Universal Sompo General Insurance Co Ltd.
Universal Sompo General Insurance Company is a joint venture of Allahabad Bank, Karnataka Bank, Indian Overseas Bank, Dabur Investments, and Sompo Japan Insurance. It is a general insurance company synergizing in a unique partnership. Sompo Japan Insurance Inc. is a Fortune 500 Company with a capital of 70 billion yen and is present in 27 countries with over 15,000 employees and 69,028 agents. The company is headquartered in Mumbai, the financial capital of India.
Universal Sompo General Insurance Company Ltd. offers a multitude of insurance products and their bouquet of insurance products includes health & critical illness, personal accident & disability, home, motor, and property for individuals, offices, shopkeepers' packages, and other non-life packages for small entrepreneurs. The company received the license and certificate of registration from the Insurance Regulatory and Development Authority in November 2007.
Universal Sompo General Insurance Company was ranked fifth among the top 15 non-life insurance companies as per the ICMR-BFM survey. It is the first amongst the general insurance companies to implement the Integrated Grievance Management System – a real-time/online grievance reporting system implemented by IRDA for all insurance companies.
Why Choose Universal Sompo Health Insurance?
The reasons to choose Universal Sompo Health Insurance plan are mentioned below:
- 4000+ Network Hospitals: The company has a wide network of hospitals. In any of its network hospitals (which are more than 4,000), you can avail cashless treatment in case of hospitalization. The way of hospitalization can be an emergency or planned.
- Customer Care Assistance for 24X7: The customer care of the company is there to help you with 24X7. You can contact the insurance company on their helpline number for getting any help related to insurance. The live chat facility of the insurer lets you solve your queries instantly.
- Respectable Claim Settlement Ratio: The Universal Sompo Health Insurance Company has a very respectable claim settlement ratio, which is 75.92% for the 2018 – 19 financial year. This clearly shows that the company is good at handling the requests for a claim, which is raised by the customers.
- 135 Products That Are IRDAI Approved: With its 135 IRDAI approved products that are available in the market, the company has shown a strong footprint in the insurance field. The company provides efficient service and a complete range of products.
- In-House Process of Claim Settlement: The company has an in-house process for claim settlement that improves the customer service at the time of claim.
Highlights of Universal Sompo General Insurance Company
Incurred Claim Ratio
Total branches of Universal Sompo General Company in India
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Vision and Mission of Universal Sompo General Insurance Company
Vision: The vision of the company is to establish itself as the leader in the insurance industry. The company seeks to contribute to making its customers satisfied by delivering valuable insurance products to its customers and consistently improve its services.
Mission: The company specializes in providing products for general insurance such as bike, car, health, commercial, travel, bancassurance, etc. For providing maximum satisfaction to its customers, the company is working constantly and ensuring stable returns, incremental growth, and flawless post-claim service. The company understands that its employees are their backbone, so they have a dynamic work environment for improving the level of job satisfaction for their employees. Resultantly, this increases the delight of the customers.
Universal Sompo General Insurance Company – Interesting Facts
- The company has a share capital of Rs.230 Crore.
- The company is being promoted by three leading banks of India and it has an aggregate asset base of approximately Rs.314,017 Crore, which shows that the insurance provider has a firm base.
- The mission of insurance providers is for providing products that are world-class and also the services to its customers, for increasing revenue and offer stable returns to the company's stakeholders.
- The company has 113 branch offices and 17 zonal offices at different locations in India.
- The company has Gross Written Premium of Rupees.903.79 Crore in the Financial Year 2015 – 16.
- The company has a large range of insurance plans that can easily be customized for meeting the unique requirements of the individuals and organizations irrespective of the size of SMEs and corporates.
Universal Sompo Health Insurance policies help to protect your family against financial emergencies and pay for hospitalization expenses as well as domiciliary hospitalization benefits if you suffer from an illness or accidental injury during the policy period.
- Individual Health Insurance Policy: The policy covers hospitalization expenses as well as domiciliary hospitalization benefits if the insured suffers from an illness or an accidental injury. No medical tests are required up to 45 years and the entry age should be less than 55 years.
- Group Health Insurance Policy: The policy is designed for employees of an organization or a business or members of an institution, society, association, or club. The cover extends to hospitalization expenses and domiciliary hospitalization benefits in case of illness or injury. It also has various add-on covers such as critical illness cover, maternity benefit cover, and cash cover, among others. The plan comes with the family floater option.
- Aapat Suraksha Bima Policy: A lump sum benefit plan from the company, the policy guards the insured and/or their nominees against sudden and unexpected expenditures on the diagnosis of five major diseases/illnesses.
- Loan Secure Insurance: The plan helps to mitigate the burden of loans taken by the insured in case of unforeseen contingencies. The plan has been specially designed for customers of banks and financial Institutions and covers major illnesses and surgical procedures besides the loss of job and loss of housing due to fire and allied perils.
- Hospital Cash Insurance: The policy offers Hospital confinement benefits, intensive care benefits, and convalescence benefits in the event of hospitalization. It can cover an individual, his/her spouse, dependent children up to the age of 25 years, and dependent parents
- Saral Suraksha Bima: The plan offers a lump sum amount in the case of happening of an eventuality that is covered in the policy. The policy covers five critical illnesses, accidental death, and permanent total disablement resulting from an accident.
- Sampoorna Suraksha Bima: The Sampoorna Suraksha Bima policy from the company offers four-way protection for various events that may lead to losses for the insured and/or his family members. It protects the household structure and contents against man-made and natural causes, against burglary and theft, guards the insured against accidental bodily injury that leads to serious consequences such as disablement or even death, and provides health insurance for treatment for illness as well as for hospitalization.
- Senior Citizen Health Care: The specially designed policy is designed for individuals and his/her spouse between the ages of 60 and 70 years. It covers pre and post-hospitalization expenses, daycare procedures/surgeries, and ambulance charges. It also offers a daily allowance and covers the costs associated with the accompanying person.
- Complete Health Care Insurance: The comprehensive policy reimburses medical expenses incurred in a hospital, out-patient charges, and various value-added services. The plan comes in three variants: Basic, Essential, and Privilege.
- Pravasi Bharatiya Bima Yojana: The policy insures emigrants who are staying abroad for work-related reasons against injuries, hospitalization, expenses, maternity expenses, and daycare procedure, among others. It covers Indian citizens age 18-65 years and family members including the spouse, children, and dependent parents.
- Surva Vidyarthi Bima Yojana: A group health plan for educational institutions and schools for the benefit of students and staff members against injuries that lead to disablement and even death. Multiple extensions can be taken such as for the loss of personal belongings, ambulance charges, reimbursement of examination fees, etc.
- Universal Sompo Travel Insurance: We put a lot in planning the trip. However, to ensure that our vacation is a complete success, travel insurance is an absolute necessity. Whether you lost your baggage or need some medical assistance, the travel insurance policy will make sure you get what you need.
- Overseas Travel Insurance Policy: The plan covers individuals between the ages of 18 and 70 years traveling abroad for business or holiday. It protects against loss or delay of baggage, loss of documents, emergency medical treatment or hospitalization, and more.
Car insurance policy helps you to escape from expenses on your car or any other vehicle due to any calamity. The plans cover vehicles used by the insured or used by the insured's employees for social, domestic, and recreation purposes and also for professional reasons (excluding carriage of goods other than samples). The plans do not cover vehicles used for hire or reward, racing, pacemaking, reliability trials, speed testing, and use for any purpose in connection with the Motor.
- Motor Private Car: The policy covers loss or damage to the vehicle insured due to natural and man-made events. Optional extensions include loss of accessories, legal liability to the paid driver in addition to the mandatory third-party liability.
Two-wheeler insurance protects your vehicle against natural and manmade calamities like a rockslide, fire, flood, earthquake, etc. Two-wheeler insurance has two variants-comprehensive & third party, which is compulsory by law. A two-wheeler policy not only gives you a defense against unforeseen things but it also curtails your economic load cropped up during accidents.
For many people around the world, passenger-carrying vehicles are the main source of income. Owning and operating such vehicles will certainly yield profits, however, one should also understand that this profession is risky. To safeguard your investment from accident and third party damages, it is vital to buy commercial vehicle insurance for your passenger carrying vehicles.
Goods carrying vehicles form an important part of your business. When there is a problem with the vehicle, then most likely your business will also be affected. So it becomes indispensable to insure your vehicle to ensure the smooth functioning of your business. Moreover, commercial vehicles are used extensively as compared to personal vehicles. Therefore, it is necessary to insure them.
Home Insurance plans cater to the overall requirement of you as a house owner and give you comprehensive coverage.
Personal accident policy gives you the much needed financial security you want to give your family. Personal accident policy doesn’t stop with death benefits only as it covers other dire consequences also like permanent/temporary disability, etc.
- Individual Personal Accident Policy: The Individual Personal Accident Policy from the company helps the insured and/or his family from the expenses resulting from unforeseeable accidents. Anyone between the ages of 5 and 65 years can enroll in the policy. New proposals beyond 65 years of age and below 75 years have a 20% loading on premium. The plan comes in three variants – Basic Cover, Wider Cover, and Comprehensive Cover.
- Janta Personal Accident Policy: The Janta Personal Accident Policy protects against illnesses or injuries related to an accident and covers death and permanent total disablement. The cover ensures employees of a firm or a company, members of an association or club, depositors of banks, members of cooperative society, NGO, SHG, Kisan Credit Card Holders, and members of the APL and BPL segments of the society.
- Group Personal Accident Policy: The insurance plan from Universal Sompo General Insurance covers the insured party and its employees or members against unforeseeable accidents. The policy can be covered to include dependent children and parents of the employees.
Universal Sompo Commercial Insurance Plans:
Universal Sompo Rural Insurance Plans:
- Swarna Gramin Bima Yojana - Individual
- Swarna Gramin Bima Yojana - Group
Universal Sompo General Insurance Bancassurance Insurance Plans:
- K Family Care Policy
- Sampoorna Swasthya Kavach
- Allahabad Bank Health Care Plus
- K Bank Health Care Plus
- IOB Health Care Plus
It is advisable to compare all Universal Sompo General insurance plans with plans from other general insurance companies in India and zero down the insurance plan that suits you the most.
Universal Sompo General Insurance Claim Process
For Health Insurance Claims:
- In case of cashless claims, you should inform the company within 24 hours of the hospitalization in case of emergency hospitalization and 48 hours before planned hospitalization by calling 1800 – 200 – 5142. You should visit the network hospital with your health insurance card provided by the insurance company and fill the form for cashless treatment. You can get this cashless request form from the helpdesk of the company at the hospital.
- In case of reimbursement, the company should be informed within 24 hours in case of emergency hospitalization and 48 hours before planned hospitalization by calling at 1800 – 200 – 5142. You should take the treatment and after that submit all the relevant bills for processing the reimbursement of all the incurred expenses.
For Personal Accident Insurance Claims:
- In cases such as disability or death, the company should be informed instantly by calling at 1800 – 22 – 4030.
- The executive of the company will guide you regarding the process.
- For making the claim, you should submit all the relevant documents. These documents are – a copy of the policy, claim form, FIR, claim intimation, death certificate, report of postmortem, etc.
Universal Sompo General Insurance Distribution Network:
The Universal Sompo General Insurance Company operates with the help of more than 50 branches. Moreover, the company provides for its customers easy channels of access to its products through its 24x7 call center and a transactional website.
Universal Sompo General Insurance Company – Premium Payment Process
You can pay the premium for your policy either by online or offline.
- Online Payment: You can pay through any of the below-mentioned gateways
- Net banking
- Debit or Credit Card – MasterCard, Visa, Bharat QR, and American Express
- Offline Payment: For paying the premiums offline, you can visit the nearest branch of the company.
Universal Sompo General Insurance - FAQs
Answer: When the insurance provider issues you the health card, at that time it also gives you an extensive list of the network hospitals. However, this list may change with time, however, you can get the updated list on the website of TPA. You can also access the list of network hospitals of the company on its official website.
Answer: A Universal Sompo Health Insurance policyholder should file the claim at least in 30 days from the discharge date from the hospital or after completion of the treatment.
Answer: Those who are insured under a health insurance plan are eligible to get the tax benefit u/s 80D of the Income Tax Act, 1961. Every taxpayer is eligible to get the annual deduction of Rs.25, 000 from the taxable salary for paying the premium for a health insurance plan for dependents and self.
Answer: For any policy related queries, you can contact the company wither by giving a call to their call center or by emailing them.
Answer: In case of permanent partial disability, you will get the compensation as per the nature of your injury and the percentage of Sum Insured that is mentioned under the ‘Table of Benefits’ in the documents of the policy or as per the suggestions or recommendations of the company’s medical practitioner.
Answer: In case of planned or emergency hospitalization, you have to show your health id card at the network hospital for becoming eligible for cashless service. However, if the hospital is not in the list of network hospitals, then you have to make the payment from your pocket and after that submit it to the insurance provider or TPA for the reimbursement with required documents and bills.
Answer: Yes, the company provides extensive coverage that can easily be customized for meeting the requirements of an individual. The motor insurance policy provides cover against all the legal liabilities to the third-party damage because of an accident according to the Motor Vehicle Act.
The list of the necessary documents in case of claim settlement in car insurance is:
- Road tax payment proof
- Insured Declared Value proof
- Charges of the registration as per the make and model of the car as per the received invoice from the policyholder during policy purchase.
Universal Sompo General Insurance - Latest News
Sompo Japan Nipponkoa Insurance has increased its stake in Universal Sompo General Insurance Company from28.4% to 34.6%. With this move, the insurer has become the largest shareholder in the general insurance sector.
As per the source, the parent company Sompo Holdings entered the insurance business in India in the year 2007 via investment in USGI. The company later entered into retail business after seeing the potential growth and since then it has been growing to become one of the leading insurers.
As per the Insurance Act 2015, the international partners were allowed to hold up to 49% share in insurance companies in India. However, due to the relaxation on regulation in the year 2015, Sompo Holdings had increased its ownership.
Recently, the company has 6.2% shares held by Karnataka Bank. The other shareholders include Allahabad Bank with 28.52% stake, Indian Overseas Bank with 18.06% stake and Dabur Investment Corporation with 12.81% stake.
Due to the constant economic growth, the property and accidental insurance market in India have been seeing a rapid growth up to average 17% in the year 2017. This is expected to reach about two trillion Yen in the coming years.
An executive officer was appointed as well to lead the position of Deputy CEO in the insurance company. The company by keeping its commitment towards India business proposes to add more value to USGI through digital and commercial business.
The Motor Accident Claims Tribunal, Chandigarh, has announced it as a joint liability of the driver, the owner, and Universal Sompo General Insurance Company Limited, the insurance provider of the car, to compensate Rs 32 lakh to the family of the accident victim.
The accident victim, Dalip Kumar Maggo, was 56-year old and was working with the Haryana’s directorate of census operations. On 4th February, 2015 he was killed due to being hit by a Tata Indica Vista car that was driven rashly. The car hit his two-wheeler from the back near the Sector 44-45 signal.
Maggo was taken to the nearby GMCH (Government Medical College and Hospital) in Sector 32, and was declared as brought dead by the doctors. Aseem Bansal, Maggo’s son in law lodged an FIR (First Information Report) as an eyewitness in the case
Universal Sompo General Insurance and Corporation Bank (Mangalore-based mid-sized public sector bank) have signed a memorandum of understanding (MoU) with each other. The idea behind signing this memorandum is to provide accident death cove to the existing holders of saving account under Corp Saral, Corp Super, and Corp Signature category. In a press release on 6th February, 16, Corporation Bank announced that the bank is providing free personal accident death cover of ₹5 lakh and ₹10 lakh to its Corp Super account holders and Corp Signature account holders respectively. The MoU was signed in the presence of VV Vendhen, Bancassurance Head at Universal Sompo General Insurance Co Ltd. and Jai Kumar Garg, Chief Executive Officer and Managing Director, Corporation Bank. Corporation Bank has a vast network of more than 9,000 centres all over India, which includes 2,061 branches, 4,349 branchless banking units, and 2,599 ATMs. Also, 59.82% stake in the bank is held by government.
Written By: PolicyBazaar - Updated: 12 October 2020