The Oriental Insurance Company Limited (Complete Details)

The Oriental Insurance Company Limited (OICL) is a public sector general insurance company in India. It is one of the four companies that were created in 2000 by the Indian government to provide insurance coverage to citizens and businesses. In this article, you will get to know about oriental insurance company limited.

OICL offers a wide range of insurance products, including health, motor, fire, personal accident, marine, and more. It has a network of branch offices across India and is headquartered in New Delhi. The company is fully owned by the Indian government and is overseen by the Insurance Regulatory and Development Authority of India (IRDAI).

When Was the Oriental Life Insurance Company Limited Established

The Oriental Insurance Company Limited was established on September 12, 1947. It was one of the five insurers that were nationalized in India in the year 1956, and it continues to be fully owned by the Indian government.

How Do I Check the Status of My Oriental Insurance Claim

Here are some of the simple steps you can follow to know your Oriental Health Insurance status.

1. Visit the official website of the Oriental Health Insurance Company Limited.
2. Click on the Claim Status tab on the home page. Here are two TPA links: TTK Healthcare Services and Raksha TPA. click these links.

For example, if you click on the “Raksha TPA” button, it will take you to another window.

3. On this page, you will see some options. So scroll down the page and you will see Web Enabled Services.
4. Under this heading, you should click on Real-Time Status to get real-time information about your billing, ID card, and cashless status.
5. The page will show 4 options where you can select the Get Billing Status option. It redirected to another page.
6. Under Claim Details Search, you will need to enter key credentials/details such as Oriental Insurance Member ID, Claim Number, Employee Number, Policy Number.
7. After entering all the information, click Submit. you will get your oriental health insurance policy status will be displayed on the screen.

How Do I Download an Insurance Copy

It’s always a good idea to keep a copy of your insurance policy for your records, it’s important to have a copy of your policy on hand in case you need to file a claim or make any changes to your policy in the future.

To download a copy of your insurance policy from Oriental Insurance, you can follow these steps:

1. Visit the official website of Oriental Insurance.

2. Click on the “Customer Service” tab and select “Download Policy”

3. Enter your policy number and other relevant details as prompted.

4. Verify your identity by providing a valid email address and mobile number.

5. Click on “Download” to download a copy of your insurance policy.

Pro Tip: you can also contact the customer care center of Oriental Insurance and ask them to email or mail a copy of your insurance policy to you. They may ask for some identification proof and your policy number to confirm your identity.

What Is Meant by Oriental Insurance

Oriental Insurance refers to Oriental Insurance Company Limited, which is a public sector general insurance company in India. It was established in 1947 and is one of the four companies that were created in 2000 by the Indian government to provide insurance coverage to citizens and businesses. OICL is fully owned by the Indian government and is headquartered in New Delhi. The company offers a wide range of insurance products, including health, motor, fire, personal accident, marine, and more. It has a network of branch offices across India and is overseen by the Insurance Regulatory and Development Authority of India (IRDAI).

Oriental Insurance is a government-owned company that provides various types of insurance coverage to individuals and businesses in India.

What Is the Claim Settlement Ratio of Oriental Insurance

The claim settlement ratio (CSR) is a measure of how many claims an insurance company settles compared to the total number of claims it receives. A higher claim settlement ratio indicates that an insurance company is more likely to settle claims.

Oriental Insurance Company Limited’s claim settlement ratio for the financial year 2020-2021 is about 86.73%. This is a good indicator of the company’s performance in settling claims. However, it’s important to note that the claim settlement ratio can vary from year to year and it’s advisable to check the latest numbers before you make a decision on purchasing a policy from any company.

It’s also important to keep in mind that the Claim Settlement Ratio is just one factor to consider when choosing an insurance company. Other factors such as the quality of customer service, the types of policies offered, and the reputation of the company should also be taken into account.

What Are the Principles of Insurance

The principles of insurance are the fundamental concepts upon which the insurance industry is based. These principles include:

1. The insured must have a financial interest in the property or life being insured. Without an insurable interest, an insurance contract is considered void.
2. Both the insurer and the insured have a duty to disclose all material facts related to the insurance contract. Failure to do so is considered a breach of the principle of utmost good faith.
3. The loss must be the direct result of the cause that is insured against. If the loss is caused by something other than the insured event, the insurer is not liable to pay the claim.
4. The principle of indemnity states that the insured should be put back in the same financial position as before the loss occurred. The insurer will pay no more than the actual value of the loss.
5. If the insurer pays a claim, it is entitled to take over the rights of the insured to recover the amount paid from a third party who may be responsible for the loss.
6. When more than one insurer insures the same property or risk, they are all liable to contribute to the loss in proportion to the extent of their coverage.
7. Both the insurer and the insured have the right to cancel the contract at any time, subject to notice and any penalties specified in the contract.
8. The principle of large number of policyholders states that the insurer can spread the risk by insuring a large number of policyholders. This allows the insurer to spread the risk and reduce the impact of large losses.

Frequently Asked Questions (FAQs):

Is Oriental Insurance a government?

Oriental Insurance is a government-owned company and it operates under the regulations and supervision of the Indian government through IRDAI.

Which company gives zero DEP insurance after 7 years?

All insurance companies offer zero Depreciation (DEP) insurance coverage.

Who is CEO of Oriental Insurance?

The CEO of Oriental Insurance Company Limited is Shri R. K. Gupta. 

Conclusion

Now you got to know about oriental insurance company limited. Oriental Insurance is a government-owned company and it operates under the regulations and supervision of Indian government through IRDAI.

Recommended Articles

Company Registration (2023 Process)

One Person Company Registration (Complete Guide)