Oriental General Insurance Company
Oriental Insurance Company Limited Overview
The Oriental Insurance Company Limited was established in 1947 in Mumbai. The organisation was completely owned by the Oriental Government Security Life Assurance Company Limited. The firm was formed to continue with the general insurance business. The general insurance company became a subsidiary from 1956 to 1973 of Life Insurance Corporation of India, till the time general insurance business got nationalised in India. During the year 2003, all the shares of Oriental insurance company which were held by the general insurance corporation of India were all transferred to the Central Government.
The Oriental Insurance Company Limited tends to operate its business smoothly and in an organised manner. The experienced and trained workforce of the firm is its strength which follows several disciplines and expertise. The company is highly specialized in offering insurance covers for huge projects such as power plants, chemical plants, steel and petrochemical. The general insurance organisation has built several types of insurance policies to cater to the requirements of rural as well as the urban population of the country. The insurance company boasts to render excellent customer support due to being equipped with a qualified and experienced staff.
Oriental Insurance Company Limited Statistics
The head office of Oriental Insurance Company is in New Delhi, but it has 29 regional offices and more than 1,800 operating offices in different cities of the nation. The general insurance company has got its operations in several countries like Nepal, Dubai and Kuwait with its strength of more than 13,500 professionals. The major objective of the insurance company was to serve its clients with its robust traditions that have been built over the years. Here are some more achievements of the firm that it has gained with its strategy and performance:
Claim Settlement Ratio
Oriental Insurance Company Limited Financials
Oriental Insurance Company has grown to a substantial level in terms of Gross Direct Premium, where it gained around Rs.13,200 crores for the financial year 2018-19, that too with an accretion of Rs. 1,748 crores, which computes the growth rate for around 15.26% in comparison to the previous years. The general insurance company has completed the earning of Rs.13,485 crores for the financial year 2018-19 compared to Rs. 11,737 crores for the financial year 2017-18.
Why Should You Choose Oriental Insurance Company Plans?
Oriental Insurance Company comes with diverse types of features, which provides the great benefits to its policyholders that they can avail while using its insurance covers. Following are some attractive points of the insurance firm:
Online Renewal Policy
The Oriental Insurance Company allows its policyholders to renew their insurance policies online. The renewal process of the company requires its customers to enter the existing policy number and then modify or confirm the policy details. After this, the payment for the new insurance premium will make the policy renewed.
Range of Insurance Products
The general insurance company offers a wide range of insurance products and services to its customers which comprise motor insurance, health insurance, personal accident insurance, shopkeeper insurance, household insurance, engineering insurance, agriculture insurance, marine insurance and so on.
Exceptional Claim Settlement
The system of claim settlement is exceptionally well at the Oriental Insurance Company. The company professionals are quite active and experienced who enable prompt settlement of claims after receiving the required details and documents from the policyholders. Due to such a smooth process, the claim settlement ratio of the company was registered 90.13% for the financial year 2018-19.
Awards and Achievements of Oriental Insurance Company Limited
Oriental Insurance Company has bagged several recognitions to its name with its offerings and performances. Some of the awards and achievements got by the company at prestigious platforms are:
- Best Financial Institution Awards
- Best General Insurance Company – Public
Oriental Insurance Company Product Portfolio
Oriental Motor Insurance Policy
The motor insurance plans offered by the Oriental Insurance Company are divided under different segments which are private car insurance policy and two-wheeler insurance policy. The insurance plan offers coverage against the accidental loss or damage, man-made calamities and natural disasters incurred by the insured bike or car. The motor insurance policy provided by the company also covers the liability towards the third parties as well as the personal accident cover to the owner-driver. In addition to these, different types of add-on covers are also available to enhance the coverage of motor insurance plans, which can be availed by paying a little extra amount of premium.
Oriental Health Insurance Policy
Oriental Health Insurance Plans are designed to cover the medical expenses that may arise during the time of emergency. Different health insurance plans offer coverage for different persons such as individuals, family, senior citizens, children, parents-in-laws and so on. The coverage is given for in-patient hospitalisation, pre hospitalisation and post hospitalisation, daycare procedures, domiciliary hospitalisation, ambulance charges and so on. The insurance plans provided by the general insurance company are Happy Family Floater Policy, Oriental Mediclaim Policy, Oriental Super Health Top-Up Policy, Oriental Happy Cash Policy, Group Mediclaim Policy and so on. The company makes all its health insurance covers available at affordable prices.
Oriental Shopkeeper Insurance Policy
The Shopkeeper Insurance Policy provided by the Oriental Insurance Company gives coverage to all the possible risks and perils which are faced by different types of small as well as medium sized business houses and shop owners. The insurance plans are meant to provide overall protection to the property and the assets and belongings of the insured person in the business venture. The coverage offered with this insurance plan is for damages and losses sustained by the shops or business buildings due to fire, breakdown of electrical equipment, business interruption, personal accident, accidental external means and so on.
Oriental House Holder Insurance Policy
Home is not just a place but an emotion for everyone. This makes the Oriental House Holder Insurance Policy quite special as it is designed to ensure comprehensive protection against loss and accidental damages suffered by the building as well as its contents caused by multiple risks such as fire, house breaking, loss of baggage, personal accident, public liability, damages to personal Computer and laptop, and so on. The house holder insurance plan can be bought and renewed online with the digital facility by registering on the Oriental Insurance Portal and making the payment online through debit card, credit card or net banking.
Oriental Rural Insurance Policy
The Oriental Insurance Policy offers the rural insurance plan with Pradhan Mantri Fasal Bima Yojana (PMFBY). This is an insurance plan which owns an objective to support sustainable production in the agriculture industry by providing financial assistance to farmers who are badly suffering due to the damage or loss of crops caused by unforeseen events. The policy also aims to stabilise the farmer’s income by helping them adopt modern and innovative agricultural tools and practices. This rural insurance policy is mandatory to own by loanee farmers who have obtained crop loans for notified crops and voluntary for non-loanee farmers that hold secured interest in the insured crop.
Oriental Insurance Company Distribution Network
Oriental Insurance Company consists of 1,935 offices that comprise 361 Divisional Offices, 30 Regional Offices, 970 Business Centres, 501 Branch Offices, 28 Service Centres and 43 Third Party Hubs in addition to HO and OSTC, which all are highly committed to secure the people of the country with its insurance plans. These general insurance company offices acquire more than 12,544 staff members which can be subdivided into 659 Development Officers, 325 Marketing Officers, and over 46,000 agents who are dedicated to help the company in laying a strong foundation over the years.
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Oriental General Insurance FAQs
How can I download the insurance policy of Oriental Insurance Company?
The insurance policy offered by the Oriental Insurance Company can easily be downloaded by signing in its online portal at www.orientalinsurance.co.in. At the portal, you can easily search for your insurance plan to download it. After requesting the link for your insurance plan, a policy download link will be sent to the email address that was provided during the insurance policy procurement. With the given link, you can download the policy with a click.
What is the Claim Settlement Ratio of the Oriental Insurance Company?
The Oriental Insurance Company has got an impressive Claim Settlement Ratio (CSR) of 90.13% for the year 2018-19.
What insurance products are rendered by the Oriental Insurance Company?
Oriental Insurance Company delivers a range of insurance products like Motor Insurance, Health Insurance, Household Insurance, Shopkeeper Insurance, Rural Insurance, Personal Accident Insurance, Marine Insurance, Engineering Insurance, Nagrik Suraksha Policy, etc.
Can I renew my Oriental Insurance Company online?
Yes, you can online renew your insurance plans offered by Oriental Insurance Company. You just need to enter the policy number of the existing plan and pay for the policy premium after making the required modifications in the insurance plan.
What is the contact number of Oriental Insurance Company?
The toll-free number of the Oriental Insurance Company is 1800-118-485 and its email address is email@example.com.