The Oriental Insurance Company (OICL) is a cornerstone of India’s public general insurance sector. It’s fully owned by the Government of India and overseen by the Ministry of Finance. Founded in 1947, it caters to millions nationwide. Today, it ranks as the fourth largest non-life insurer in India, backed by sovereign strength.
In a nation that embraces risk—from climate calamities to health emergencies—insurance isn’t optional; it’s essential. Oriental steps in here. It offers a sprawling range of general insurance products: motor, health, home, marine, travel, personal accident, liability, property, engineering—even crop and aviation. It’s a one-stop solution.
Its critical role in rural coverage and public welfare sets it apart. Oriental has a network of 1,500+ branches and 29 regional offices across India . Internationally, it operates in Nepal, Kuwait, and Dubai. That scale gives unmatched reach and expertise.
With advanced digital systems like the INLIAS platform, quick settlements, and strong financial health (B++ rating by AM Best , Oriental is both reliable and agile. For individuals, businesses, and the Government, it’s a trusted partner.
Company Background
Origin and Formation
OICL was incorporated on 12 September 1947 in Mumbai and began operations a few months later . Originally, it was set up to serve general insurance needs post-independence. In the 1950s, it became a subsidiary of LIC until 1973. That year, nationalisation formed GIC and made Oriental a GIC subsidiary .
In 2003, legislation shifted ownership from GIC to the Government of India. Oriental became a Central Public Sector Undertaking—fully backed by the government .
Timeline of Growth
- 1947: Founded in Mumbai.
- 1950: First-year premium recorded modestly.
- 1956–73: Subsidiary of LIC, grows steadily.
- 1973: GIC absorbs general insurers, Oriental expands.
- 2002–03: National identity, government-owned.
- 2008: Reaches ₹4,854 crore in GWP.
- 2022‑23: Surpasses ₹20,434 crore globally .
Today, the company employs 8,281 staff and covers over 85,000 pin codes across India .
Key Milestones & Business Highlights
- Became a GIC subsidiary post-nationalisation (1973).
- Established branches in Nepal, Kuwait, and Dubai by 1960 .
- Built a digital backbone with INLIAS—covering over 1,000 offices .
- Received strong ratings: AM Best B++, CRISIL/ICRA high-grade reliability .
- Crossed ₹20,000 crore in gross premium in FY 2024–25 .
Mission and Vision
- Mission: Provide public-focused, inclusive insurance services. Emphasise access, speed, and trust.
- Vision: To be the most respected non-life insurer, known for professionalism, ethics, nationwide reach, and innovation.
Why Choose Oriental Insurance?
Here are eight powerful reasons to choose The Oriental Insurance Company:
1. Government Ownership – Sovereign Backing
Being 100% government-owned ensures stability. Claims are secure. Customers trust the policyholder-first values, not profit alone .
2. Vast PAN-India Network
With 1,500+ branches, 29 regional offices, and presence in remote areas, Oriental reaches where private insurers often can’t .
3. Rich Product Range
No risk is left uncovered. From general motor and health insurance to specialised areas such as aviation, crop, or engineering—Oriental has a plan for it.
4. Competitive Premiums
Public-sector mandates allow for fair, regulated premiums. This translates into lower costs compared to many private insurers.
5. Strong Digital Framework
OICL rolled out INLIAS, providing seamless policy management and claim processing across 1,000+ offices.
6. High Claim Settlement Ratio
With solid ratings from AM Best, CRISIL, and ICRA, Oriental reliably honors claims. Its solvency ratio is consistently healthy .
7. Public-Focused CSR Initiatives
Oriental actively participates in rural financial literacy, disaster relief, and community insurance schemes. It’s socially engaged.
8. Global Presence
Offices in Nepal, Kuwait, and Dubai provide support for international ventures—extending Indian roots into foreign soil .
Product Portfolio Overview
Below is a look at each major product, including key plans, coverages, and exclusions.
A. Health Insurance
Overview
Oriental provides Mediclaim and Overseas Mediclaim policies. These medical covers help with hospitalisation and overseas healthcare expenses.
Plans
- Individual Mediclaim: Hospitalisation cover for one person.
- Happy Family Floater: Shared cover for family members.
- Overseas Mediclaim: Global medical cover for travelers and expats .
What’s Covered
- Hospital expenses including room and ICU.
- Daycare procedures like dialysis and cataract.
- Pre- and post-hospitalisation (up to 60 days).
- Emergency ambulance charges.
- Pre-defined coverage for AYUSH treatments.
What’s Not Covered
- Pre-existing disease treatment during the waiting period.
- Cosmetic and non-therapeutic procedures.
- Maternity costs (unless add-on).
- Drug/alcohol-related illnesses.
- Non-medical expenses.
B. Car Insurance
Overview
Provides comprehensive and third-party coverage. Includes add-ons like engine protection and zero depreciation.
Plans
- Private Car Package: Own damage + liability + add-ons.
- Third-Party Only: Mandatory liability coverage.
- Commercial Vehicle Cover: For taxis, cabs, and commercial cars
What’s Covered
- Vehicle damage due to accidents.
- Third-party injury or property damage.
- Theft or natural calamities.
- Fire, explosion, self-ignition.
- Optional passenger personal accident cover.
What’s Not Covered
- Driving under influence or without licence.
- Normal wear & tear, mechanical breakdowns.
- Damage during illegal use or racing.
- Engine or electrical failure.
- Depreciation (unless zero-dep add-on).
C. Travel Insurance
Overview
Covers domestic and international travel mishaps. Includes emergency medical, trip delay, lost luggage and more.
Plans
- Asia/Europe/North America Packages: Region-specific cover.
- Domestic Travel: Within India high-value travel coverage.
- Employment & Study Overseas: For students and workers abroad, up to US$75,000 .
What’s Covered
- Medical emergencies abroad.
- Trip cancellation or delay.
- Loss of passport or documents.
- Lost or delayed baggage.
- Personal accident coverage.
What’s Not Covered
- Pre-existing conditions (unless covered).
- Travelling against medical advice.
- Adventure sports (unless added).
- Illegal acts.
- Self-harm injuries.
D. 2‑Wheeler Insurance
Overview
Provides comprehensive and liability-only protection. Optional riders for breakdown and theft.
Plans
- Two-Wheeler Package Policy: Own damage + third-party.
- Third-Party Only: Legal requirement.
- Long-Term Policy: 2–3 year cover rolls .
What’s Covered
- Accidental damage.
- Third-party injury/property damage.
- Theft or burglary.
- Fire, natural and man-made calamities.
- Owner-driver accident coverage.
What’s Not Covered
- Wear, tear, depreciation.
- Mechanical breakdowns.
- Riding under influence or without licence.
- Racing or stunts.
- Damage to tyres (unless add-on).
E. Home Insurance
Overview
Insures house structure and contents. Includes homeowner and tenant protection
Plans
- Householder Policy: Structure, contents, burglary.
- Plate Glass Add-on: Protection for fixed glass installations.
- Pedal Cycle/Baggage Policy: Backup for specific valuables.
What’s Covered
- Fire, explosion, lightning.
- Burglary, theft, housebreaking.
- Glass breakage.
- Personal accident at home.
- Domestic appliance cover.
What’s Not Covered
- Wear & tear, gradual damage.
- War/nuclear/radiation events.
- Willful acts or negligence.
- Pest damage.
- Government seizure or demolition.
F. Personal Accident Insurance
Overview
Compensates accidental death, disability, and injury with capital sum and hospital costs.
Plans
- Individual Personal Accident: Daily living cover.
- Group Personal Accident: For schools, organizations.
- Gramin/Janata/Nagrik Suraksha Policy: Affordable rural accident plans
What’s Covered
- Death from accidents.
- Permanent total disability.
- Permanent partial loss (limbs, sight).
- Temporary disability/hospital stays.
- Funeral/transport costs and education support.
What’s Not Covered
- Illness, disease, natural death.
- DUI/drug-related injuries.
- Aviation, war zones.
- Intentional self-harm or criminal acts.
- Nuclear/radiation exposure.
G. Property Insurance
Overview
Covers fire, allied perils, machinery breakdown, business interruption .
Plans
- Fire & Allied Perils: Core structure and contents.
- Commercial All Risks: Offices, factories.
- Industrial All Risk: Combined for heavy industry.
What’s Covered
- Fire, lightning, explosion.
- Storm, flood, earthquake.
- Burglary, riots, impact damage.
- Machinery breakdown (endorsement).
- Business interruption loss.
What’s Not Covered
- Wear, tear, depreciation.
- Faulty workmanship.
- War/nuclear accidents.
- Wilful loss or neglect.
- Financial losses beyond physical damage.
H. Marine Insurance
Overview
Covers cargo transit both internationally and domestically
Plans
- ICC A/B: International clauses A & B.
- ITC A/B: Inland transport cover.
- Hull & Machinery: Vessel damage and liability.
What’s Covered
- Cargo loss/damage during transit.
- Piracy, collision, shipwreck.
- Loading/unloading risks.
- Jettison and general average expenses.
- Inland or ocean transit.
What’s Not Covered
- Inherent vice or decay.
- Poor packing negligence.
- Delay-based losses.
- Nuclear/war perils unless covered.
- Radioactive contamination.
I. Liability Insurance
Overview
Protects against third-party legal claims and professional liabilities
Plans
- Public Liability: For accidents at insured premises.
- Professional Indemnity: For CA, engineers, doctors, etc.
- Directors & Officers (D&O): Covers management liability.
What’s Covered
- Legal defence costs.
- Third-party bodily injury/property.
- Settlements and awards.
- Fines and emergency legal fees.
- Product liability or regulatory claims.
What’s Not Covered
- Criminal/fraudulent acts.
- Contract-only liabilities.
- Punitive or exemplary damages.
- War/terrorism.
- Employee-related claims under EPF/ESI schemes.
Claims Process
Overview
Oriental Insurance ensures smooth, transparent claim settlement. Both online and offline channels are available.
Step-by-Step
- Intimate: Online portal, mobile, toll-free call.
- Claim Number: Generated instantly.
- Document Upload: Submit bills, FIR, photos.
- Survey: Official investigates damage or loss.
- Approval: Based on policy terms and claim docs.
- Settlement: Cashless or via bank transfer.
- Claim Tracking: Real-time updates via portal or SMS.
They also support grievances and track dispositions under Citizen Charter norms.
Renewal Process
Overview
Renewing policies with Oriental is fast and easy, with auto reminders and one-click renewals.
Step-by-Step
- Reminder: SMS/email 30 days before expiry.
- Login: Portal or mobile app.
- Review Cover: Increase sum, add riders.
- Get Quote: Real-time premium update.
- Pay Premium: Via UPI, cards, net banking.
- Receive e-Policy: Issued instantly via email/app.
- Confirmation: Acknowledgement SMS.
Lapsed policies can also be reinstated online, with no paperwork.
Distribution Network & CSR
Community Engagement & Financial Literacy
OICL conducts workshops in rural and urban India. It educates on crop insurance, road safety, health cover, disaster relief. Over thousands of communities have benefited.
Green Insurance & ESG Strategy
Promotes digital, paper-light policies. Offers eco-conscious covers like solar panel insurance. Invests in green bonds. Focuses on long-term sustainability.
Health & Wellness Campaigns
The “Nagrik Suraksha” and community accident schemes support low-income groups. Free health camps, teleconsultation, and safety awareness form part of their outreach.
Awards & Recognitions
- AM Best B++ rating—solid standing .
- CRISIL / ICRA high safety marks .
- ISO 9001 certified for claim quality.
- Consistently ranked among top 5 public insurers.
- Commended by IRDAI and FICCI for rural initiatives.
These honours highlight Oriental’s commitment to excellence and service.
Final Thoughts:
The Oriental Insurance Company stands tall—rooted in Government trust, expansive in product breadth, advanced in digital sophistication, and deep in social service. From motor mishaps to marine logistics, from health emergencies to rural welfare, it delivers coverage, efficiency, and fairness.
With reliable financials, transparent operations, and pan-India reach, Oriental remains a top choice. Its evolving digital platforms and community focus underscore its vision to be more than just an insurer. For those seeking solid protection backed by Government assurance, choosing Oriental means choosing peace of mind and purpose.
