Royal Sundaram General Insurance Co. Limited

Royal Sundaram General Insurance Co. Limited is the first private general insurance company in India to be licensed. Since then it has been providing customized insurance solutions to meet the divergent needs of the individual, family, and business. Royal Sundaram General Insurance offers health, motor, personal accident, home, and travel insurance to individuals. Also, it has a wide range of insurance offerings in marine, fire, engineering, and liability for commercial clients. Royal Sundaram General Insurance has specially designed products for small and medium enterprises and rural customers.

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Royal Sundaram General Insurance Co. Limited

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    Currently, Royal Sundaram General Insurance enjoys the trust of more than 5 million customers. With an employee base of over 1700, insurance products of the company are distributed across India, through agents, partners, and distribution brokers.

    Royal Sundaram's foundations are built on trust, commitment, and professionalism. The company is closely following the ethics of its promoters – Sundaram Finance, one of India's leading non-banking financial institutions, and Royal Sundaram General Insurance Co. Limited, the second-largest general insurance company in the UK. These two financial giants have come together to form Royal Sundaram General Insurance, which is known in the insurance market for its impeccable global practices, innovative products, and personalized customer service.

    Today, Royal Sundaram General Insurance is a name to reckon within the insurance market. The company's accident & health claims process has got ISO 9001-2008 certification for its high-end customer service delivery. Also, it is the first insurer to launch cashless modes of settlement and innovative health products like hospital cash in the market.

    Why Royal Sundaram General Insurance?

    The reasons for selecting Royal Sundaram General Insurance are:

    • The Company is Part of ‘Sundaram’, One of the Trusted Brands: The company has a set of values and they call it the ‘Sundaram Way’. These values help Royal Sundaram General Insurance to serve better with the best of their abilities.
    • Customer is Kept at The Center of Everything: The quality of service matters and this is the motto of Royal Sundaram General Insurance. From insurance product purchases to claim settlement, this means till the entire period of the policy, the company ensures that its customers are at the center of everything.
    • Company’s Promise: Every insurance policy of Royal Sundaram General Insurance keeps its promise of providing the best service to its customers. The health and accident claim processes have received the award of ISO 9001 – 2015 for their best customer service. Royal Sundaram General Insurance has as well won the ‘Client Model Insurer Asia Award’ for its intelligent claim management system.
      • Company’s Staff: It is the people of Royal Sundaram General Insurance who make a meaningful difference between its customers and the entire world around them. The company has approximately 2000 employees and its products are available in 130 countries

    Royal Sundaram General Insurance Awards and Achievements

    Royal Sundaram General Insurance is the first insurance company in the non-life insurance category that got a license by the Insurance Regulatory and Development Authority of India (IRDAI). The insurance provider at present has 5.20 million customers throughout the country and has its offices in 136 cities of India. Following are some of the topmost achievements of this company after its existence:

    Achievements of the Royal Sundaram General Insurance Company:

    • Royal Sundaram General Insurance is the first private insurance company that has collaborated with banks as affinity partners to sell retail products and providing a co-branded credit card.
    • Royal Sundaram General Insurance is the first insurance company that has launched an innovative health product like hospital cash.
    • Royal Sundaram General Insurance is the first insurance provider for launching a cashless settlement for the claims of health insurance.
    • The company is the first insurance provider for launching its in-house Motor Assessors (IMAs).

    Awards of Royal Sundaram General Insurance Company:

    • The company was awarded as the ‘Celent Model Insurer Asia Award’ for the year 2013 and 2014 for making an intelligent system for claim management. This system aims to improve the productivity of the staff and increase the satisfaction of its clients.
    • The company has also got ISO 9001 – 2015 certificate for its health and accident claim processes efficient customer service.

    Royal Sundaram General Insurance Co. Limited Product Portfolio

    Royal Sundaram Health Plans:

    Health Insurance plans help to protect your family against financial emergencies and cover your hospitalization expenses with a health insurance policy.

    Royal Sundaram Lifeline:

    TheLifeline Plan is a holistic indemnity cover from Royal Sundaram General Insurance Company Limited that covers the medical insurance needs of the insured and his/her family. It is available to all individuals above 18 years of age and is offered as an individual plan as well as a family floater. The family floater covers the proposer, his/her spouse, and children. The cover comes in three variants – Lifeline Classic, Lifeline Supreme, and Lifeline Elite. These plans offer extensive cover starting from Rs. 2 lakh, going up to Rs. 1.5 crore. All daycare procedures are covered under the plan. It also covers AYUSH (Ayurveda, Yoga, Unani, Siddha, and Homoeopathy) treatment as well as vaccination in case of an animal bite. A 100% reload of the sum insured is available at no extra cost. There is no room rent capping or disease-specific limits.

    Royal Sundaram Car Insurance Plans:

    Car insurance plans help you to escape from expenses on your car or any other vehicle due to any calamity and cover benefits of comprehensive motor insurance but also provide post-accident assistance.

    Royal Sundaram Car Shield:

    The comprehensive car insurance policy from Royal Sundaram offers a range of additional covers that you can choose to enhance your car protection. The policy covers all damages to the vehicle including theft of parts or accessories, and the third party covers up to Rs. 7.5 lakh, besides the numerous add-on covers.

    Royal Sundaram Two Wheeler Package Insurance:

    The comprehensive policy for new two wheeler insurance covers damages to the vehicle, third party liability, and accessories. It covers against both man-made and natural calamities

    Royal Sundaram Commercial Vehicle Insurance:

    The plan covers all passenger carrying vehicles with a seating capacity of up to 7 passengers for the comprehensive plan. The Third Party Liability Only insurance plan covers goods carrying vehicles up to 15 years of age and passenger vehicles with a carrying capacity of up to 18 passengers.

    Royal Sundaram Travel Insurance Plans:

    Royal Sundaram General Insurance Company offers travel insurance policy, which gives you the confidence of traveling abroad ensuring you have a hassle-free journey with peace of mind.

    Royal Sundaram Overseas Travel Plan:

    The international travel plan guards against loss or delay of baggage, loss of documents such as passport, and medical expenses, among others. This International Travel Insurance Policy comes in two variants – the Single Trip Travel Insurance that is valid for 180 days and from the time you board the flight to the time you return, and Multi-Trip Travel Insurance, an annual 365 days plan that let you take multiple trips abroad without the need to buy a new policy each time.

    Royal Sundaram Personal Accident Plans:

    Life is full of twists and turns. Mishaps, disability, accidents, and other adverse situations can impact a person both physically and financially. Personal accident plans safeguard you from adversities ensuring complete financial security and peace of mind.

    Royal Sundaram Business Insurance

    Royal Sundaram General Insurance Company offers a range of plans for the corporate, commercial, rural and social sector under this umbrella term of business insurance

    Business Insurance Services

    Business Solutions

    Employee Solutions

        • Group Health Insurance
          • Health Premium Platinum
        • Group Accident Insurance
        • Workmen’s Compensation

    Rural Sector

      • Farmers Insurance
        • Farmers Package Shield
        • Advantage Farmers Package Shield
      • Livestock Insurance
      • Pumps Insurance
      • Rural Personal Accident Insurance
      • Janatha Personal Accident Insurance
      • Rural Micro Enterprise Shield
      • Rural Hospital Cash Insurance

    Social Sector

      • Royal Sundaram Shakthi Health Shield
      • Royal Sundaram Shakthi Security Shield

    It is advisable to compare all Royal Sundaram General insurance plans with plans from other general insurance companies in India to choose the best insurance plan that suits you the most.

    Royal Sundaram General Insurance Company – Premium Payment Process

    There are two modes of premium payment in Royal Sundaram General Insurance:

    • Offline Premium Payment Process: You can pay the premium of your Royal Sundaram General Insurance policy offline by demand draft or cheque in the favour of Royal Sundaram General Insurance Co. Limited. You can as well pay through cash by visiting any of the branches of Royal Sundaram General Insurance. You can locate the closet branch by visiting the website of the company.
    • Online Premium Payment Process: Through the ‘InstaPay’ feature, you can pay the premium of your Royal Sundaram General insurance policy online by visiting its website. You will be asked to provide your details such as name, reference number, mobile number, and the amount of premium. After providing all these details click the ‘Proceed’ button and you will see a wide range of options for payment from which you can select one for making payments through credit card, debit card, or internet banking.

    Royal Sundaram General Insurance Company – Policy Renewal Process

    You should renew your Royal Sundaram General Insurance policy before it expires. The date of expiry of your Royal Sundaram General Insurance is mentioned in the copy of the policy. In addition to this, Royal Sundaram General Insurance also sends reminders on your registered email address or mobile number. As soon as the policy is renewed successfully, its hard copy is delivered to your registered postal address in approximately 15 days (working) from the time it was renewed.

    • Online Renewal Process: The insurance plans that you have purchased from Royal Sundaram General Insurance Company can easily be renewed online via the online renewal process through the InstaRenew feature. For the same, you have to enter your policy number and expiry date of the policy, view the details of the policy and its premium, and then make an online payment. The payment of the premium can be made through credit card, debit card, or internet banking. The company takes up to two working days in processing / updating the payment.
    • Renew Other Insurers Insurance Plan Through Royal Sundaram General Insurance: This feature is available for renewing the car insurance policy that is purchased from another insurance provider. You are required to give information about your previous policy with your car's registration number.

    Royal Sundaram General Insurance Distribution Network:

    The Royal Sundaram General Insurance Company operates with the help of more than 200 branch offices spread across 150 cities throughout the country. Royal Sundaram General Insurance has a strong network of partners, agents, and brokers across pan India.

    Royal Sundaram General Insurance - FAQs

    • Question 1: What are the different types of car or vehicle insurance policies and what are its inclusions?

      Ans: Royal Sundaram General Insurance provides a comprehensive and third-party liability insurance policy for vehicles, renewal of lapsed, or existing policy of its own or from other insurance providers. You can avail of a car insurance policy online through its website. The vehicle insurance comes with several benefits such as two service, free inspection of the vehicle at home, 24x7 helpline, for claim dedicated personal relationship manager, round the clock roadside assistance, etc. The feature of transferring no claim bonus from another insurance provider at the time of policy renewal is also available.
    • Question 2: Provide the list of the documents required to buy a car insurance policy online?

      Ans: For purchasing a car insurance policy online from Royal Sundaram General Insurance, you do not need to do any paperwork except for a break in the situation where VIR will be required. The insurance policy will be issued only when the inspection is satisfactory and necessary documents are submitted.
    • Question 3: Explain the difference between the pre-existing waiting period and the initial waiting period?

      Ans: A pre-existing waiting period is the waiting period that is applicable for any existing ailments with one is suffering from. This waiting period may vary from two years for Elite Insurance Plan to four years in the case of the Classic Plan. With every passing year of the policy, the pre-existing waiting period gets reduced by a year. In this way, if a policyholder files claim for some pre-existing disease for the expenses of hospitalization, then it will not be covered while the waiting period is not over. On the other hand, an initial waiting period is a cooling period at the starting of any new insurance policy. The initial waiting period is not applicable in case of renewal of the policy or policy portability of the policy. However, accidents are covered in the initial waiting period.
    • Question 4: In Royal Sundaram Health Insurance policy, what is covered in post and pre-hospitalization expenses? Is there any limit to which it is covered?

      Ans: The pre-hospitalization covers medical costs that have incurred before hospitalization like medication, diagnostic tests, etc. However, post-hospitalization covers the medical expenses that have incurred after discharge from the hospital like follow up visits to the doctor, medicines, etc. The cost of both post and pre-hospitalization is covered up to the sum insured of the policy.

    Royal Sundaram General Insurance - Latest News

    • IRDA Imposes Rs. 5 lakh Fine on IFFCO Tokio General Insurance & Royal Sundaram General Insurance

      The insurance regulatory body IRDA by setting a benchmark on rules and regulation has imposed a huge fine on two of the leading insurers Iffco Tokio and Royal Sundaram General Insurance. The penalty was for not following the rules of motor tariff claims and use guidelines. It is claimed that both the insurers are penalised for not realising the approved claimed amount as per the insured declared value (IDV) against total loss/theft claim.

      The companies are liable to pay the penalty of Rs. 5 lakh each. IRDA had conducted an onsite inspection of the insurance providers related to total loss/theft claims for the financial year 2009-10 and 2010-11. It also said that both the companies had violated the File & Use guidelines that can’t be changed without further orders from IRDA.

      The changed amount shall be collected from the insurance companies through NEFT/RTGS, which needs to be debited to the accounts of stakeholder’s account, within 15 days from the date of receiving the notice.

    • Royal Sundaram General Insurance to Double its Premium Income from Insurance to 25%

      Royal Sundaram General Insurance lays down a growth plan for the next five years. They are looking forward to doubling the premium income from home, health, and accident insurance from 11 percent to 25 percent.

      In addition to that, the insurance company plans to increase the premium income from commercial segments like property, marine, engineering from 12 percent to 20 percent over the next 5 years. In the financial year 2016, its total premium income touched 1,700 crores, which they expect to reach 2,100 crores by the end of this financial year.

      The CPO of Royal Sundaram General Insurance, Nikhil Apte told PTI that we are expecting a raise in the premium share coming from home, health and accident insurance to from 11 percent to 25 percent over the next 5 years.

      He added, over the next five years, RSGI plans to raise its premium income from the commercial business line from 12 percent to 20 percent.

      The company earns the largest segment for the premium income from motor insurance sector, which contributes 75 percent of its entire premium income to the total. The company is also planning to increase its health sector’s premium income. Apte also said that we have set our eyes on retail health insurance to meet our targets.

    • Royal Sundaram General Insurance Introduces New ‘Comprehensive’ Two-wheeler Insurance Policy

      Royal Sundaram General Insurance recently launched a comprehensive two-wheeler insurance policy that provides coverage for damages caused to a two-wheeler, including any of its accessories, third-party property and/or life. It enables the policyholder renew an existing two-wheeler insurance policy as well as buy a new one online.

      Each claim-free year entitles the policyholder to receive No Claim Bonus (NCB) that is applicable even when a policyholder moves to Royal Sundaram General Insurance from his or her previous insurer. The new policy comes with additional benefits of the unlimited claim for death or injury of a third-party while indemnity of Rs. 1 Lakh for any damages caused to the third-party property is also there.

      The Managing Director and CEO, Royal Sundaram General Insurance, M.S. Sreedhar said that youngsters in India seek uninterrupted, efficient services availability, as the country is on the list of fastest growing two-wheeler markets and the Internet penetration is also very high. The policy is aimed at offering the maximum coverage to the policyholders.

    • Royal Sundaram General Insurance Company Among Leaders in Private Insurance Sector

      Royal Sundaram General Insurance Company, one of the leading private insurance companies in India, has emerged as one of the key drivers of growth for India’s private insurance sector. Overall, sales of general insurance companies in the private sector including Royal Sundaram General Insurance Company witnessed 17.9% growth to reach a value of Rs. 3185.02 crores.

      This, even though public insurance companies having been in business for many more decades as compared to the relatively new private insurance players. This strong showing was particularly driven by increased sales of personal accident and motor insurance policies. Compared to this, public sector insurers recorded a sales volume of Rs. 3729.14 crores indicative of only 11.6% growth during the period.

      The total premium volume received from owned-damage (OD) motor policies by private insurance companies till January for the financial year 2015-2016 was recorded at Rs. 10,533.72 crores.

    • Royal Sundaram General Insurance Introduces Plan for Standard Chartered Customers

      Royal Sundaram General Insurance, a leading private player in the Indian insurance sector, announced the launch of its Lifeline plan through the bancassurance channel specifically targeted at customers of Standard Chartered Bank India. Lifeline is the much celebrated and highly customizable flagship health insurance product of Royal Sundaram General Insurance.

      Through this launch, the company is expected to leverage its partnership with Standard Chartered Bank India to gain new retail and corporate customers. In return, the private insurer would provide market-leading customer service as well as an exhaustive bank of product knowledge to new customers acquired through this channel.

      Lifeline may be availed as one of three available sub plans- Classic, Elite and Supreme, which feature sum assured values ranging from Rs. 2 Lakhs to Rs. 1.5 Crore. Other key features of the Royal Sundaram General Insurance Lifeline plan include tax saving benefits, family floater benefits as well as an option to obtain coverage for up to 11 critical illnesses.

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