Universal Sompo Loan Secure Insurance Policy

In a loan secure insurance plan like Universal Sompo Loan Secure Insurance Policy compensates the insured financially on detecting a critical illness, loss of a job, unfortunate death or in case of total/partial permanent disability due to an accident. Universal Sompo Loan Secure Insurance Policy covers the above mentioned so that the insured or their nominees can pay back the loan without any trouble.

Universal Sompo Loan Secure Insurance Policy: Key Highlights

Type

Individual

Sum Insure

Up to Rs 1 cr.

Renewal Age

Till 55 years

Tenure

3 years

Illness Covered

18 major illnesses

Eligibility Conditions

The minimum eligibility conditions to buy this policy are:

Minimum Entry Age

20  years

Maximum Entry Age

65 years

Number of people covered

This policy covers various members/SMEs/partnerships, and there is no such limit mentioned by the policy. Each member will be considered a different policyholder.

The person should have a loan with a bank.

Residential Status

Permanent residents of India or Indian citizens

Coverage Offered

Universal Sompo Loan Secure Health Insurance Policy provides coverage under four different plan variants, which offer a range of benefits depending on the chosen type. They are mentioned below:

Silver Plan

The Silver Plan covers these:

In this category, the first time procedure or first medical events are covered

  • Cancer with severity specified
  • Coronary Artery Bypass Graft
  • Kidney Failure with regular dialysis
  • First Heart Attack (Myocardial Infarction) with severity specified as per policy document
  • Major Organ or Bone Marrow Transplant
  • Multiple Sclerosis with prolonged symptoms
  • Open Heart Replacement Or Repair Of Heart Valves
  • CABG
  • Permanent LimbParalysis
  • Permanent damage due toStroke.

Gold Plan

The Gold Plan covers the following-

First time procedure or first medical events, or surgeries for the following are covered:

  • All conditions forthe Silver Plan
  • Brain Tumor of Benign nature
  • Coma ( Severity specified)
  • Parkinson’s Disease

Platinum Plan

The Platinum Plan covers the following-

First time procedures/ medical events/surgeries, for the following are covered:

  • All conditions of the Gold Plan and Silver Plan
  • Alzheimer ‘s Disease
  • Last-Stage Liver Failure
  • Surgery of Aorta

Diamond Plan

Under the Diamond Plan, the following are included:

In this category, first time procedures or surgeries for the following ailments are covered:

  • All conditions under Silver, Gold, and Platinum Plan
  • Deafness
  • SpeechLoss
  • Third Degree Burns

Inclusions of the Policy

The Universal Sompo Loan Secure Insurance Policy provides coverage against accidents. If the policyholder dies due to any kind of accident or gets injured, resulting in disablement, then the Universal Sompo Health Insurance pays the sum insured. Below are the conditions in which the insurer is liable to pay the sum insured amount to the person insured.

  • Accidental Death of the policyholder
  • In case of confirmed permanent total disablement for 12 consecutive due to which the policyholder is unable to work
  • In case of loss of two hands or feet, a single hand &single foot, such that the policyholder becomes unemployable

Exclusions of the Policy

There is a list of various exclusions under several sections of the Universal Sompo Loan Secure Insurance Policy. Some of them are:

  • No coverage for pre-existing illnesses
  • Any illness or accident in the first 90 days of policy procurement
  • Any treatment performed by a non-registered practitioner
  • Any treatment related to congenital disabilities
  • Birth Control and HRT are not covered
  • Self-medication by the policyholder
  • Non-submission of medical proofs by the policyholder
  • Others as per policy documents

Features & Benefits of the Universal Sompo Loan Secure Health Insurance Policy

The policy features and benefits can be categorized into the following:

  • The Universal Sompo Loan Secure Health Insurance Policy has two sum insured options available in this plan: Fixed Sum insured and Reducing Sum Insured option.
  • The plan also covers the job loss. It pays 3 monthly installments corresponding to the loan insured, in case of unemployment due to accidental death or disability.
  • Ambulance charges for any admissible claim are provided up to Rs 1000 per policy period.
  • On detection of critical illness and accidental death/hospitalization, the insurer pays for
  • The outstanding loan amount is paid in case of reducing sum insured option.
  • The outstanding loan amount plus pays the sum insured to the policyholder or the nominee (as applicable) in the fixed sum insured amount.

Information on Cancellation of the Policy

If the policyholder finds the terms and conditions of the policy to be unsatisfactory, he/she can return the policy at no extra cost to the insurer within 15 days from the policy's starting date, provided no claim is paid.

The insurer will return all the premiums paid after deduction of taxes and stamp duty charges. Thus, the Universal Sompo Loan Secure Insurance Policy can be returned.

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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