Oriental Insurance Company Ltd., was incorporated at Bombay on 12 September 1947. The company was a wholly owned subsidiary of the Oriental Government Security Life Assurance Company Ltd., and was formed to carry out General Insurance business.

The company was a subsidiary of LIC India (Life Insurance Corporation of India) from 1956 to 1973. In 2003 all shares of OIC Ltd., held by the General Insurance Corporation of India has been transferred to the Central Government.