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Oriental Overseas travel insuranceOriental Insurance Overseas Travel Insurance is today one of the leading Government Owned general insurance players in India with a lot of focus on both retail and group insurance products. Today the Oriental Insurance Travel health insurance premium is one of the most competitive in the market across all their plans apart from being competitive in their benefit structure.The Oriental Insurance Company Ltd. travel insurance was incorporated at Mumbai on 12th September 1947.
The Company was a subsidiary of Life Insurance Corporation of India from 1956 to 1973 ( till the General Insurance Business was nationalized in the country). In 2003 all shares of our Company held by the General Insurance Corporation of India were transferred to the Central Government.
Oriental specializes in devising special covers for large projects like power plants, petrochemical, steel and chemical plants. The Company has developed various types of insurance covers to cater to the needs of both the urban and rural population of India in the retail customer segment. The Company has a technically qualified and competent team of professionals to render the best customer service.
Oriental Insurance with its Head Office at New Delhi has 30 Regional Offices and nearly 1800+ operating offices in various cities of the country. The Company has overseas operations in Nepal, Kuwait and Dubai and has a total strength of around 13500 employees.
From less than a lakh at its inception, the gross premium went up to Rs.58 crores in 1973 and at the end of the year 2017-18 the premium figure stood at Rs.11,452 crores.
USD 50,000 to 5,00,000
89.1%
110%
14,257
18,530
* As per IRDAI report | ** As per NL25 data published on the Insurance Company website
Under its umbrella of Retail products, it has a satisfactorily comprehensive Overseas Travel Insurance product, which is backed up by efficient claims and service. Its Travel product portfolio include:
Oriental Insurance offers 5 plans under this product with sum insured ranging from $15,000 under the Asia Plan (Plan K) to $500,000 which is an Including America and Canada plan. There are two plans for Worldwide Excluding USA & Canada (Rest of the World) and two plans for Worldwide Including USA & Canada.
| Sr.No | Benefits (all in $USD) | Business and Holidays (B&H) | ||||
|---|---|---|---|---|---|---|
| Plan A1 | Plan A2 | Plan B1 | Plan B2 | Plan K | ||
| Worldwide excluding USA & Canada | Worldwide including USA & Canada | Short term Asia Cover | ||||
| 1 | Illness Cover * | 50,000 | 2,50,000 | 1,00,000 | 5,00,000 | 15,000 |
| 2 | Medical Evacuation & Repatriation * | 50,000 | 2,50,000 | 1,00,000 | 5,00,000 | 15,000 |
| Deductible for Illness & Medical Evacuation and Repatriation | 100 | 100 | 100 | 100 | 50 | |
| 3 | Accident Cover * | 10,000 | 25,000 | 25,000 | 25,000 | 7,500 |
| a. Accident Cover for persons less than 16 years restricted to | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | |
| 4 | Dental care due to accident * | 50,000 | 2,50,000 | 1,00,000 | 5,00,000 | - |
| 5 | Dental services for immediate pain relief | 225 | 225 | 225 | 225 | 225 |
| 6 | Loss of Checked baggage | 1,000 | 1,000 | 1,000 | 1,000 | - |
| 7 | Loss of Passport | 150 | 250 | 150 | 250 | - |
| 8 | Delay in Checked baggage over 12 hours in outbound international flights | 100 | 100 | 100 | 100 | - |
| 9 | Personal Liability for third party property damage and accidental bodily injury | 2,00,000 | 2,00,000 | 2,00,000 | 2,00,000 | - |
| 10 | Hijack Distress Allowance | $125/ day max $1000 | $125/ day max $1000 | $125/ day max $1000 | $125/ day max $1000 | - |
| 11 | Hospital Daily Cash Allowance | $20/day max $200 | $20/day max $200 | $20/day max $200 | $20/ day max $200 | - |
| 12 | Trip Delay Allowance | $25/day max. $ 250 | $25/day max. $ 250 | $25/day max. $ 250 | $25/day max. $ 250 | - |
* The limits of cover will be restricted as per policy schedule if policy is taken without medical examination and also for persons above 70 years.
Oriental Insurance also has travel insurance plans specific to the Employee and Student categories…this is essentially to cater to persons going abroad for long term employment or for students travelling abroad for their higher studies. They have two plans for worldwide travel which includes USA & Canada and one plan for the Excluding USA & Canada (Rest of the World)
| Sr.No | Benefits (all in $USD) | Employment & Studies (E&S) | |||
|---|---|---|---|---|---|
| Plan D1 | Plan D | Plan C | |||
| Worldwide excluding USA & Canada | Worldwide including USA & Canada | Deductible | |||
| 1 | Illness Cover * | 5,00,000 | 1,50,000 | 1,50,000 | 100 |
| 2 | Medical Evacuation & Repatriation * | 5,00,000 | 1,50,000 | 1,50,000 | 100 |
| a. Limit per family | 10,000 | 10,000 | 10,000 | - | |
| b. Medical emergency reunion | 5,000 | 5,000 | 5,000 | - | |
| 3 | Dental care due to accident | $ 100 per natural tooth max.$500 per injury | 100 | ||
| 4 | Loss of Checked baggage | 1000 | - | - | 100 |
| 5 | Delay in Checked baggage over 12 hours in outbound international flights | 100 | - | - | - |
| 6 | Hijack Distress Allowance | $125/ day max $1000 | $125/ day max $1000 | $125/ day max $1000 | 24 Hours |
| 7 | Hospital Daily Cash Allowance | $20/day max $200 | $20/day max $200 | $20/day max $200 | 24 Hours |
| 8 | Trip Delay Allowance | $25/day max. $250 | $25/day max. $250/td> | $25/day max. $250 | 12 Hours |
| 9 | Contingency Insurance for sponsored students - for death & PTD. Compensation per month for each month of completed study | $750 | $750 | $750 | - |
* The limits of cover will be restricted as per policy schedule if policy is taken without medical examination and also for persons above 70 years.
| Death Benefit |
On death of the life insured during the term of the policy, the following benefits will be paid:
* Annualised Premium includes extra premium (if any) but excludes all taxes, cesses and levies as imposed by the Government from time to time and any loadings for modal premiums and remains same irrespective of the premium payment mode. |
| Maturity Benefit | Payable on Maturity of the Policy Total Maturity Benefit = Guaranteed Maturity Benefit + Accrued Paid Up Additions (if any) + Terminal Bonus (if any) where, Guaranteed Maturity Benefit = Guaranteed Maturity Sum Assured |
| Surrender Benefit | The policy can be surrendered only after the policy has acquired a Surrender Value. The Surrender Value will be equal to higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV). |
| NonForfeiture Benefit - Reduced Paid Up (RPU) |
Once the policy acquires surrender value as mentioned above, by default the policy will become RPU in case of non-payment of any due premium. The Guaranteed Maturity Sum Assured will be reduced using the proportionate premiums method as mentioned below. Reduced Paid Up (RPU) Sum Assured = (Total Premiums Paid less Extra Premium (if any) less Rider Premium (if any)) / Total Premiums payable less Extra Premium (if any) less Rider Premium (if any) X Guaranteed Maturity Sum Assured This will also impact the Death Benefit and Maturity Benefit. Kindly refer the prospectus for more detailed working. |
| Terminal Illness Benefit | While this Policy is in force (including RPU mode), should the Life Insured be diagnosed to be suffering from a disease which, in the opinion of a Medical Practitioner and the concurrence of Company’s appointed doctor, is likely to lead to the death of the Life Insured within six months from the date of such certification from the Medical Practitioner, the Company shall, at the Policyholder’s request, pay the Benefits to the Life Insured under this policy as follows:
|
| Loan Facility | Policy loans will be available under this product subject to a maximum of 50% of Special Surrender Value as per existing Terms and Conditions of policy loans at Max Life Insurance. The company will charge an interest rate on the loan, currently 11% p.a. compounded annually. The minimum loan amount that can be granted under the policy at any time will be ₹10,000. |
You can buy insurance online by using a credit/debit card, direct funds transfer using NEFT or RTGS or by using a cheque.