Oriental Insurance Company Limited
The Oriental Insurance Company Ltd. ( OICL) is one of the four general Insurance companies in India under the aegis of the General Insurance Corporation (GIC) of India. It is one of the oldest Insurance companies and was established in the year 1947. The Company headquartered in New Delhi transacts all kinds of general insurance business ranging from very big projects to small rural insurance covers.
Contact Information(Head Office)
The Oriental Insurance Company Ltd.
A 25/27, Asaf Ali road
New Delhi - 110002
India
Tel: 91 - 011 - 3279221
Fax: 91 - 011 - 327315/ 3267354
Website: http://orientalinsurance.nic.in
Motor Insurance
Suitability
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Insurance of all motor vehicles including commercial vehicles is mandatory under the provisions Motor Vehicles Act, 1988. However, certain special applications of the Act define the limits of usage and requirements of policies.
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One should possess a valid "Act Policy" to use a commercial vehicle in a public place and should include liability of passengers being carried. However, vehicles plying within the private premises of the insured are exempt from getting Act policies, like in the case of vehicles plying in aerodrome premises and in factory premises.
- In case the vehicle is purchased under Hire Purchase agreement, the financiers insist upon a Comprehensive Policy to take care of their interest as collateral security.
Salient Features
- Insurance companies issue Policy A for "Act Risks"and Policy B for Comprehensive Risks under the
Motor Vehicles Insurance.
Policy A ("Act Policy")
- Policy A covers risks required to be covered under the Motor Vehicles Act. It is mandatory that every car owner be covered against Act Risks under Section 146 of Motor Vehicles Act 1988.
- The scope of cover is to pay compensation for death of or bodily injuries to third parties and damage to the property of third parties. While the insured is treated as the first party and the Insurance Company second party, all others would be third parties.
- As per requirements of the Motor Vehicles Act, while compensation for personal injuries to third parties is unlimited, property damage is limited to Rs.6,000 only. This limit can be enhanced on payment of additional premium.
Policy B (comprehensive)
- This policy covers all the risks of Policy A(Act) as well as the loss of or damage to insured's vehicle also.
- The perils covered are:
- Damage to vehicle by accidental external means, fire, lightning, explosion, self-ignition, Burglary Housebreaking
- Riot & strike, malicious acts and terrorist acts
- Earth quake
- Flood, inundation, cyclone etc
- Landslide/ rockslide while in transit by rail, road, air, inland waterways, lift or elevator
- Policy B can be restricted to loss or damage due to fire or theft or both fire & theft in combination with policy A or without
- In case of "Act Policy" + fire or theft, the premium is only 25% of own damage premium + Act Premium
- In case of Act + Fire & theft, the premium is 40% of own damage premium + Act Premium
- These extended covers can be obtained without inclusion of "Act" risks, provided the vehicle is not put to use
- The geographical limits for use of the vehicle is India but the limits can be extended to Nepal & Bhutan without extra premium and to Bangladesh by charging an extra premium of Rs.50 for comprehensive policy and Rs.10/ for Act policies
- Policies can be issued for periods less than one year. In such cases, short period scales are charged, which are higher than pro-rata rates. Long-term policies can be issued for "Act" only risks
- No claim Discount: For every claim free year,the insured is rewarded with discounts in premium up to an extent of 35% (Policy B only). In case of adverse claims, premiums are loaded with Malus.
Benefits
Policy A
- The policy pays compensation awarded by a court of law, for death of or bodily injuries to third parties including passengers being carried and crew engaged for operation and maintenance of the vehicle.
- It also pays damage to the property of third parties up to a limit of Rs. 6,000
Policy B
- This policy covers all the risks of Policy A(Act) as well as the loss of or damage to insured's vehicle also
- Temporary spot repairs and/or towing charges to repair workshop & delivery for repairs up to Rs.1,500 are also paid
Passenger Carrying Vehicles
Four wheeled vehicles with passenger carrying capacity upto 6 (taxis)
| c.c. of engine upto 1500 | c.c.of engine above 1500 | |||
|---|---|---|---|---|
| IEV | OD premium | Act premium+ per passenger | OD premium | Act premium+ per passenger |
| 15,000 | 510 | 622 + @Rs.207 | ------ | ------ |
| 20,000 | 618 | 622 + @Rs.207 | ------ | ------ |
| 30,000 | 833 | 622 + @Rs.207 | 878 | 933 + @207 |
| 40,000 | 1048 | 622 + @Rs.207 | 1093 | 933 + @207 |
| 50,000 | 1263 | 622 + @Rs.207 | 1308 | 933 + @207 |
| 60,000 | 1478 | 622 + @Rs.207 | 1523 | 933 + @207 |
| 70,000 | 1693 | 622 + @Rs.207 | 1788 | 933 + @207 |
| 80,000 | 1908 | 622 + @Rs.207 | 1953 | 933 + @207 |
| 90,000 | 2123 | 622 + @Rs.207 | 2168 | 933 + @207 |
| 100,000 | 2338 | 622 + @Rs.207 | 2383 | 933 +@207 |
| 110,000 | 2553 | 622 + @Rs.207 | 2598 | 933 + @207 |
| 120,000 | 2768 | 622 + @Rs.207 | 2813 | 933 + @207 |
| 130,000 | 2983 | 622 + @Rs.207 | 3028 | 933 + @207 |
| 140,000 | ----- | ------------ | 3243 | 933 + @207 |
| 150,000 | ----- | ------------ | 3458 | 933 + @207 |
- Minimum value for car upto 1500cc is Rs.15,000 and Rs.30,000 for higher capacity
- Intermediary values @ Rs.2.15%
- Electronic and Electrical fittings @ Rs.3.40%
- Risks like Earth Quake, Riot and Strike ; Flood and cyclone; can be opted out for discount
- Policy B can be restricted to Fire only, theft only or Fire and theft with or without Act risks
- Compulsory excess Rs.1000/-.
Other vehicles with carrying capacity exceeding 6 passengers (buses-stage carriage)
| Lisensed passenger capacity | Own damage premium | Act premium + passenger extra |
|---|---|---|
| Upto 18 | Rs.350 + 1.40% of iev | Rs 1443 @ 120 |
| Upto 38 | Rs.450 + 1.40% of iev | Rs 1443 @ 120 |
| Upto 60 | Rs.550 + 1.40% of iev | Rs 1443 @ 120 |
| Above 60 | Rs.680 + 2.25% of iev | Rs 1443 @ 120 |
| Contract carriage operating within a radius of 50 KM from city limits rates | 20% of the above rates | 20% of the above rates |
- Risks like Earth Quake, Riot & Strike &‘Flood &cyclone’ can be opted out for discount
- Policy B can be restricted to Fire only, theft only or Fire & theft with or without Act risks
- Compulsory excess Rs.1500
Documents requirement for various types of Claims
Claim due to Burglary/Theft of Vehicle
- Copy of Claim intimation given to Company together with xerox of policy & premium receipt
- Duly filled Claim Form
- Police Panchanama/First Information Report
- Police investigation report
- Photographs of Damaged Property showing extent of damage &/or video film of loss
- To substantiate quantum of loss, please make available to surveyor/investigator, your stock register, original Bills/ Invoice, cash memos, fixed asset register, bank statement,cash-book/ledger
- Inventory of articles kept in bank-locker
- Driving Licence(DL) Original with xerox copy
- Registration Certificate of Vehicle (RC) (Original with xerox copy)
- Key of vehicle
Damage claim to Private Vehicle (Car/ 2 Wheeler) due to accident
- Copy of Claim intimation given to Company together with xerox of policy & premium receipt
- Name, Address, Phone/Fax No. of Spot Surveyor who visited the site
- Duly filled Claim Form
- Driving Licence(DL) Original with xerox copy
- Registration Certificate of Vehicle (RC) (Original with xerox copy)
- Estimate of repairs from repairer & stamped receipt
- Bills & cash memo of repairs & stamped receipt
- Police Panchanama/First Information Report
- Verification of Road Tax
Claim due to Fire and/or Explosion
- Copy of Claim intimation given to Company together with xerox of policy & premium receipt
- Duly filled Claim Form
- Police Panchnama/First Information Report/Final Police Report (Forensic Deptt.)
- Fire Brigade Report
- Photographs of Damaged Property showing extent of damage &/or video film of loss
- To substantiate quantum of loss, value of damaged insured property just prior to loss, & value of salvage. please make available to surveyors/investigators fixed Asset Register, original Bills/ Invoice,Repairs/Replacement Bills/Invoices and stock Register
Claim due to Flood, Storm, Cyclone, Earthquake, Subsidence/ Landslide
- Copy of Claim intimation given to Company together with xerox of policy & premium receipt
- Duly filled Claim Form
- Photographs of Damaged Property showing extent of damage &/or video film of loss
- To substantiate quantum of loss, value of damaged insured property just prior to loss, & value of salvage. please make available to surveyors/investigators fixed Asset Register, original Bills/ Invoice,Repairs/Replacement Bills/Invoices and stock Register
- Newspaper cutting wherein the incidence of occurance of flood/storm/cyclone/earthquake/landslide has been reported
- Meteorological Report
Claim due to Riot, Strike, Malicious Damage and Terrorism (RSMDT)
- Copy of Claim intimation given to Company together with xerox of policy & premium receipt
- Duly filled Claim Form
- Police Panchnama/First Information Report/Final Investigation Report
- Fire Brigade Report
- To substantiate quantum of loss, value of damaged insured property just prior to loss, & value of salvage. please make available to surveyors/investigators fixed Asset Register, original Bills/ Invoice,Repairs/Replacement Bills/Invoices and stock Register
- Newspaper cutting wherein the incidence of riots has been reported
- Photographs of Damaged Property showing extent of damage &/or video film of loss
Claim due to Electrical/Mechanical/Electronic Breakdown/mishandling/impact damage to machine
- Copy of Claim intimation given to Company together with xerox of policy & premium receipt
- Duly filled Claim Form
- Statement of eye witness to loss about cause of loss & circumstances of loss
- Asset Register, log-book, original bills/Invoices/bill of entry of damaged property & repair/replacement bills/invoices to substantiate the quantum of loss.(To be made available to surveyor).
- Proforma invoices of new machine
- Photographs of Damaged Property showing extent of damage &/or video film of loss
- Accidental Death Claim
Copy of Claim intimation given to Company together with xerox of policy & premium receipt
- Duly filled Claim Form
- Post mortum report
- Death Certificate
- Police Panchnama/First Information Report/Final Investigation Report
- Medical report & details of medical expenses
- Wage Certificate from employer
- Proof of Age
Permanent Disability/Injury claim due to accident
- Copy of Claim intimation given to Company together with xerox of policy & premium receipt
- Police Panchnama/First Information Report/Final Investigation Report
- Medical Certificate & details of medical expenses & disability certificate
- Leave certificate from employer
- Duly filled Claim Form
- Wage Certificate from employer
Temporary Total Disability (TTD) (Weekly compensation) claim due to accident
- Copy of Claim intimation given to Company together with xerox of policy & premium receipt
- Duly filled Claim Form
- Police Panchnama/First Information Report/Final Investigation Report
- Medical report
- Leave certificate from employer
- Details of medical expenses
Mediclaim claim due to hospitalisation (desease/accident)
- Copy of Claim intimation given to Company together with xerox of policy & premium receipt
- Duly filled Claim Form
- Hospital Discharge Report/Medical Treatment Report
- Medical recovery report
- Original Test Reports(X-Rays/Sonography/ECG etc.)
- Details of medical expenses original bills/cash memos receipts alongwith prescriptions
- Leave certificate from employer
- Hospital/Nursing Home Registration No. if not registered then treating doctor's certificate about no of beds, availability of qualified doctors, qualified nurses/staff round the clock and fully equiped operation theater in the hospital/Nursing home
- Police Panchnama/first information report about accident
Third Party (T.P.) Claim due to accident
- Copy of Claim intimation given to Company together with xerox of policy & premium receipt
- Copy of FIR Charge Sheet
- Copy of driving licence & certificate
- A statement of driver as to how accident occurred
- Name & address of person injured & killed in accident
- Address of Police Station where accident reported
- Address of Hospital where injured/dead bodies shifted by police from site of accident.
- Certified copies of injury/post mortem report
- Vakalatnama duly signed by owner of vehicle & driver
- Details of Loss to TP Vehicle or other property
- Comment of owner/driver on FIR/Charge Sheet
- Who are the person travelling in the vehicle?
- Whether you had prior knowledge of all occupant's of vehicle.
