Universal Sompo General InsuranceIncurred Claim Ratio - 74*
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 general insurance company synergising 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’ package, and other non-life packages for small entrepreneurs. The company received the licence and certificate of registration from 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 – real-time/online grievance reporting system implemented by IRDA for all insurance companies.
Universal Sompo General Insurance Product Portfolio
Universal Sompo Health Plans:
Universal Sompo Health Insurance policies help to protect your family against financial emergencies and pays for hospitalisation expenses as well as domiciliary hospitalisation benefits if you suffer from an illness or accidental injury during the policy period.
- Individual Health Insurance Policy: The policy covers hospitalisation expenses as well as domiciliary hospitalisation 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 organisation or a business or members of an institution, society, association or club. The cover extends to hospitalisation expenses and domiciliary hospitalisation 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 Universal Sompo, 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 loss of job and loss of housing due to fire and allied perils.
- Hospital Cash Insurance: The policy offers Hospital confinement benefit, intensive care benefit and convalescence benefit in the event of hospitalisation. 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 Universal Sompo offers a 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 hospitalisation.
- 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 hospitalisation expenses, day care 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, hospitalisation, expenses, maternity expenses, and day care procedure, among others. It covers Indian citizens in the age of 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. There are multiple extensions that can be taken such as for 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, travel insurance will make sure you get what you need.
- Overseas Travel Insurance Policy: The plan covers individuals between the ages of 18 and 70 years travelling abroad for business or holiday. It protects against loss or delay of baggage, loss of documents, emergency medical treatment or hospitalisation and more.
Car insurance plans help 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 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, pace making, 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 paid driver in addition to the mandatory third party liability.
Two-wheeler insurance provides protection to your vehicle against natural and manmade calamities like 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 defence 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. In order 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 Universal Sompo helps the insured and/or his family from the expenses resulting from unforeseeable accidents. Anyone between the ages of 5 and 65 years can enrol in the policy. New proposals beyond 65 years or 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 cover death and permanent total disablement. The cover insures 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 covers the insured party and their 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:
- Farmer's Package Policy
- Shopkeepers Insurance Policy
- Cattle Insurance Policy
- Householder's Insurance Policy
- Jeweller Block Insurance Policy
- Burglary Policy
- Workmen's Compensation Policy
- Fidelity Guarantee
- Money Insurance
- Office Package Policy
- All Risk Insurance Policy
- Standard Fire and Special Perils Policy
- Marine Cargo - Specific Policies (Inland & Export/Import)
- Machinery Breakdown Policy
- Electronic Equipment Insurance
- Contractors All Risk Insurance
- Erection All Risk Insurance
- Boiler Pressure Plant Insurance
- Industrial All Risk Insurance
- Public Liability (Act) Insurance
- Public Liability (Industrial & Storage Risks)
Universal Sompo Rural Insurance Plans:
- Swarna Gramin Bima Yojana - Individual
- Swarna Gramin Bima Yojana - Group
Universal Sompo 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 to choose the best insurance plan that suits you the most.
Universal Sompo 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 centre and a transactional website.
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.
Universal Sompo General Insurance Company Limited and the respondents to jointly pay a compensation of Rs. 32 lakh
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 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.
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Universal Sompo General Insurance Reviews
I had prchased health insurance and maid a claim . i have received superior service for customer service team.
Universal sompo two wheeler insurance is nice with low premiums. The policy coverage is high ~87% and the policy claims are even better. The service facilitate by the executives and staff is really very fast by which claiming procedure get easy. The tow facility is inbuilt in the policy and huge number of garages are there for all time assistance.
High Returns In Low Premium
I purchase universal sompo travel insurance plan. The policy coverage is good and the premium is low. The luggage lost and dental emergency is inbuilt in the policy. Claims are good and procedure to sanctioning it is very easy because executives provide good and fast service. Good job.
The universal sompo personal accident plan is nice with good benefits. The policy coverage is high and the premium is low. The ambulance is facilitate for free and the number of hospitals are working for fast service. The behaviour of executives and staff members is nice. I like the policy.
Universal sompo home insurance plan is good. The premiums are low and the policy coverage is high. The claims are even better. Good service provided by the executives and staff of the company. Many goods and belongings are insure in the policy plan. Good investment which secure my house. I like the policy.
I purchase universal sompo goods carrying vehicle insurance. The policy is good which provides good benefits. The policy coverage is high and the premiums are low. Claims are good and the claiming is very simple. No paper work for claiming or any other query. Availability of 24*7 customer support so that all customer queries and concerns are taken care of expeditiously. Great work.
I buy universal sompo car insurance plan. The policy coverage is high and the premium is low. The claims are good and claiming process is easy because fast service facilitate by the executives and staff members. The tow car facility is given without taking any charges. Good policy, I like it.
superb health plan...
I purchase universal sompo health insurance policy plan and the plan is great with huge benefits. Policy coverage is 90%, claims are high approx. Rs.2.8 lakhs. Service is quick and always on time. Ambulance is also provided without taking any charges.
Plan Name: Universal Sompo Individual Basic
Agent Code: BPW01735
I got a health policy with Star Health Insurance. They provided the best policy I ever seen and the customer service is the best. Claims are easy to get and the coverage is 80-85%. I must say guys good job. Happy to get this great deal...
Plan Name: Universal Sompo Individual Essential
Agent Code: BPW01735
I came to know about Universal Sompo health insurance by an advertisement. It had tied up with 14-15 major hospitals in my area. Universal Sompo general health insurance covers all medical expense. And best part is that they also send reminder of my premium so that I get full benefit of it.
Plan Name:Univerdal Sompo Indiviual Essential
I purchased a health plan from Universal Sompo Insurance Company for my parents because it is good and cheap as well. But, the customer care service is the worst. I would recommend Bajaj Allianz to my friends who have low budget.
Plan Name:Univerdal Sompo Indiviual Basic
I bought Universal Sompo Health Insurance Policy when I was advised by my friend. It has been two years since then, I am very happy with their service and I had claimed it once.
Plan Name:Universal Sompo Individual Basic
I have purchased Universal Sompo Health insurance policy. This is provided by my employer. It gives me coverage of Rs 2 lakh for my family. I have heard about positive response during claim. All over process was hassle free and easy.
Plan Name:Univerdal Sompo Indiviual Basic
I am having the health insurance policy with the Univerdal Sompo Indiviual Basic from the last two years of time. It has been provided by my employer, also the medical coverage value is around 10 lakh Rupees which inclusive of myself and my family. It will go via mediassist and every interaction will be with them only. I'm happy with policy which providing me good service and coverages.
Plan Name:Univerdal Sompo Indiviual Basic
The service provided was good with Universal Sompo General Insurance based on the health Insurance service. They do ask confirmation to the customer before processing the request which was good. They do have cashless facility available in the Insurance. I have to pay around Rs9000 as a premium for the Insurance. I have to pay a coverage amount around Rs3Lakhs in the Insurance. Allover good policy and services.
Plan Name: Univerdal Sompo Indiviual Essentia
Agent Code: BPW01735
"Best Policy.. "
My health insurance policy has been taken from Universal Sompo General Insurance. I undergone an accident which got covered by company and in future also I need to re operate it, so I stick with them. The services are good with them and I am paying around Rs8000 as the premium and the total insured value is around Rs3 lakh.
Plan Name: Univerdal Sompo Indiviual Essential
Agent Code: BPW01735
It is a corporate health insurance from Universal Sompo General insurance. The services are good from them. Though I have not had a claim experience yet. The coverage is good. It is for my family and myself. The premium is renewed by my employer. They have a tie up with a good net work of hospitals.
Plan Name: Univerdal Sompo Indiviual Basic
Agent Code: BPW01676
Universal Sompo health insurance has many terms and conditions. A policy holder needs to be admitted in hospital for more than 24 hours, I order to get full benefit of reliance health insurance. I bought money back guaranteed plan. The premium is moderate and coverage is only for me.
Plan Name:Univerdal Sompo Indiviual Essential