Universal Sompo Critical Illness Insurance Policy

Universal Sompo Critical Illness Insurance Policy is a critical illness plan, which covers life-threatening diseases and provides financial security to the policyholder's family. Under this plan, a lump sum benefit is offered on the detection of the illness. Cancer, Coma, Kidney Failure, Paralysis etc. are covered under this policy.

Universal Sompo Critical Illness Insurance Policy: Key Highlights

Type

Individual/Family Floater

Sum Insured

Rs 2.5 lakh- 20 lakh

Tenure

1 to 3 years

Savings

10% on 2 years policy

15% on 3 years policy

Free-look Period

15 days

*All savings offered are as per the IRDAIs approval. Standard T&C apply 

Coverage Offered

The coverage offered by the Universal Sompo Critical Illness Health Insurance Policy is available for the following critical illnesses up to the sum insured:

  • Coma of Specified Severity
  • First Heart Attack of specified severity
  • Kidney Failure with regular Dialysis
  • Cancer of specified severity
  • Bone Marrow or Major Organ Transplant
  • Multiple Sclerosis with continuous symptoms
  • Motor Neuron Disease (Permanent Symptoms)
  • Open Chest CABG
  • Open Heart Replacement
  • Permanent Limbs' Paralysis
  • Permanent Stroke

Inclusions of the Policy

The inclusions of Universal Sompo Critical Illness are:

  • The policy offers lump sum benefits in case the insured suffers any of the listed critical illness.
  • The policy offers an extensive range of sum insured options from Rs 2.5 lakh to 20 lakh. The policy covers 11 critical illness and surgical procedures.

Exclusions of the Policy

Anyone intending to buy Universal Sompo Critical Illness Insurance Policy needs to be aware of the exclusions of this plan:

  • Any other critical illness apart from any disease written in the policy document
  • Any non-medical or medical charges which are in any way related to accidental hospitalization
  • Any cosmetic or aesthetic treatments are not covered.
  • Any treatment for weight loss or weight control treatment
  • Charges in any way related to general debility, convalescence, rest cure, and others
  • Any suicide attempt or intentional self-injury
  • For any hospitalization related to invasion, war, or nuclear activities
  • For any illness or disease detected to drugs or alcohol
  • Treatment-related to sexually transmitted diseases or venereal infections
  • Claims for emotional distress or mental insanity
  • Involvement in criminal activities which results in illness or injury
  • Any congenital anomalies and any related complications
  • Treatment for of the policyholder through an unproven treatment or experiments
  • Expenses of non-allopathic treatment

Benefits of the Universal Sompo Critical Illness Policy

The features and benefits of Universal Sompo Critical Illness Health Insurance Policy are as follows:

  • Premium Frequency: The policyholder can pay this premium amount monthly, half-yearly, quarterly, and yearly. The premium can vary according to the age of the policyholder, and the sum insured.
  • Medical Test: Medical test is necessary for policyholders above 55 years of age. Further, depending on the sum assured amount, the applicant may be asked to conduct different tests.
  • Grace Period: The policy offers a grace period of 30 days after the policy's due date within which the person insured can renew the policy to prevent the policy from lapsing. No extra charges will be charged to renew the policy in the grace period.
  • Tax Benefit: Policyholders can avail of a premium under Section 80D of the Income Tax Act on the premiums paid.
  • Pre-existing Illnesses: This plan covers pre-existing diseases after a 48 month waiting period.
  • Survival Period: After the first diagnosis of critical illness, the person insured must survive for 30 days to get the lump sum amount from Universal Sompo Health Insurance.
  • Premium loading: There is an option of premium loading if the policyholder can bear occupational risks. A loading of 15% for medium risks and 20% is applicable for high occupational risks.
  • Increase in sum insured: The policyholder can increase the sum insured after getting approval from Universal Sompo Health Insurance.

Eligibility Criteria

To buy this policy, one has to fulfill the following eligibility criteria:

Minimum Entry Age

Child: 5 years

Adult: 18  years

Maximum Entry Age

65 years

Number of People Covered

Self, spouse, dependent children up to 25 years of age, in-laws, siblings, and parents up to 65 years of age

Residential Status

Indian residents who can be Indian citizens or Permanent Residents of India

Information on Cancellation of the Policy

If the person insured, after purchasing the policy, is not satisfied with the conditions and terms of the policy, then he/she can return the policy. The policy can be returned within 15 days from the commencement date of the policy. However, the premiums will be returned if no claim is made and after the deduction of stamp charges and taxes. 

FAQs

Written By: PolicyBazaar - Updated: 15 January 2021
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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