Health Insurance

Health Insurance plans

Oriental Happy Family Floater (Gold)

Name: Oriental Happy Family Floater (Gold)
Brand: The Oriental Insurance Company Limited

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Introduction Verdict Pro’s & Cons Specific Exclusions About Insurer Detailed Ratings

Introduction to Oriental Happy Family Floater (Gold)

Oriental Happy Family Floater (Gold) is a health insurance policy offered by The Oriental Insurance Company Limited. Health insurance is a type of insurance policy that covers hospitalization expenses incurred for any illness, accident, or injury. It acts as a protective shield for savings and healthcare, so you and your family can live a happy, fulfilling life. Oriental Happy Family Floater (Gold) promises to unburden your financial stress in a medical emergency and protect your and your loved ones’ health.

Verdict: Oriental Happy Family Floater (Gold)

This plan is cost-effective compared to other products in the market, making it a budget-friendly option. While it does cover hospitalization and related expenses, it's important to note that it doesn't provide comprehensive coverage. There are also sub-limits on various modern treatments. And, the plan also lacks the flexibility of monthly premium payments.

Pros & Cons: Oriental Happy Family Floater (Gold)

Fairly priced in comparison to other products in the market
Provides a lump sum amount if you donate an organ for transplantation

Limitations on the type of hospital room you choose (no limits if you choose an add-on)
Sub-limits on some core benefits like modern treatments, etc.
No claim bonus isn't available
Monthly premium payment mode not available
Our study observed their responses on Twitter to be relatively slower than other insurers

Specific Exclusions: Oriental Happy Family Floater (Gold)

01 Hormone replacement therapy

02 Expenses associated with general debility, congenital external anomaly

03 Treatment related to intentional self inflicted Injury or attempted suicide by any means

04 Stem cell therapy except for for bone marrow transplant for haematological conditions

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About The Oriental Insurance Company Limited

The Oriental Insurance Company Limited is a public sector general insurance company in India which was incorporated in 1947. It provides a wide range of insurance products such as health insurance, motor insurance, personal accident insurance, shopkeeper insurance and so on to cater to the diverse needs of its customers. The Company's headquarter is located in New Delhi, India and Rashmi Raman Singh is the MD.

Founded in

1947

JV Partners

Turnover (GWP)

2283.28 Crores

Number of Policies

Not Available

Number of Claims

Not Available

Detailed Product Specs: Oriental Happy Family Floater (Gold)

Claims Experience advisor

Customer Service advisor

Product Benefits (10L Sum Insured) advisor

Limits and Exclusions advisor

% of claims settled in less than 30 days

Reflects on the speed of settling valid claims

37.02%

% of Complaints received on overall claims

% customers unhappy with claims experience

Not Available

Claims Incurred Ratio

108.66%

Claim Settlement Ratio (No. of claims)

What % of the claims received were paid?

71.26%

No. of Cashless Hospitals

5,100+

Notes

1- The health insurance data was last updated in September 2023. All data has been sourced from product brochures, policy wordings, prospectus, public disclosures (Q1, FY 2023-2024), insurer websites, and the IRDAI website.

2- The Claims Settlement Ratio data is taken from NL-37, insurer public disclosures (Q1, FY 2023-2024). It is calculated by dividing the number of claims settled by the sum of claims outstanding at the beginning of the year and claims reported during the year.

3- The data related to claim complaints and policy purchase complaints is taken from NL-45, insurer public disclosures (Q1, FY 2023-2024).

4- The Solvency Ratio data is taken from NL-26, insurer public disclosures (Q1, FY 2023-2024).

5- The data related to claims settled within 30 days is taken from NL-39, insurer public disclosures (Q1, FY 2023-2024).

6- The Claims Incurred Ratio data is taken from NL-4 and NL-5, insurer public disclosures (Q1, FY 2023-2024). It is calculated by dividing the Net Claims Incurred by the Net Earned Premium.

7- For now, we have considered the most comprehensive plans from leading insurance companies. We will keep updating the product pages with new plans in the coming days.

8- We have rated only those plans that can be serviced by individual advisors. This is because of our strong belief that health insurance customers need professional assistance from individual advisors before and after purchase. We do not recommend and hence do not rate direct-to-customer health insurance plans or plans where there aren't enough advisors available to service.

9- Affordability assessment of plans:

・The affordability of comprehensive plans is assessed using premiums for a family of two adults (30 years old) and one child (1 year old) residing in Zone 1 opting for a cover of ₹10 Lakhs. And, the premiums are as of 30th September 2023.

・The affordability of Care Freedom Plan is assessed using premiums for a 30-year-old male residing in Zone 1 opting for a cover of ₹5 Lakhs. And, the premiums are as of 30th September 2023.

10- The product benefits section is based on a sum insured of ₹10 Lakhs and only highlights the top benefits and features of health insurance plans.

11- Only those hidden and special conditions that apply to the benefits and features we have considered are included on the product pages.

12- The product pages only include the most significant specific exclusions under each plan.

13- The product pages do not include any generic terms, conditions, or exclusions (those that are the same and apply to all health insurance plans).

14- If the policy wording, brochure, or prospectus states that a benefit/feature is available with a specific plan but it is not available online when generating the premium quote, we have not considered that benefit/feature to be available with the plan.

15- The response time on Twitter (Beta) was calculated using a sample set of tweets from February 2023 to August 2023 (analyzed in September 2023).

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