*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Universal Sompo General Insurance Company Ltd., set up in November 2007, is a merger of Allahabad Bank, Indian Overseas Bank, Karnataka Bank, Sompo Japan Insurance, and Dabur Investments., which came into existence after receiving approval from the Insurance Regulatory and Development Authority of India. Headquartered at India's financial capital, Mumbai, this unique partnership of India firms with Sompo Japan Insurance Inc, a Fortune 500 company.
The insurer has a bouquet of general insurance products, which includes health insurance, critical illness, personal accident and disability insurance, motor insurance, commercial insurance, property insurances, bancassurance policies, and a multitude of non-life policies catering to individuals, families, and groups.
Universal Sompo General Insurance Company Ltd. has gained many achievements since its inception. As per the ICMR – BFM survey, it is ranked fifth among the top 15 General Insurance companies and is the first to authorize the IGMS – Integrated Grievance Management System implemented by IRDA.
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Vision and Mission of Universal Sompo General Insurance are to become a market leader for every kind of available insurance and to contribute coherently and holistically to the best of their policyholders' abilities and provisions. They thrive on building a dynamic team to achieve incremental growth, a high customer satisfaction rate, and upgrade their policies and plans according to their customers' demands. The highlights of Universal Sompo General Insurance are as follows:
Number of Network Hospitals |
4000 plus |
Linked Garages |
3500 plus |
Incurred Claims Ratio |
92.20% |
Renewability |
Lifetime |
Pre-existing diseases and ailments |
4 years |
IRDA approved products |
135 |
Number of branches in India |
86 |
Universal Sompo general insurance products are designed to cater to the various non-life insurance needs of the individuals. Health and motor insurance are the main general insurance categories of the insurer.
Universal Sompo health insurance plans are comprehensive in nature that protect the insured and the family against medical emergencies. The policies offer financial coverage in case of a planned or emergency hospitalisation. The policies can be availed for individuals, family, senior citizens, NRIs etc. Let’s have a quick glance at the various health insurance plans of Universal Sompo here:
Plan Name |
Basis of the Plan |
Sum Insured |
Term of the Policy |
Individual Health Insurance Policy |
Individual/Family Floater Plan |
Rs 1 lakh to Rs 5 lakh |
1 year |
Group Health Insurance Policy |
Group Plan |
Up to Rs 5 lakh |
Not Applicable |
Individual Accident Policy |
Individual/Family Floater Plan |
Individual Plan: Rs 1 lakh to Rs 5 lakh Family Floater Plan: Minimum of Rs 2 lakh |
1 year |
Janta Personal Accident Insurance Policy |
Group Plan |
Not Applicable |
1 year |
Group Personal Accident Policy |
Group Plan which Can cover family members |
Not Applicable |
Not Applicable |
Aapat Suraksha Bima Policy |
Individual/Family Plan |
Not Applicable |
Not Applicable |
Loan Secure Insurance Policy |
Group Plan which Can cover family members |
Fixed Sum Insured, which is equal to the loan amount and Reducing Sum Insured, will decrease with the loan amount.
|
1 - 3 years |
Hospital Cash Insurance Policy |
Individual/Family Plan |
Hospital Confinement Benefit: up to a maximum of Rs 3,000 per day and Rs 5,40,000 per month
Convalescence Benefit: Rs 10,000 |
1, 2, or 3 years |
Saral Suraksha Bima (Micro Insurance Policy) |
Group/Individual Plan |
For Critical Illness: Rs.10,000 to Rs 25,000 For Personal Accident: Rs 20,000 to Rs 50,000 |
Not Applicable |
Sampoorna Suraksha Bima (Micro Insurance Policy) |
Group/Individual Plan |
Rs 10,000 to Rs 30,000 |
Not Applicable |
Senior Citizen Health Insurance Policy |
Individual/Family Floater Plan |
Rs 1 lakh to Rs 5 lakh |
1, 2, or 3 years |
Complete Healthcare Insurance Policy |
Individual/Family Floater Plan |
Individual and Family Floater Plans: Basic Plan: Up to Rs 2 lakh Essential Plan: Up to Rs 5 lakh Privilege Plan: Up to Rs 10 lakh |
1 – 3 years |
Pravasi Bhartiya Bima Yojana |
Individual/Family Plan |
Accident causing death or permanent total disability: Rs 10 lakh Hospitalization expenses up to Rs 75,000
Maternity expenses: Rs 25,000 Family hospitalization expenses: Rs 50,000
Legal costs: Rs 30,000
|
2 – 3 years |
Surva Vidyarthi Bima Yojana |
Group Plan |
As specified in the policy document |
1 year |
Swarna GraminBima Yojana – Individual Plan |
Individual/Family Plan |
Rs50,000 to Rs 2 lakh |
1 to 3 years |
Swarna GraminBima Yojana – Group Plan |
Group Plan |
Rs 50,000 to Rs.2 lakh |
1 to 3 years |
Critical Illness Insurance Policy |
Individual Plan |
Rs 2.5 lakh – Rs 20 lakh |
1 to 3 years |
Universal Sompo motor insurance offers comprehensive insurance coverage to the insured vehicle including two wheelers and four-wheelers, commercial vehicles, private vehicles etc.
Types of Universal Sompo motor insurance policies are briefly explained below:
Universal Sompo Genereal Insurance Company Ltd. allows policyholders to renew most of the policies, whether health, or motor insurance policies online. They need to enter a few details and make the necessary Universal Sompo Insurance Online Payment. The insured also has the option to walk into the nearest branch or contact an agent or a broker to do the needful.
All kinds of policies of the insurer such as health, Motor, Personal Accident, and other non-life policies- can be renewed in a simple and convenient manner through aggregator websites such as Paisawiki.com. The procedure may vary from the kind of policy renewal is applied for, but a generic step by step method to follow is:
The policyholder needs to provide relevant information and documents to renew the policy:
A generic process that needs to be followed to go through the Universal Sompo Insurance claim procedure:
Universal Sompo Insurance Claim Status Procedures for Health Insurance are mentioned below:
Step I
Call the Health Helpline Number and Intimate the Claim within 24 hrs for emergency and 48 hrs for planned admission.
Step II
The Policyholder needs to visit the nearest Network Hospital and show his/her health card along with his ID proof plus the Cashless Request Form.
Step III
The form and the details need to be submitted to the Hospital Insurance helpdesk.
Step IV
After the relevant information, approval, and verification of the insurance company, it will be approved and adjusted by the hospital.
Reimbursement claim is investigated and approved by the insurance company after the insured has already settled the claims with the hospital. The insurance company will review the documents and further approve the Universal Sompo Insurance Claim Status to be settled directly in the policyholder's account.
Terms and conditions to claim Universal Sompo General Insurance are:
Documents and information required for medical claims:
Any mishap or emergency needs to be informed to the insurer within 24 hours, and a claim form needs to be filled by the insured. He/she needs to attach the following documents and process the claim procedure. Reimbursement will be done after a thorough investigation. If the insured visits one of the network garages, he/she will be eligible for a cashless claim.
The essential documents required are:
If the Policies of Universal Sompo general Insurance are bought directly from the branch or through a broker/agent, then the normal mode of payment can be through Cash/Cheque/other modes of payment. The policies' premium can also be done on an annual/bi-annual/quarterly or monthly basis.
Online Payment can also be processed through modes like Net Banking, Debit or credit card, NEFT/IMPS, BHIM, UPI. The common factors that are taken into consideration for calculating Premium for general Insurance are:
Premium Payment is calculated on the following grounds for health insurance:
Premium Payment is calculated on the following grounds for health insurance:
Universal Sompo General Insurance Company Ltd. has been honored with an award for being a 'Claim Service Leader in Medium and Small Category in the financial Year 2016-2017 and was awarded the prestigious 'The Fintlelekt Insurance Awards 2017' held in Mumbai on 21st July 2017.
Ans: Under normal circumstances and in case of small accidents – whether health, motor, or any other general insurance claim arises, the minimum time period for settlement is 7 days. Normally, the claims are settled within this time period. Sometimes it may take a longer time, depending on the documentation provided and the policyholder's claim information. After submission and complete authorization and verification of all the claim documents, only then can the claim be settled by the insurance company.
Ans: The types of payment that the policyholder can use to pay premiums towards Universal Sompo General Insurance:
Ans: The policyholder has the right to cancel his or her policy within the free-look period of 15 days, after which the premium that has been paid will be refunded, after deducting the expenses done on medical examination of any other incurred charges.
Ans: There is no higher limit or a maximum number of claims that one can make in a year. The only condition is that whatever the number of claims made by the insured, it should be within the limit of the total amount of sum insured that it has been inculcated in the policy. If the total amount of claims exceeds the limit of the sum insured, then the policyholder will have to pay the difference.
Ans: Universal Sompo offers the following savings to its motor insurance customers:
Ans: TPA means Third Party administrator which is appointed by the insurance company. TPA helps the policyholder in processing claims, pre-authorisation, cashless hospitalisation, renewals, cancellations, and other value-added services.
Ans: Yes, it is possible, but if an NRI purchases a Universal Sompo General Insurance Policy, it will be processed within India only and not in a foreign country (with an exception to a few factors pertaining to travel insurance). For example, if an NRI buys health insurance, then the medical assistance and hospitalization will have to be taken in India itself.
Ans: Yes, there are many riders available to add on to the comprehensive motor insurance policy given by Universal Sompo which can be as follows:
Ans: Universal Sompo is an award-winning general insurance company with lucrative plans and services regarding health insurance. With 4000 plus network hospitals which cater to cashless claims, more than 90% claims settled, lifelong renewability option and coverage for pre-exiting illness, there are many benefits of buying health insurance from Universal Sompo like:
Ans: Exclusions under Universal Sompo Health Insurance
Exclusions under Universal Sompo Motor Insurance