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Tuesday, 01 February 2011 14:58

The Oriental Insurance Company Profile

Written by  Yashish Dahiya
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The Oriental Insurance Co Ltd (OICL)


Incorporated in 1947, Oriental Insurance Company is government owned non life insurance company with headquarters in New Delhi. In 1956 when insurance business was nationalized Oriental insurance became part of LIC till 1973. Then Oriental insurance became subsidiary of General Insurance Corporation of India (private) till 2003 when the shares were transferred to the central government.
ICRA, the renowned rating agency has given Oriental insurance iAAA rating indicating ability to pay claims is excellent.

Oriental Insurance Product Portfolio:

 


Motor Insurance: Motor Insurance protects against third part liability as well as provides comprehensive cover in case the vehicle is damaged or stolen. Oriental Insurance has both two wheeler and car insurance.

 


Health Insurance:
Also known as Mediclaim policy, this policy provides heath cover in case you are hospitalized due to some illness. Oriental health insurance plans are Individual Mediclaim policy and Jan Arogya Bima,  


Travel Insurance:
 Oriental insurance has two types of travel insurance- for business & holiday and employment& study. The coverage includes medical expenses incurred during hospitalization because of illness or accident.

 
Home Insurance:
This provides cover for damage to home or loss of contents due to any calamities- natural or manmade.


Personal Accident Insurance: This policy provides lump sum amount on death or disability of the policyholder in case of accident. Nagrik Suraksha, Janata Personal Accident policy and Gramin Accident policy.
Apart from these, Oriental Insurance has aviation, marine, agriculture insurance.

Distribution Network: 


Oriental Insurance has 26 Regional Offices and more than 900 operating Offices in different cities of the country. Oriental Insurance has overseas operations in Kuwait, Nepal and Dubai. The Company has a headcount of around 15,000+ employees and over 35000 direct agents. Most of Oriental Insurance products can be bought online.

Financial Information:
The total premium earned for the half year ended September 30, 2010 was Rs 20,645 million. The profit before tax for the same period is negative Rs 2248 million. A total of 410,753 claims were made during the period out of which 90,322 claims were settled and 914 claims were rejected.

Management:
R K Kaul is the MD of Oriental Insurance.
S Surenther is the Financial Advisor of Oriental Insurance.

Reach Oriental Insurance:
Help Line: 1800 102 6425 (toll free)
Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Source:
http://www.orientalinsurance.org.in

 

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