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The Oriental Insurance Company

History and Overview
The Oriental Insurance Company was incorporated on September 12, 1947 as a subsidiary of Oriental Government Security Life Assurance Company Limited with the objective to carry out the General Insurance business. During the nationalization of Insurance Business in the year 1956, the Oriental Insurance became a subsidiary to Life Insurance Corporation till 1973. After 1973, the company became a part of General Insurance Corporation (GIC) until 2003 when the Central Govt. took over the shares held by General Insurance Corporation of India. The company that registered Gross Premium of INR 99946 in 1950 has disclosed Gross Premium of INR 7282.54 crore in the Financial Year 2013-14. Net Premium Income is reported to be grown by about 15.08% in 2013-14 over previous financial year. Head quartered in New Delhi, The Oriental Insurance operates through thirty regional and 1800 plus operating offices. With its operations expanded in Nepal, Kuwait and Dubai, the company continues to inspire over 14000 employees across.  The company enjoys highest rating by leading Indian credit rating agencies CRISIL and ICRA. 
Management

Present Chairperson

Dr. A.K. Saxena

Former Chairpersons

Sh. T.A. Pai
Sh. K.R. Puri
Sh. D.B. Pande
Participation in PMSBY
The Oriental Insurance has collaborated with several banks to extend Personal Accident Insurance under the initiative Pradhan Mantri Suraksha Bhima Yojna (PMSBY). The holders of Saving Bank Account are entitled to get a cover of INR 2, 00, 000 for annual premium of INR 12. The scheme is likely to benefit poor and neglected section of society.
Insurance Cover Provided by Oriental Insurance
The Oriental Insurance specializes in providing special covers for large scale projects like power plant, petro chemical, steel and chemical plants. Being a public sector company, the Oriental has devised special cover for rural needs, besides its wide range of urban insurance cover. Below is the overview of insurance cover provided by the company as on date.

Most Popular Policies

1.       PNB – Oriental Royal Mediclaim Policy
2.       Motor Policies
3.       Comprehensive Health Insurance Scheme
4.       Electronic Equipment Insurance Policy
5.       Group Mediclaim Policy
6.       Householders Insurance Policy
7.       Individual Mediclaim Policy
8.       Kissan Package Insurance
9.       Motor Cycle Package Policy
10.   Nagrik Suraksha Policy
11.   Office Umbrella Policy
12.   Oriental Bank Mediclaim Policy
13.   Overseas Mediclaim Business and Holiday
14.   Overseas Mediclaim Employment and Study
15.   Pedal Cycle Insurance Policy
16.   Personal Accident – Individual
17.   Private Car Package Policy
18.   Shopkeeper’s Insurance Policy
19.   Swasthya Bima Policy
20.   Sweet Home Insurance Policy
21.   Universal Health Insurance Scheme

Rural Insurance Cover

1.       BHAGYASREE CHILD WELFARE POLICY
2.       CATTLE INSURANCE
3.       CYCLE RICKSHAW INSURANCE POLICY
4.       DOG INSURANCE
5.       FISH IN PONDS (EMBANKMENTS)
6.       INSURANCE OF FISH IN PONDS
7.       GRAMIN ACCIDENT INSURANC
8.       JANATA PERSONAL ACCIDENT POLICY
9.       KHALIHAN INSURANCE PACKAGE POLICY
10.   KISSAN AGRICULTURAL PUMPSET INSURANCE
11.   KISSAN PACKAGE INSURANCE POLICY
12.   POULTRY INSURANCE
13.   RABBIT INSURANCE
14.   PLANTATION/HORTICULTURE INSURANCE
15.   RAJRAJESHWARI MAHILA KALYAN BIMA YOJNA (NEW)
16.   SERICULTURE (SILKWORM) INSURANCE
17.   TEA PLANTATION INSURANCE
18.   UNIVERSAL HEALTH INSURANCE SCHEME

Ø  Health Insurance- Includes Individual, family, group insurance
Ø  Motor Insurance – Includes cover for private two wheeler and four wheeler, and commercial vehicles
Ø  Personal Accident- Covers risk against death, disablement, disease, injury, accident in the age group varying between 5 and 70 years.  Policies are available for both individual and group.
Ø  Professionals- The policy covers risk from professional negligence and hazards. Professionals covered are
ü  Bankers
ü  Directors & Officers,
ü  Exporters
ü  Chartered Accountants/ Financial Accountants/ Management Consultants/ Lawyers/ Advocates/ Solicitors/Counsels
ü  Engineers
ü   Medical practitioners and Establishments
ü   Sports professionals
ü  Stock Brokers.
Ø  Business/ Office/ Traders/ Multiperil- The policy covers various types of risks to business, office, trade. Broad inclusions are
ü  Burglary Policy
ü  Carriers’ Liability Policy
ü  Fidelity Guarantee Policy
ü  Multi Peril Policy for LPG dealers
ü  Third Party Insurance Policy
ü  Shopkeeper’s Insurance Policy
ü  Jeweler’s Block Policy
Ø  Aviation Insurance- Includes risk cover for Aircraft Hull and Spares, Fuelling and Refuelling, Aviation Personal Accident, Loss of License.
Ø  Engineering / Industry- The important risk covers include
ü  Advance Loss of Profit
ü  Boiler Explosion Insurance
ü  Civil Engineering Completed Risks
ü  Fire Policy
ü  Contractors’ All Risk Insurance
ü  Employers Liability Insurance
ü  Industrial All Risks Insurance
ü  Oil and Energy Risks Insurance
ü  Machinery Breakdown Insurance
ü  Public Liability Policy
Ø  Marine Insurance- Covers risk for Hull War and Allied Peril, Advance Loss of Profit, Transit.

Policy for Rural Settlement

Ø  Agriculture/ Sericulture Poultry
Ø  Animals/ Birds
Quick guide to use Oriental Insurance online portal
The Oriental Insurance has successfully integrated its operations with technology. The online portal enables following services to its tech savvy users
1.       View and generate policy documents
2.       Intimate and Track Status of Claims
3.       Buy and renew policies. 

Conclusion
Going by the latest trends, it appears that the four State-owned Insurance Companies have lost market share to private owned insurance companies since last 15 years. However it is also true that due to private sector, the General Insurance industry has seen several reforms in the areas of health insurance that were later included by public sector companies.  Technology has been another challenge that private sectors brought in. Over time, the Oriental Insurance has successfully integrated its operations with technology. As an effect, the buyers can now check policies, calculate premium, buy and renew policies on online portal of company. That said, the company needs to improve its share further to maintain its current position in General Insurance Business market. Experts suggest that Bajaj Allianz could soon be able to displace Oriental Insurance, going by present trends.
References