Friday, 17 February 2017

Which is the best car insurance company in India?

In India, having a motor insurance is a compulsory legal requirement. Every vehicle on the road has to has a valid vehicle insurance.

The car insurance covers your car against damage or loss caused by any of the following:
     Natural calamities like flood, earthquake, etc.
     Man-made causes, e.g. riots, etc.
     Theft, etc.

Financial liability against a 3rd party arising due to damage to property or person is covered by the car insurance provider as well.

Let us look at what the top car insurance corporations have to offer to us.

It is one of the largest private companies offering general insurance.

All their processes are digitalized, be it paying premiums, renewals, getting a new policy instantly, or receiving an e-signed policy document.

Its premium options are the best in the industry. Its network has over 5600 cashless garages.

Roadside assistance handles accommodation arrangements, an alternative vehicle, fuel supply, changing a flat tyre, etc.

They have settled 93.2% of self-damage claims within a month of filing in 2016!

ICRA awarded an iAAA rating to ICICI Lombard for having the highest ability to pay claims. They won an Indian Insurance award for being the ‘Claim Leader for General Insurance’.

2. National Insurance Co. (NIC Ltd.)
NIC brought the concept of car insurance to India. Besides the urban India, it is present in the rural parts too. It has offices, employees, and agents in India as well as Nepal.

It has a network of over 1500 garages. The motor insurance from NIC covers a wide range of damages and losses.

It ranked as the second best among the various car insurance companies in 2013-14.

It is in the general insurance industry since 2002 and has already received an iAAA rating from the ICRA.

HDFC ERGO has over 3000 garages in its cashless network.

Its has several add-on covers that are both exemplary and unique. It offers discounts that are based on policy buyer’s profession and age.

4. New India Assurance
It is a 100% Government owned entity. New India is leading the automobile insurance sector by bringing innovation to insurance products.

Their brand is gaining world recognition too.

Acceptance or rejection of claim happens under 3 days of receipt of the same. The settlement is made 15 days from receipt of the claim.

5. Oriental Insurance
The OICL is a Central Government initiative.

It has been awarded several times since its inception. But most recently Oriental Insurance has won several awards like ‘Best Public General Insurance’ and ‘Best Financial Institution and Bank’!

It is one of the few public sector general insurance providers that has been given the iAAA rating by the ICRA.

It has several thousand employees and offices in not only India but in Dubai, Kuwait, and Nepal too.

Oriental Car Insurance has a strong network of agents and an expert client support.

You can easily buy and renew your car insurance online.

Top 5 At A Glance
Let us tabulate some of their noteworthy features.

3rd Party Cover
Network Garages
Special Features
Add-on Cover
ICICI Lombard
A maximum of Rs.750,000 for property damage.
Automobile Association member gets a maximum 5% discount.

If the car has an anti-theft gadget approved by the ARAI, you are eligible for a maximum discount of 2.5%.

No claim bonus from an existing car insurance can be transferred.
For co-passengers.

Zero Depreciation Cover.

Roadside Assistance.
National Insurance Co.

A maximum of Rs.750,000 for property damage.
Discounts as per a person’s job and age.

Under the Zero Depreciation plan, the policyholder can file unlimited claims in a year.
Zero Depreciation.

Non and electrical accessories.

For Co-passengers.

Engine protection.

Roadside assistance.
New India Assurance
A maximum of Rs.750,000 for property damage.

Quick claim settlement.
For co-passengers.

Zero Depreciation.

Non and electrical accessories.
Oriental Insurance
A maximum of Rs.750,000 for property damage.

Membership to Automobile Association discount.

Anti-theft gadget discount.

NIL Depreciation.

Loss of personal items.

Alternative car.

Roadside assistance.

Review car insurance providers like ICICI Lombard, HDFC ERGO, etc. before opting for a car insurance.

You cannot not take a motor insurance. So why not choose one that offers you the best features and benefits!

Friday, 10 February 2017

Oriental Insurance - Reviews, Premium Details, Renewal

The only certainty in today’s world is uncertainty itself. And as they say, with health and safety, you can never be too cautious. Accidents can happen to anyone and at any time. One can never be too cautious.

Oriental Insurance

Oriental Insurance is as old as modern India itself. The organization was established in 1947. The head office is in New Delhi. It spans across India and a few other countries such as Dubai, Kuwait and Nepal. The insurance policies offered are in the various fields such as:

     Motor Insurance
     Health Insurance
     Shopkeeper Insurance
     Personal Accident Insurance

Oriental Insurance offers a number of different health plans, as specified below.

Individual Mediclaim Insurance Overview

Minimum Entry Age
Medical Check-up above 45 years
Maximum Entry
80 years
Policy Term
1 year
Minimum Sum Assured
50,000 to 5 lacs

Why should you buy Individual Mediclaim Insurance?

The policy offers surgery coverage, and policy renewal can be done indefinitely.


     Cashless hospitalization 
     Surgery to cover diseases suffered while policy tenure
     Sum assured options up to Rs 5 lacs


     In-Patient Hospitalization - medical costs covered for hospitalization beyond 24 hours
     Pre-Hospitalization – all medical cost  incurred 30 days prior to hospitalization
     Post-Hospitalization - all medical cost incurred 90 days post the discharge from the hospital.
     Discount of 10% on premium provided a family member is covered
     Tax benefits


     Residing citizens of India
     Available till 80 years of age


     Sudden Ailments
      Injury due to accident


     Maternity expenses
     Pre-existing ailments

Happy Family Floater Policy

Minimum Entry Age
18 years
Maximum Entry
60 years
Minimum Sum Assured
1 to 10 lacs
Silver or Gold

Why should you buy Happy Family Floater Policy?

The policy offers a reliable cover for individual, better half and children.


Gold Plan

     Proposer: Ranges from Rs.7,140 till Rs.23,640.
     Personal Accident: Ranges from Rs.120 till Rs.600.
     Each member of the family: Ranges from Rs.1,290 till Rs.18,080.

Silver Plan

     Proposer: Ranges from Rs.1,320 to Rs.10,400.
     Personal Accident: Ranges from Rs.60 to Rs.300.
     Each family member: Ranges from Rs.240 to Rs.7,970.


     For entire family
     Sum assured options up to Rs 10 lacs
     Choice between TPA service or non-TPA


     In-Patient Hospitalization - medical expenses covered for hospitalization beyond 24 hours
     Cash allowance on daily basis
     Cashless Hospitalization
     Tax deductions allowed on the payments of premium made in a year


     Coverage from the minimum age of 18 years to a maximum age of 60 years.


     Coverage allowed for person, dependent parents, spouse, a dependent child, parents-in-law, grandchildren


     Mental illness
     Pre-existing ailments

Procedure for claim filing:
1.       Cashless:
Pre-authorization is needed. If everything checks out, a letter of pre-authorization is issued to the person by Oriental Insurance Company

2.       Reimbursement:
The policyholder needs to intimate Oriental India about the injury, the illness, the hospital, etc
Documents Required:
A number of documents need to be submitted to Oriental Insurance. These documents are medical prescriptions, hospital bills, lab reports, doctor’s diagnosis, pharmacy bills, doctor’s medical certification, all original test reports, all the prescription notes, hospital’s registration number, a count of beds in the facility, count of operation theatres in the facility.
Claims Process:

TPA needs to be informed regarding the claim being made within a period of seven days from the date of individual’s hospitalization. The claim document must be filled completely and sent to the Insurance Group along with bills, reports, etc. within a period of one month (i.e. 30 days) from discharge date of the patient. In the event that TPA requests any other documents, they must be submitted as well.
There is a registered address to which the documents need to be sent.
Oriental House, A-25/27,
Road- Asaf Ali Road,
City- New Delhi
Pin- 110002.
Other health insurance policies offered by Oriental India are PNB - Oriental Royal Mediclaim, Janata Personal Accident, Nagrik Suraksha, HOPE - Health of Privileged Elders, etc


Oriental Insurance group is a trustworthy name in the field of insurances. They offer a wide variety of insurance plans to choose from. Their policies cover various segments and not limited to health insurance policies. On the contrary, their motor insurance policies are particularly popular.