Universal Sompo General Insurance Co. Ltd if a combined undertaking between a number of banks from around the world and from India. From India, the two national banks are Allahabad Bank and Indian Overseas Bank and Karnataka Bank Ltd. Dabur Investment Corp which is an FMCG and Sompo Japan Nipponkoa Insurance Inc have all collaborated in order to form a general Insurance company. Universal Sompo General Insurance Company Limited is India’s first public-private in the General Insurance Industry.
The company was founded in the year 2007. The company headquarters is in the metropolitan town of Mumbai. Universal Sompo General Insurance company functions within India and offers a number of insurance plans, for example, health insurance, bike insurance, travel insurance, student travel insurance, home insurance and motor insurance as well.
The key features of buying two-wheeler insurance from Universal Sompo General Insurance Co. Ltd are:
Apart from the usual coverage of the bike insurance, there are a number of additional coverages that a customer can opt for and get free of charge.
The general inclusions of the bike insurance plan from Universal Sompo General Insurance include the coverage for loss or damage to the insured two-wheeler due to natural calamities such as fire, explosion, self-ignition, lightning, flood, typhoon, earthquake, hurricane, hailstorm etc as well as man-made accidents such as theft, riot, strike, burglary, terrorist activity, accident etc.
Personal accident cover for the driver of the vehicle or the owner while driving the vehicle or traveling. Mounting and dismounting of the vehicle are also covered. An amount of Rs. 1 Lakh is kept for this type of coverage.
Third party liability that not only covers for the medical expense of individual(s) who are not covered by the insurance, but also for the damage that is caused to property due to the insured vehicle are all taken care of under this insurance policy. The minimum amount that is provided for third party liability is Rs. 6,000 while the maximum amount is Rs. 7,50,000.
The optional extensions that may be covered under the two-wheeler insurance plan from Universal Sompo General Insurance include:
Additional covers that are provided to customers on a premium include:
Despite the coverage range of the two-wheeler plan from the company, the plan does not cover the damages of a vehicle under particular circumstances; these are the exclusions.
The normal wear and tear of the bike due to regular usage and the ageing of the vehicle will not be covered under this plan. This also includes the wear and tear of consumables such as the types and tubes of the vehicle which may be damaged. Any form of electrical or mechanical breakdown of the insured two-wheeler is not covered. If the vehicle is driven outside the bounds of the insured area the depreciation or any consequential loss of the vehicle. Any damage that is caused to the vehicle when being driven by a person who is without a driver’s license, under the influence of drugs or alcohol is not taken care of by the company. Any loss of damage to the vehicle due to war, mutiny or nuclear risk is not covered.
The claims process takes place in three simple steps which are easy to follow and hassle-free for the insurer.