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Oriental travel insurance

Oriental Overseas Travel Insurance online

Oriental 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 wholly owned subsidiary of The Oriental Government Security Life Assurance Company Ltd and was formed to carry out General Insurance business. 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.
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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.

Oriental Travel Insurance review

Oriental travel Insurance
Sum Insured
USD 50,000 to 5,00,000
Number of policies issued *
19,077
Claims settlement ratio **
100.69%
Number of lives covered *
19,828
Incurred claims ratio
48%
Policy Wordings
* As per IRDAI report for 2018-19   |   ** As per NL25 data published on the Insurance Company website

Key features of oriental insurance mediclaim policy

  • 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 around gross premium of Rs.58 crores in 1973 and at the end of the year 2017-18 the premium figure stood at Rs.11,452 crores.
  • Travel Insurance Policy covers the medical expenses while the beneficiary is outside the Republic of India and it covers medical expenses both as inpatient as well as outpatient while in a foreign country.
  • The sum insured available ranges from ₹50,000/- to ₹5,00,000/- for Accident & Sickness Medical Expenses.
  • Cashless settlement is provided through our Overseas Services Provider (at present M/s Coris International.).
  • Various Plans under the Overseas Mediclaim Policy are:
    • Business and Holiday Travel cover for individuals.
    • Study Policy for students undertaking studies abroad.
    • Corporate Frequent Policy for Corporates sending their executives abroad.

Oriental Insurance Travel Insurance Policy Covers :

  1. Medical expenses due to Accident or Sickness outside Indian Republic in case of sudden and unexpected sickness or accident as per plan opted.
  2. Continuous treatment expenses in India within 90 days from the time the ailment first occurred abroad based on service provider's (attending medical physician) recommendation.
  3. We also give you a bouquet of benefits like Personal Accident Death cover, Loss of checked in baggage Delayed baggage, Loss of Passport, Personal Liability, Medical Expenses (Repatriation), Hospital daily cash allowance, Hijack distress allowance, Medical repatriation allowance. All these extra benefits are at no extra cost and built in the policy.

Oriental Insurance Overseas Mediclaim Policy Overview

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:


  • International Travel Insurance
  • Employment & Student Travel Insurance
  • Corporate Frequent Flyer Program

International Travel Insurance

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.

Employment & Student Travel Insurance

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.

Benefit Descriptions

Death Benefit On death of the life insured during the term of the policy, the following benefits will be paid:
  • Guaranteed Death Benefitplus
  • Accrued Paid up Additions (if any)
  • Terminal Bonus (if any)
Guaranteed Death Benefit is defined as higher of
  • 11 times the Annualised Premium*
  • 105% of all premiums paid as on the date of death,
  • Guaranteed Maturity Sum Assured
The policy will terminate in case of the death of the Life Insured.
* 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:
  • Up to 50% of the Guaranteed Maturity Sum Assured at the date of intimation (or RPU Sum Assured, if applicable), subject to maximum cumulative amount of ₹10 lakhs under all policies which provide for the Terminal Illness Benefit, then in force with the Company.
The Terminal Illness Benefit paid will be offset from the policy proceeds at the time of termination of the policy (Death, Surrender or Maturity). Terminal Illness benefit can be availed only once during the policy term. During the period of survival of the Life Insured all premiums due shall be paid to keep this policy in force and the bonuses will be paid on the original Guaranteed Maturity Sum Assured.
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.

Claims

  1. For Claims of checked baggage, property irregularity report is essential. Only total loss is covered.
  2. In case of delay in flights and emergency purchase of replacement items, non delivery certificates of airline and proof of purchase is essential.
  3. In case of reimbursement claims, they may be submitted to M/s. Heritage Health, Mumbai for reimbursement after return to India.
  4. In all cases, please inform the office where you have taken the policy to enable them follow up the claim.
  5. Please inform the Policy issuing office regarding the claim within 7 days.
  6. The Third Party Claims Administrator is as below:

    Heritage Health TPA Pvt.Ltd.
    Elite Auto House, 54-A, Ground Floor (Rear Side),
    Behind Crisil House,
    Andheri-Kurla Road, Chakala,
    Mumbai - 400093.

    Tel : +91-22-61273891/ 92/ 93
    Fax : +91-22-61273890
    Toll Free : 1800 224004

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CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2025
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