Oriental Insurance Company Ltd

One of the most reputed insurance companies in India, the Oriental Insurance Company Ltd was established back in the year 1947, the year India got independence from foreign rule. The company is owned by and is a subsidiary of Oriental Government Security Life Assurance Company Ltd. Later, Oriental became a subsidiary of LIC or Life Insurance Company of India (1956-1973) as well. As of now, the company is fully owned by the Central Government of India.

Oriental Insurance has today 31 major regional offices that are located across the 28 states of India. The company also has 1800+ operating branch offices and employs more than 14, 000 people. The company has never seen a loss. From its modest beginnings (got a premium amount of Rs 99, 946) in the year 1950, the company attained an insurance premium figure of Rs 58 crores back in 1973. In the financial year 2015-16, the premium of the company rose to INR 8, 611 crores.

As of now, the product portfolio of the company includes health insurance, motor insurance (including insurance for 2 wheelers and 4 wheelers), personal accident insurance, policies for householders and shopkeepers, agriculture insurance policies, business related policies for corporates, and aviation and marine related insurance policies among others. The various health insurance policies of the company are given below along with their salient features and brief descriptions.

Oriental Insurance Policy Details

  • Cashless hospitalization facilities in network hospitals
  • Re-imbursement if treatment is obtained from a non-network hospital
  • Cover extends to family members as well
  • Relevant medical expenses before and after hospitalization can be claimed
  • Cumulative bonus buffer
  • Daily allowance of hospital cash for hospitalization exceeding 24 hours
  • Re-imbursement of health check-up and ambulance charges
  • Payments made towards health insurance are eligible for tax deduction
  • Critical care benefit under certain plans

Oriental’s Mediclaim Policy for the individuals and groups

The Mediclaim policy covers the hospitalisation and other allied expenses related to the treatment of both illnesses and injuries. It is available for both individuals and families. You can insure children up to 18 years of age and spouse, parents and/or parents-in-law and the unmarried siblings as well.

  • Sum insured varies between INR 1 Lac to a maximum of INR 10 lacs
  • Daily cash coverage of hospitalisation occurs for a time period of more than 2 days
  • Option towards a personal accident cover (with sum insured varying between INR 2 lacs to a maximum of INR 10 lakhs)
  • No medical check-up is required to buy the policy if the age of the policy buyer is below 55 years
  • Coverage towards room/boarding/nursing expenses, ICU expenses, fees of physicians and specialists, expenses made towards medicines/blood/oxygen, dialysis/chemotherapy/pathological tests/radiotherapy/ OT charges
  • Coverage of all pre (up to 30 days) and post (up to 60 days) hospitalisation expenses
  • Adjustment of premium at the time of renewal, so that policy gets more affordable for the buyer
  • A discount of 10% on premium if the policy covers other (at least 1) members of the family as well
  • If the buyer does not opt for the TPA services, the policy premium reduces by 5.5%
  • A free look period of 15 days, so that you can return the policy if you are not satisfied by its conditions

Entry age

The policy is available to all those who have their age lying between 18 and 65 years. Entry age can be extended to a maximum of 70 years by paying an additional premium of 10%.

Oriental’s Mediclaim for Groups

The Oriental Health Insurance Mediclaim policy and its benefits are also available to the members and employees of the corporate bodies, associations, institutions and groups that have at least 50 members.

Oriental’s HOPE or Health of Privileged Elder health Insurance policy

The HOPE health insurance policy has been tailor-made for the elders and senior citizens. The policy covers several diseases and illnesses related to the old age and is also quite affordable.

The prominent features of the policy include:

  • Coverage towards accidental injury, knee replacement surgery, treatment of diseases including the cardiovascular diseases/chronic renal failure/cancer/ stroke/orthopaedic diseases/certain lung disease and ophthalmic diseases among others
  • Coverage towards room/boarding/nursing expenses, ICU expenses, ambulance charges/fees of medical practitioners and expenses related to treatment like blood/oxygen/radiotherapy/chemotherapy/artificial limbs, medicines/dialysis and the medical devices like the pacemaker.

Other highlights of the policy are:

  • Designed specifically for those above 80 years of age
  • Sum insured varies from 1 lacs to a maximum of 5 lacs
  • NCB or “No Claim Discount” availability of the TPA services

Oriental’s Overseas Mediclaim Policy

Oriental health insurance also has in its portfolio the Overseas Mediclaim policy that offers financial security when one plans to travel overseas. The policy is for the professionals who plan to work abroad, for students who wish to study in international universities and for corporates, families and individuals who plan to visit foreign countries as part of their holiday tour. The policy

offers coverage towards:

  • Personal accident
  • Loss of checked baggage and/or passport
  • Delay in receiving the checked baggage
  • Personal liability

Oriental Happy Cash Policy

While there are many policies that provide for coverage of expenses related to hospitalisation, there are only a few that provide hard cash for the other allied expenses that one has to bear in times of getting treatment for injuries and diseases. The Oriental Happy Cash health insurance policy combines with a proper health insurance policy to offer a comprehensive cash coverage. The policy provides for financial security towards the out-of-pocket expenses and is available to all those who have their age lying between 18 to 75 years.

The daily cash benefit can range from INR 500 to a maximum of INR 3, 000 depending on the policy variant that one chooses. The choices are also towards the hospitalisation period that can be either 30 days or 60 days.

Oriental’s Pravasi Bhartiya Bima Yojana (BMMY)

Those working abroad can reap the benefits of the Oriental Pravasi Bhartiya Bima Yojana policy when they meet an injury or accident while being employed and working abroad. The policy offers a sum insured of INR 10 lacs that extend towards accidental injuries, permanent disabilities and death. This NRI policy is for those who have age lying between a minimum of 18 to a maximum of 60 years

Oriental’s Jan Arogya Bima Yojana

The Jan Arogya Bima Yojana is a policy for the masses and has been consciously made more affordable so that health insurance does not prove to be a financial burden for the common man. The policy offers a sum insured of a maximum of INR 5000 for all those who are insured under the policy, and it is available to both individuals and families. The maximum entry age of the policy is 70 years.

The PNB Oriental Life Insurance Policy

The health insurance policy from Oriental is only available to those having an account with the PNB or the Punjab National Bank or those who are employed with the bank. The policy is available for both individuals and families. It covers expenses made towards the treatment of diseases, illnesses and injuries.

Oriental health insurance also offers the cashless bill settlement facilities. The Oriental health insurance hospital network list will help you know where you can avail cashless treatments after purchasing the health insurance policy from the company. Other unique advantages associated with the health policies offered by the Oriental health insurance company are the availability of the portability option and lifelong renewability, which makes the policy more affordable. Oriental insurance Mediclaim renewal facility is available online, while you can always buy the policies online as well.

For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.

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