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General Insurance Plans

Universal Sompo General Insurance Company

Universal Sompo General Insurance Company

The Universal Sompo General Insurance is a joint venture capitalized with the shareholders’ funds worth 230 crore. It is a one of a kind private-public partnership in India’s insurance industry.

The firm received License and Registration from IRDA in November of 2007. Among Indian partners, three of them are major banks (Allahabad Bank, the Indian Overseas Bank, with a network of more than 4000 distribution centers and branches. Fourth largest partner is an FMCG firm with more than 1.5 million outlets.

The firm’s distribution network also consists of agents, brokers and direct marketing promotion activities. Sompo Japan Nipponkoa is one of the leading insurance firms in the whole of Japan. It holds a twenty six percent stake in USGI and is the biggest casualty and property insurance firm in Japan.

Relying on distribution network and financial strengths of the Indian partners along with Sompo Japan’s insurance expertise, Universal Sompo strives to offer customized and innovative insurance solutions to a wide variety of customers in different sections such as social and rural sectors of the economy.

The range of the insurance products for individuals includes health, critical illness, disability and personal accident, motor, home and property solutions. Shopkeepers’ packages are available for entrepreneurs as well. Liability, project insurance, employee benefit and other such products are available for corporate.

The firm strives to serve its customers by providing solutions in portfolio analysis, risk management, etc.

Company Past Performance

Formal operations began in November of 2007. There are more than 113 branches and 17 zonal offices spread out across different parts of the nation. There are more than 100 insurance products (IRDA approved) by the firm. The firm’s vision is to be by marker leader by winning customer confidence by providing superior services. Sompo Japan has more than 15000 employees and over 69000 agents.
The firm has won various recognitions and accolades such as-

  • My FM (94.3 FM) stars of industry award (2015) for excellent work in general insurance

Incurred Claims’ Ratio stands at 74% (in accordance with IRDA Report for year 2016-2017).

Types of Products offered-

The firm Universal Sompo General Insurance offers the below mentioned plans-
Health Insurance Plans-

  1. Individual Health Policy- hospitalization benefits and domiciliary hospitalization are covered.   
  2. Group Health Policy – can be availed by employees of organizations or any business Individual Personal Accident Policy
  3.  Personal Accident Cover for Individuals- provides mitigation to family in event of any unforeseen accidents.
  4. Critical Illness Plan- covers certain life threatening ailments

Motor Insurance Plans-

  1. Private Motor Car- covers damage and loss to insured vehicle in cases of fire, lightning, burglary, etc.
  2. Two wheeler Plan- safeguards vehicle in event of damage or loss owing to explosion, fire, etc.
  3. Goods carrying Motor Vehicles’ Plan- covers vehicle (used as a goods carrier by insured person or his employees) against damage or loss due to terrorism, flood, fire, burglary, etc.

Commercial Insurance Plan-

  1. Farmers’ Package Policy- caters to farmers’ insurance needs.
  2. Cattle Insurance Plan
  3. Money Insurance- protects business and industrial establishments from loss while Money is being physically carried by authorized persons or employees

Bancassure Plans-

  1. Health Care Plus by Allahabad Bank
  2. Health Care Plus by K Bank
  3. Health Care Plus by Indian Overseas Bank

Product Plans Details

Listed below are details of various Health Insurance plans

Individual Health Policy by Universal Sompo General Insurance
Individual Health Policy Overview

iTerm by Aegon Life Insurance

Minimum Age for Policy purchase(years completed)

No bar

Maximum Age for policy purchase (years completed)

Till 55

Renewability

Life long

Policy Basis

Individual

Max value of Sum Assured (in INR)

5,00,000

Benefits

  • Medical test exemption till 45 years of age
  • Policy brings Tax exemption benefits
  • Cashless hospitalization across nation in a network hospital
  • Flexible premium based on age and the sum assured amount chosen

Eligibility

  • Entry age of prospective policy holder has a ceiling age of 65 years.

Individual Personal Accident Plan by Universal Sompo General Insurance

Individual Personal Accident Plan Overview

Minimum Age for Policy purchase(years completed)

5

Maximum Age for policy purchase (years completed)

65

Renewability

Life time

Death benefits

Available

Policy Term (in years)

1

Term for Premium payment

Single

Inclusions

  • Ambulance expenses up to Rs 1000
  • Death benefits available as well
  • Policy is eligible for Tax exempt benefits
  • Clothing damages covered up to Rs 1000

Eligibility

  • Entry age of prospective policy holder to buy cover ranges from 18 years to a ceiling age of 65 years.

Hospital Cash Plan by Universal Sompo General Insurance

Hospital Cash Plan Overview

Minimum Age for Policy purchase(years completed)

18

Maximum Age for policy purchase (years completed)

70

Basis

Individual

Policy Term (in years)

1

Max value of Sum Assured (in INR)

90000 to 540000 (on basis of option opted)

Inclusions

  • Medical screening not needed till the age of 55           
  • As many as 6 options to decide daily allowance limit and cover
  • Tax exemption benefits

Exclusions

  • Dental procedures
  • AIDS treatment
  • Intentional Self injuries
  • Epidemics
  • Cataract, arthritis, hernia, etc.

Complete Health Care by Universal Sompo General Insurance

Complete Health Care by Universal Sompo General Insurance

Minimum Age for Policy purchase(years completed)

18

Maximum Age for policy purchase (years completed)

70

Basis

Individual, Family

Policy Term (in years)

1, 3

Types of plans offered

Basic, Essential Privilege

Benefits-

  • Look up period (free) of 15 days from policy purchase
  • Tax exemption benefits
  • Cashless hospitalization across network
  • 30 day grace period for premium payments.
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