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Universal Sompo General Insurance
250+ Plans 18 Insurance Companies
₹ 5 Lakh Coverage @ ₹ 10/day
7 Lakh+ Happy Customers

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Universal Sompo General Insurance

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.

*PaisaWiki does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

Universal Sompo General Insurance: Present Position

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: Product and Services

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

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

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:

  1. Private Car Insurance– This kind of insurance is done for private cars, whether used for personal, professional or luxury purposes. This insurance protects private vehicles against the following:
  • Fire, theft, explosion, lightening, riots, strikes, malicious acts, flood, accidents, earthquakes, terrorist activities, burglary, typhoons, rockslides, and landslides, in-transit damages etc.
  • Third-party liabilities for injuries, property damage or death
  • Personal accident cover
  1. Two-wheeler Insurance– Insurance under this plan is generally taken for up to 1 year only. It is done for scooters, bikes with the similar inclusions as car insurance.
  2. Passenger Carrying Vehicle Insurance- This insurance plan is undertaken to protect passenger carrying vehicles. There are certain exclusions to it like the Vehicles which are used for racing, pace making, speed testing, and reliability trials, which are not included under this policy.
  3. Goods Carrying Vehicle Insurance – Vehicles used for hire, reward, or carrying goods from one place to the other are covered under this insurance plan. This vehicle can either be used by the policyholders or by the employees.
  4. Miscellaneous Vehicle Insurance– Vehicles under this insurance plan are used for various reasons, either by the policyholders or by their employees.
  5. Two-wheeler Long-term Package Policy (TWLTPP)– Normally, under the motor insurance, the two-wheelers are insured for maximum one year, but these special TWLTPP plans for motor insurances are for two-wheelers which are insured for 2-3 years.

Renewal Process of Universal Sompo General Insurance

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:

  • Step 1 -Login to the website and provide basic details like policy number and expiry date of the policy.
  • Step 2 -Select the Renewal Option and make the necessary Universal Sompo Insurance Online Payment using Debit/Credit card or net banking details (including any pending dues or premiums of the last tenure of the policy)
  • Step 3 -When the payment is authorized, then a digital signed copy of the policy will be ready, and the policyholder can retrieve a hard copy of it by taking a printout.
  • Step 4 -Username and password of the website will be issued to the policyholder when the policy is in the ongoing and renewed process so that he/she can check for the latest updates, changes, and details about his insurance online through the same website anytime he wants.

Documents Required for Renewal of Universal Sompo General Insurance

The policyholder needs to provide relevant information and documents to renew the policy:

  • ID proof of the Insured - such as Passport, Aadhaar, Driver’s License, PAN card, etc.
  • Address proof of the Policyholder - such as Passport, Aadhaar, Electricity bills, etc.
  • Income Proof (Situational) – Like Bank Statements, Salary Slips, Deeds, and Documents regarding ongoing business, etc.
  • Medical screening documents (if applicable)

Claim Process of the Universal Sompo General Insurance

A generic process that needs to be followed to go through the Universal Sompo Insurance claim procedure:

  • Step 1 –As soon as the claim arises, the policyholder needs to contact the insurer by calling on their helpline number and inform them of the claim.
  • Step 2 –The claim intimation needs to be done within 24-48 hours of the emergency so that it can be approved and processed in no time.
  • Step 3 –Then, the policyholder would need to present his policy document, ID Card and other relevant documents (depending on the kind of insurance the claim has been applied for)
  • Step 4 –The beneficiary or the policyholder will have to duly fill in and sign the Universal Sompo Insurance Claim Form with all the relevant personal and professional details.
  • Step 5 –The Claim request will be further reviewed, verified, authorized and approved by the Insurance Company, and further, the decision will be percolated to the Policyholder.

Claim Process of Universal Sompo Health Insurance

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:

  • If there is any vital information that has been misrepresented or concealed by the policyholder, the policy will be considered null and void.
  • For any kind of fraudulent claim, the insurance company will not entertain the claim process.
  • Claims within the geographical area as specified will be addressed, not any other claims.
  • All claims will be settled in INR unless mentioned otherwise.
  • While renewing the policy, the sum insured can be enhanced.
  • In case of withdrawal of the policy by the insurer due to any contingency or valid reason, a 3 months' notice will have to be issued to the policyholder.

Documents Required

Documents and information required for medical claims:

  • Name of the Insured
  • Beneficiary’s Name
  • Policy Number & Period of Insurance from and to
  • Health Card Number
  • Employee ID (For Group Health Insurance)
  • Name of TPA
  • Date & Time of Hospitalization
  • Hospital Name
  • Hospital Contact Details (complete address)
  • Disease
  • Plan of Treatment
  • Date of Admission
  • Date of Discharge
  • Personal Details of the Policyholder

Claim Process of Universal Sompo Motor Insurance

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.

Documents and Information Required for Motor Insurance Claims

The essential documents required are:

  • Name of the Insured / Address
  • Policy Number & Period of Insurance / Cover
  • Note No: and Start and End Date
  • Vehicle Details such as make & model, registration number etc.
  • Date and time of loss
  • Place of loss occurred
  • Location of the garage for vehicle inspection
  • Description of loss (Own Damage / Theft)
  • Estimation of damages
  • Name of the person driving the vehicle at the time of accident
  • Contact person's details of the Insured
  • Estimated Loss (Rs.) – as per Insured
  • Whether any Third-party injury / property damage
  • Personal details of the policyholder

Premium Payment of Universal Sompo General Insurance

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:

  • Age of the applicant
  • Policy Term
  • Sum Insured
  • Income and Profession of the Applicant
  • Individual or a Family Floater
  • Type of Policy

Universal Sompo Health Insurance Premium

Premium Payment is calculated on the following grounds for health insurance:

  • Age of the insured
  • Policy term
  • Medical history
  • Coverage details
  • Sum insured required
  • The type of policy

Universal Sompo Motor Insurance Premium

Premium Payment is calculated on the following grounds for health insurance:

  • Model and the age of the car
  • IDV
  • Location
  • Purpose of owning a car – whether personal or professional
  • Applicable discounts if any given
  • Policy term
  • Coverage details
  • Sum insured you need
  • The type of policy to buy

Awards and Achievements of Universal Sompo General 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.

FAQs

  • Q. What is the duration and number of days taken by Universal Sompo General Insurance to settle the claims?

    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.

  • Q. How should a policyholder pay a premium towards Universal Sompo general insurance, and what are the modes of payment?

    Ans: The types of payment that the policyholder can use to pay premiums towards Universal Sompo General Insurance:

    • Direct debit transaction for the insured’s bank (this requires a debit mandate to be signed by the insured so that he does not have to go through the hassle of paying his premiums on time.
    • Credit card/debit card payment
    • Payment through cheque
  • Q. What is the policy cancellation procedure for Universal Sompo Health 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.

  • Q. How many claims can be made in a year for any kind of insurance in Universal Sompo General Insurance company?

    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.

  • Q. What kinds of savings offered by Universal Sompo on Motor Insurance?

    Ans: Universal Sompo offers the following savings to its motor insurance customers:

    • NCB or No Claim Bonus if there is no claim raised in a policy year
    • For choosing higher voluntary deductibles
    • Savings offered if an anti-theft device is fitted
    • Especial savings are designed by Universal Sompo on motor insurance for vehicles that are designed for physically challenged person.
  • Q. What is the next step when the insurance company is intimated and notified of the claims?

    1. When the insurance company is intimated of the claims, then within 24 hours, the company starts working on it and the verification and authorization of the documents that have been submitted by the policyholder initiate. The insurance company contacts the hospital/garage/third party whatever case is applicable in a particular claim and verifies the situation as described by the policyholder. If there is any hyperbole or anything that is inflated or untrue as stated by the insured, Universal Sompo has the right to go ahead and cancel the claim and won't be liable to pay anything to the policyholder. If the verification procedure goes smooth and all documents and details are in place in that case, the claims are processed within 7 business days.
  • Q. What is a TPA, and how does it help in the insurance sector?

    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.

  • Q. Is it possible for an international citizen or an NRI to buy a Universal Sompo General Insurance Policy?

    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.

  • Q. Are there add-on covers that can be bought along a motor insurance policy like additional riders by Universal Sompo Insurance Company?

    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:

    • Cover for hydrostatic lock
    • Secure towing cover
    • Key replacement cover
    • Daily cash allowance
    • Return to invoice (RTI) cover
    • Nil depreciation cover
    • Accidental hospitalization cover for the family of the owner-driver
    • Engine protector cover
    • Roadside assistance cover
    • Consumables cover
    • NCB protector
    • Child education support cover
    • Loss of personal belongings cover
    • Extra cover for accidental injury compensation for the family
    • Extra cover for accidental injury
    • Insurance at the manufacturer's selling price
    • Cover for loss of registration certificate or driving license
  • Q. What are the benefits of availing health insurance from Universal Sompo General Insurance Company Ltd.?

    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:

    • Cashless hospitalization at all the network hospitals to be availed.
    • Pre and Post hospitalization expenses are covered under this policy.
    • Tax benefit under section 80 D can be availed which is prescribed by the Indian Income Tax Act, 1961
    • Free-look period of 15 days within which the policy can be cancelled with a full refund of the premium that has already been paid towards the policy.
    • Daycare procedures are covered by most of the health plans under Universal Sompo.
    • Portability is allowed.
    • Grace period of 30 days is given so that the policy does not lapse the policy if the payment of premium is not made on time.
  • Q. What are the exclusions of Universal Sompo health and motor insurance?

    Ans: Exclusions under Universal Sompo Health Insurance

    • Any death or injury arising out of war/riots/nuclear attacks, terrorist attacks
    • Self-injury or suicide
    • Pre-existing ailments of diseases like cataract, hysterectomy, sinus, etc. during the policy's first year.
    • Intoxication of drugs and alcohol
    • Illegal activities

    Exclusions under Universal Sompo Motor Insurance

    • Accidents that take place beyond the specified geographical area
    • Consequential losses
    • The insured vehicle being used beyond specifications and limits
    • Driving the insured vehicle without a valid license
    • Driving while intoxicated with liquor or drugs
    • Normal wear and tear of the vehicle or its parts
Written By: Paisawiki - Updated: 19 November 2020

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