Oriental Insurance

Oriental Insurance

The Oriental Insurance Company Ltd

The Oriental Insurance Company Ltd was established at Mumbai on 12th September 1947. The Company was a wholly owned subsidiary of the Oriental Government Security Life pledge Company Ltd and was constituted to involve made known General Insurance business. Its controller personnel is situated at New Delhi having 26 Regional Offices and near 900+ operating Offices in a variety of cities of India. The Company has overseas operations in countries Nepal, Kuwait and Dubai. The bring in Premium all through 2008-09 time stood at a fine whole of Rs. 4077.90 crores. The Company is not single IT friendly, other than furthermore equipment savoir-faire. The Oriental Insurance Company has been enjoying the highest rating as of leading Indian credit rating agencies CRISIL and ICRA and has been rated equally B++(Very Good).

Health Insurance Products include:-

- Bhavishya Arogya

- Gramin Accident Insurance

- assemble Insurance Policy

- party Mediclaim Policy

- Jan Arogya Bima

- Universal Health Insurance Scheme

State-run general insurers post 10 percent growth

oriental insurance

The four government-owned non-life insurers - National Insurance, New India, Oriental Insurance and United India - have posted a combined business growth of 10.55 percent for the first half this fiscal.

'The four companies earned a total premium of Rs.9,991.18 crore during the period, up from Rs.9,059.3 crore earned during the first half of 2008-09,' J. Gurumurthy, secretary of All India Insurance Employees Association, told IANS.

Among the four, the city-based United India logged the highest growth rate - 17.55 percent. It earned Rs.2,463.22 crore in the April-September period this year, up from Rs.2,095.49 crore in the like period last year.

However, in terms of volume, the Mumbai-based New India maintained its lead over the other companies, with a premium income of Rs.3,027.63 crore, up by Rs.237.56 crore from the year-ago period.

The New Delhi-based Oriental Insurance earned Rs.2,307.59 crore as compared to Rs.2,009.08 crore in the first six months last fiscal, while the Kolkata-based National Insurance earned Rs.2,192.74 crore, up from Rs.2,164.66 crore, Gurumurthy added.

National Insurance which logged impressive growth rates during the past couple of years, now dropped to the fourth position, logging a growth rate of meagre 1.3 percent.

Insurance firm told to pay Rs 58,693

oriental insurance

CHANDIGARH: UT consumer forum directed Reliance General Insurance Company Limited to pay Rs 58,693 within 30 days, along with Rs 5,000 as cost of litigation, to Kailash Yadav, a Sector 21 resident.

According to his complaint, Yadav had purchased an insurance policy for his vehicle for a period from January 2, 2008 to January 1, 2009, and paid Rs 6,915 as premium. However, during the insurance period, his vehicle met with an accident. The claim application was forwarded to insurance company, which asked Yadav to furnish consent letter for having accepted Rs 60,000 towards net of salvage or cash loss basis.

The understanding was forwarded to the insurance company on September 18, 2008, on a duly notarised stamp paper. After getting the vehicle repaired, when he demanded Rs 60,000 from the company, it allegedly did not release the amount even after receipt of legal notice. This forced Yadav to file a complaint before consumer forum on account of deficiency in services.

In its written reply, Reliance General Insurance Company Limited pleaded that after verification and inspection of the records, it transpired that Yadav had opted for 20% as no claim bonus from the insurance company at the time of taking the policy, although he had taken a claim from his previous insurers, ie Oriental Insurance Company and, therefore, his claim was repudiated.

After hearing the pleas of both sides, the forum, led by Jagroop Singh Mahal, held, “The insurance company was well aware that earlier the vehicle was insured with Oriental Insurance Company Limited and before issuing the policy in favour of Yadav, it was its duty to confirm whether the complainant was entitled to No Claim Bonus or not. If the insurance company failed in its duty to confirm this fact and issued the policy giving No Claim Bonus to Yadav, then he cannot be penalised for the inaction on the insurance company’s part.”