- About Coverfox
The Oriental Insurance Company Limited was formed at Bombay on 12th September 1947 as a wholly owned subsidiary of the erstwhile Oriental Government Security Life Assurance Company Ltd. The core intent to form Oriental Insurance was to cater the requirement of General Insurance for all the segments of Indian market. Oriental Insurance made a modest beginning with a first year premium of Rs. 99,946 in the year 1950 and since then the Oriental Insurance has pioneered various general insurance products in India and has earned a reputation in the Indian Insurance industry for its smooth and orderly accomplishment of the general Insurance business. During the year 2015-16, Gross Premium stood at Rs. 8611 crores, a mammoth leap from the inception amount which stood at less than a lakh.
Oriental insurance offers individual and industrial based insurance products. Apart from providing insurance to individuals and their families, it also provides products to large corporate and industries like power plants, steel and chemical plants, petrochemical industry etc. OICL also focuses on catering the insurance needs of both rural and urban segment and hence has developed insurance products accordingly.
In 2015-16, Oriental General Insurance earned a Gross Direct Premium Rs. 8611 crores.
The services offered are backed by a highly competent team of professionals to render the best customer service. The head office for the Oriental Insurance Company is located at New Delhi and has more than 31 Regional Offices and more than 1800+ branch offices in almost all the tier-I & tier–II cities of the country. Oriental Insurance has its presence in domestic and international locations. It has expanded globally in cities like Nepal, Dubai and Kuwait. The total manpower strength of the company is about 14,000+ employees.
|Company Name||The Oriental Insurance Company Limited|
|Company type||Public sector|
|Establish Date||12th September 1947|
|Headquarter||New Delhi, India|
|Industry||Insurance, Financial services|
|Operates in||All over India, Nepal, Kuwait and Dubai|
The vision of Oriental insurance is, "To be the most respected and preferred Non-Life Insurer in the markets we operate."
The objective or a mission of the OICL:
Oriental Insurance Company began its operations in 1950 with a first-year premium of Rs. 99,946. And soon, in 1973 the Gross Premium increased to Rs. 58 crores. While, the GDP Income in India during the year 2014-15 (Audited) was Rs.7561.93 crores and the Premium Income outside India was Rs.153.97 crores. The Gross Direct Premium in India and abroad showed a growth of 3.83%. The Net Premium Income (Domestic and Foreign), on the other hand grew by 1.42% to Rs. 6472.39 crores in 2014-15.
Claims Ratio for Financial Year 2017-18:
Oriental Insurance Company offers various types of general insurance such as two-wheeler, car, health, travel, etc. to meet their customer's demand.
To meet the growing need of insurance products, NIC provides different types of general insurance products such as motor insurance, health insurance, travel plans, rural insurance, industrial risk coverage plans, catering individuals and commercial requirements. Each insurance product has variants to meet different needs of different customers.
You can buy Oriental Insurance Policy Online and also pay the premium online with just a few clicks using any of the payment options Visa or Mastercard, Credit and Debit Cards, RuPay Debit Cards, payment through Internet Banking, E-Wallets / Cash Cards, UPI, & IMPS, etc.
You can directly pay OIC at any of their branches nearest to you. Oriental Insurance Company also provides an option of offline payment service for their customers.
Now, you can renew the old-OICL policy and or non-OICL policy and port it to Oriental Insurance. Renewal and premium payment can be done online.
Renew any of your general insurance policy- car, bike, health online. Renewal of the insurance policy online is the simplest way. Renew before your insurance policy expires.
Visit their official website. At the top their website you could see the “RENEW” tab. When you click on the RENEW tab, you will be taken to another webpage, where you have an option to select whether it is an old OICL policy or non-OICL policy. Select accordingly and fill out the rest of the details including policy number, other policy details, and so on. Then, proceed to premium payment. You can pay the premium through Visa or Mastercard, Credit and Debit Cards, RuPay Debit Cards, payment through Internet Banking, E-Wallets / Cash Cards, UPI, & IMPS.
You can port your insurance policy provided by other insurance companies to Oriental Insurance.
You can compare different insurance plans with Oriental Insurance Company plans and port it to OICL.
What kind of policies are available online with Oriental Insurance Company Limited?
You can buy many non-life insurance policies online through Oriental Insurance Company. You can buy general insurance products like two wheeler insurance, car insurance, health insurance, travel plans, etc. online.
How to renew Oriental insurance policy online?
Visit their official website. At the top their website you could see the “RENEW” tab. When you click on the RENEW tab, you will be taken to another webpage, where you have an option to select whether an old OICL policy or non-OICL policy. Select accordingly and fill out the rest of the details including policy number, other policy details, and so on. Then, proceed to premium payment. You can pay the premium through Visa or Mastercard, Credit and Debit Cards, RuPay Debit Cards, payment through Internet Banking, E-Wallets / Cash Cards, UPI, & IMPS.
Why should you buy Oriental Health insurance Policy?
Oriental insurance is one of the oldest insurance companies in India. It completely handled by the Central Government. You can be rest assured about the financial position to fulfill the claim lodged. Furthermore, Oriental Insurance is well-known for claim settlement. The claim settlement ratio of Oriental Insurance is very high, which implies that every legit and genuine claim lodge is settled. Besides, Oriental Insurance Company has a large network of hospitals where all the medical treatment can be done with the help of cashless facility for all the medical treatment expenses incurred subject to policy exclusions.
Why should you buy Oriental Car Insurance Policies?
A third party car insurance is mandatory as per the Indian Motor Vehicles Act, 1988 for all cars plying on Indian roads. However, it just provides third party liability cover. It does not include any coverage for car’s own damage. A comprehensive policy covers both liability cover and car’s own damage. With a comprehensive policy, you stay protected financially even in case of car’s own damage.
How to make a claim with Oriental Insurance Company Limited?
You need to intimate the OICL immediately. Depending on the type of insurance policy, you need to download the claim form or e-claim according to your suitability. According to the type of claim, the OICL will ask for the supporting documents apart from the policy number, the details of the policyholder and/or nominee.