Oriental Insurance eyes 17% growth in this fiscal

The Oriental Insurance Company Limited has targeted a premium income of Rs 5,470 crore for the financial year 2010-11 with a growth rate of 17% for the year.

“Last financial year we had completed a premium of Rs 4700 crores and for 2010-11 we are targeting a premium of about Rs 5470 crores. In Orissa we are the market leaders and have a target of Rs 110 crores for 2010-11, the public sector company's Chairman and Managing Director (CMD) Mr R K Kaul told “The ET”.

Mr Kaul was here on an official visit to the state. Making it clear that there is a vast scope for tapping the potentials in the Indian market, particularly in the rural and semi-urban areas, the insurance company is trying to spread out to the far flung areas through opening of more number of Micro Offices and recruitment of Direct Agents.

“For Orissa we are going to have Micro Offices in the hitherto unrepresented areas of the State like Malkangiri, Rayagada etc. We are planning for 10 more offices in Orissa this financial year subject to IRDA approval”, Mr Paul added.

On special packages for the farmers in the states where farmers are committing suicides, Mr Paul said, “Our Kissan Package Policy provides a wide range of insurance protections including cover for the farm produce, assets of the farmers, tractor, tiller, livestock etc. Under our Janata Personal Accident Insurance Scheme we provide cover for death or disablement of the farmer or his family members due to accident. There are also many other rural insurance schemes including the Universal Health Insurance Scheme for the farmers”.

The Company had tied-up with many state governments offering health insurance protection to the common man. “We are serious about establishing such tie-up with the Government of Orissa to provide Rashtriya Swasthya Bima Yojna (RSBY) cover. The Universal Health Insurance Scheme and the RSBY provide adequate health insurance cover to the underprivileged sections”, he added.

Cover is provided for cases of hospitalization in both government and private hospitals. Payment is given in respect of medicines, drugs, doctor’s fee and other related medical expenses.

On the common man complain that they do not get reimbursement of their claims in different schemes, Mr Kaul said, “To expedite settlement of Motor Own Damage claims we have established dedicated Service Centers through out the country. We have a Service Center in Bhubaneswar also. The Branch and Divisional Offices are also handling the claims. In case the client has any grievance he can always approach us through our Grievance Cell in every Office. He can also lodge the grievance online in our Website”.