However, it recorded a gross premium of Rs 7,282.54 crores in the financial year of 2013-14. Apart from India, it also has overseas operations in Nepal, Kuwait, and Dubai.

The general insurance company has 31 regional offices and over 1,800 branches working actively across the nation. Initially, Oriental Insurance operated as a completely owned subsidiary of Oriental Government Security Life Assurance Company Ltd. Thereafter, for a period of 17 years, i.e.; 1956 to 1973, the company operated as a subsidiary of Life Insurance Corporation (LIC) of India before the nationalization of general insurance business in India.

In 2003, it was de-linked from the parent company and set up as an independent insurance company, the Union Government acquired all the shares of the company from Oriental Insurance Corporation of India. Later in 2018, the Government of India merged Oriental Insurance with National Insurance Company Ltd. and United India Insurance Company.

Oriental Car Insurance

In a bid to provide security to policyholders, Oriental General Insurance provides two types of car insurance policies such as a third party car insurance policy and a comprehensive car insurance policy. The third party is the basic and compulsory car insurance policy to hold while driving, which covers your financial liabilities towards a third party arising after an accident with the involvement of the insurer car, while the comprehensive plan is a policy which is designed to protect the insured as well as his or her car from financial losses and damages after an accident or any mishap such as theft, fire, natural calamity or man-made disaster.

However, to expand the car insurance plan coverage, one can buy add-on covers, by paying a little extra amount of premium, offered by the insurance company to offer safety when hitting the road. The add-on covers provided by the insurer are Nil Depreciation Cover, Loss of Personal Effects, Alternative Car Benefit, Free Benefit of Emergency Service, etc. In addition to these, the insurance company also offers a No Claim Bonus as a reward for completing a policy year without raising any claim on own-damage premium, which policyholders can avail during the renewal of the policy. This discount accumulates with every claim-free year and ranges from 20% to a maximum limit of 50%.

Significant Points of Oriental Car Insurance