Universal Sompo Loan Secure Insurance: Benefits, Premium, Renewal

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.

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.