How to accomplish it may depend on what DB access library you use (BDE? dbExpress? ADO? others), some may offer a "stored procedure" component that may work with functions as well.
A general approach it to use an anonymous PL/SQL block to call the function (and a parameter to read the return value), PL/SQL resembles Pascal a lot...:
Qry.SQL.Clear;
Qry.SQL.Add('BEGIN');
Qry.SQL.Add(' :Rez := ins_rec;');
Qry.SQL.Add('END;');
// Set the parameter type here...
...
Qry.ExecSQL;
...
ReturnValue := Qry.ParamByName('Rez').Value;
I would not have used a function, though, but a stored procedure with an OUT value. Moreover, Oracle offers packages that are a very nice way to organize procedure and functions, and they also offer useful features like session variables and initialization/finalization sections... very much alike a Delphi unit.