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Key Reasons to Buy General Insurance from Universal Sompo
- DetailsWritten by PolicyBazaar -
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Updated date : 06 April 2020
The General Insurer Sompo Japan Insurance Inc. was formed in 2002 by merging Yasuda Fire and Nissan Fire and Marine Insurance. It also acquired Taisei Fire & Marine Insurance in 2007 and Nipponkoa Insurance in 2014.
It is headquartered in Tokyo and has a capital of over 70 billion Yen. It has a presence in around 27 countries (including India). It has over 15,000 employees and 69,000 agents who are ready to serve its customers and guide potential customers with advice and also to recommend the appropriate insurance product. They provide a hassle-free ‘end to end’ solution to the customers for finance and insurance.
Universal Sompo General Insurance in India
In India, the company was certified by the IRDA in November 2007. It started its operations in Mumbai as a joint venture with three Banks and a leading FMCG – Dabur Investment Corp. Currently, the company has over 4000 branches and distribution centers. The insurance company issued over 1.6 million policies that show the trust that the customers have placed on their products.
They settled 1, 11,787 claims as on March 31, 2016, and became one of the few companies that settle quickly and boasts of a settlement of an impressive 99.23 %! This is one of the reasons why this company grew from strength to strength and is now one of the leading insurance companies in India.
With Universal Sompo Insurance You are Spoilt for Choices
Universal Sompo General Insurance offers a whole range of insurance products that is suitable for corporates, manufacturing and engineering units, vehicles, marine, crop insurance as well as individual health insurance. This is a ‘one-stop-shop’ for all your insurance needs.
The insurance company makes great efforts to enable your purchase as simple as possible and has insurance experts and trained agents to recommend the right product for your needs. Online purchases and renewals make life simple for the harried citizens who otherwise, have to visit the office multiple times.
Their products are also available at Allahabad Bank, Karnataka Bank, Indian Overseas Bank and all their branches across the country. In all these banks trained advisors are available to guide you.
So, whichever part of the country you are; there is always someone from the company to help you zero down the insurance product that satisfies your needs. You can also chat with their representative who is available 24x7 and who will then guide you and recommend the right product for you.
Products Offered by Universal Sompo Insurance
Sompo Insurance offers about 135 IRDA approved products that cater to the needs of most of the industries, businesses and individual needs. They have insurance for vehicles, Health, Commercial and rural.
Individual Insurance Coverage
These policies are designed to provide for the expenses incurred for hospitalization as well as domiciliary hospitalization if the insured suffers from an illness or any injury due to an accident that occurs during the policy period. These policies are valid for one year and can be renewed at the end of the term.
The Insurance Company offers additional products within the individual & group insurance for the specific needs of the customers and includes:
- Individual Accident Policy
- Janta Personal Accident Policy
- Group Personal Accident Policy
- Hospital Cash Insurance Policy
- Senior Citizen Health Insurance Policy
- Critical Illness Insurance Policy
- SwarnaGraminBimaYojana (individual)
- Complete Healthcare Insurance
- Critical Illness Insurance Policy and more…
Vehicle Insurance Coverage
This insurance covers vehicles used for social, domestic and pleasure. It excludes the carriage of goods, racing, pace making reliability trial, speed testing, etc.
The Vehicle insurance coverage indemnifies the insurer for any loss or damage to the insured vehicle due to fire, explosion, lightning, terrorism, flood, typhoon, earthquake, landslide/rockslide, damage in transit via road, rail, and inland waterway or by air.
The insurance also covers legal liability to third party personal injury and property damage arising out of the accident as per the Motor Vehicle Act. It also provides a mandatory Personal Accident for the owner-driver. Vehicle insurance is mandatory under the Motor Act and is punishable under the Act.
Under this insurance you can cover the following types of vehicles:
- Passenger cars
- Goods carrying vehicles
- Miscellaneous Motor vehicles
- Two-wheeler long term package
The Farmer’s package policy covers the personal assets of the farmer like dwelling and the contents therein. The coverage is against fire and theft and also the assets that help him/her earn his/her livelihood. These include cattle, pump set (both diesel and petrol), animal-driven cart, biogas plant, and tractor as well as trolleys and other agricultural implements. These are covered against damages as well as a third-party liability which may occur during the usage of the equipment/implements. The policy also protects the farmer and his/her legal heirs against accidental death or permanent disability.
This policy can have additional coverage that includes:
- Loss or damage of personal effect due to acts of terrorism
- Coverage of animals used to draw the cart
- Coverage of family members against personal accidents
- Coverage of agricultural equipment/implements
Universal Sompo Insurance also offers other insurance for different events that include the following
- Shopkeepers Insurance Policy
- Jewelers Block Insurance Policy
- Burglary Insurance Policy
- Employee Compensation Insurance Policy
- Fidelity Guarantee Insurance Policy
- Money Insurance Pol
- Office Package Insurance Policy
- All Risk Insurance Policy
- Standard Fire and Special Perils Policy
- Marine Cargo Open Transit Policy
- Machinery Breakdown Insurance Policy
- Electronic Equipment Policy
- Contractors All-Risk Insurance Policy
- Erection All-Risk Insurance Policy
- Boiler and Pressure Plant Insurance Plan
- Industrial All Risk Insurance Policy
- Public Liability (Act) Insurance Policy
- Public Liability (Industrial and Storage Risk)
- Comprehensive Operational Large Risk Policy
Cattle Insurance Policy
Universal Sompo Insurance cares for the farmer who feeds the nation yet he/she is in a miserable state. As we all know many have committed suicide due to financial reasons and the ongoing drought.
On its’ part, this insurance has helped the farmer in a small way by providing a special cattle insurance policy. Cattle among farmers are a major asset – especially mulch cows which gives them a livelihood. Millions of farmers have cows, buffaloes, sheep which are used for personal or commercial purposes.
The policy covers the farmer’s cattle in certain circumstances as listed below:
- The policy covers the risk of permanent disablement or death due to an accident or disease which occurred during the policy term.
- Death due to fire, lightning, flood, inundation, hurricane, tempest, earthquake, storm or even famine.
- Death due to a surgical operation.
- Death caused by riots or strikes.
Did You Get the Policy That You Wanted?
It is important to read your policy document very carefully and check out what exclusion and exception are in the policy and also check if you were sold the policy that you asked for and it fits your requirements. Sometimes, agents tend to oversell or even sell you insurance that may not totally cover your needs. If something does not seem right get back to the insurance company and get it sorted out.
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