Oriental Bank entered into a MoU with Oriental Insurance Co Ltd for selling Mediclaim policies

By | August 13, 2011

A recent press report said that Oriental Bank of Commerce has entered into a memorandum of Understanding with Oriental Insurance Co Ltd for selling Mediclaim policies to the bank’s customers through its pan-India network.

The memorandum of understanding was signed by Mr. R.M. Sharma, General Manager, Oriental Bank of Commerce (OBC), and Mr. A.K.Saxena, General Manager, Oriental Insurance Co, in the presence of Mr. Nagesh Pydah, Chairman and Managing Director of the bank, and Mr. R.K. Kaul, Chairman and Managing Director of the insurance firm.

According to reports Oriental Bank Mediclaim policy is cash-less family floater covering the members of the beneficiary’s family. The policies are available for Rs 1 lakh to Rs 5 lakh. For a policy of Rs 5 lakh, the premium is as low as Rs 6,705 a year.

Mr. Kaul said that the policy has some special features that are unique for OBC’s customers and that the product will be available for all OBC customers up to the age of 79 years. He also said no medical check up will be required.

He also said that all Metro and urban branches of the bank are allotted to sell minimum 250 policies in the next six months. The six-month target has been pegged at 175 policies for semi-urban branches and 75 policies for rural branches.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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