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.

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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:

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:

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

2. 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.
3. 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.
4. 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.
5. Miscellaneous Vehicle Insurance– Vehicles under this insurance plan are used for various reasons, either by the policyholders or by their employees.
6. 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 21^st July 2017.

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