Universal Sompo General Insurance Company Limited is a private sector public joint business general insurance company in India. The formation of this general insurance company is the result of one private sector bank namely Karnataka Bank Ltd, two nationalized banks namely Indian Overseas Bank and Allahabad Bank, one FMCG namely Dabur Investment Corp and a leading Japanese general insurance company namely Sompo Japan Nipponkoa Insurance Inc. combining into one. Universal Sompo General Insurance Company Limited is the first Public - Private Partnership in General Insurance Industry in India. Universal Sompo has its headquarters in Mumbai, India.
Allahabad Bank holds 30%, Indian Overseas Bank holds 19% and Karnataka Bank 15% of the share in this general insurance venture. While Dabur India Limited holds 10% and the rest 26% of the share of the company is held by Sompo Japan Nipponkoa. Universal Sompo General Insurance Company Limited has a number of individual and commercial general insurance products on offer for its customers. Universal Sompo General Insurance has around 135 IRDA certified products on offer. The company is operating on a pan India basis through its 113 Branches and 17 Zonal Offices. To assist customers with intimating a claim, Universal Sompo has a dedicated 24*7 Claim Care Helpline Number.
Mission and Vision of Universal Sompo General Insurance Company
Universal Sompo General Insurance Company received the Certificate of Registration and License from Insurance Regulatory and Development Authority of India (IRDA) in November 2007. This joint venture has been capitalized with shareholders’ funds of over 435.80 crore including share premium. Universal Sompo has a unique mission and vision.
The Vision of the Company
The vision of Universal Sompo General Insurance Company is to emerge as a market leader in their chosen domain through the process of winning customer confidence with greater value and incessantly enhancing the same.
The Mission of the Company
In terms of the mission of the company, Universal Sompo General Insurance Company aims to provide world-class products and services to their customers. Provide stable returns to their shareholders. The company aims to stimulate the work environment for all their employees. Universal Sompo focuses on growth along with a Customer-Centric Approach. The mission of the company also includes providing highly efficient post claim services to all their customers.
Universal Sompo General Insurance Company Products and Services
Universal Sompo has a plethora of general insurance products and services on offer. From Health insurance to motor insurance to commercial insurance, Universal Sompo General Insurance has solutions for all type of general insurance.
Universal Sompo Health Insurance Plans
Health plays the most important part in anyone’s life. Therefore, securing your health is the most important job. For this purpose, Universal Sompo has come up with a number of effective health insurance plans.
Individual Health Insurance
Health Insurance policy from Universal Sompo can be availed for individual and/or his family. Universal Sompo Individual Health Insurance policy has been designed to pay the Insured person(s) for the hospitalization expenses including domiciliary treatment benefits if the insured suffers from an illness or accidental injury during the policy term.
Group Health Insurance Policy
Group Health Insurance Policy from Universal Sompo has been designed for groups and is offered to groups including employees both in trading and manufacturing sectors/ social sector and/or members of an association/institution/club/ society. The Policy pays for the hospitalization expenses of Insured person(s) and domiciliary treatment benefits as well if he/she suffers an accidental injury or illness or during the policy tenure.
Individual Accident Policy
Personal Accident Policy from Universal Sompo General Insurance Company provides you and your family alleviation against the financial consequences resulting from various unforeseeable accidents.
Janta Personal Accident Insurance
Janta Personal Accident Insurance policy from Universal Sompo has been designed to provide you and your family relief against the financial consequences resulting from various unpredictable accidents.
Group Personal Accident
Group Personal Accident Policy from Universal Sompo offers fortification against the consequences of various unforeseen accidents to you and your employees or members. This Policy can further be extended to cover the dependent parents/children of your employees.
Aapat Suraksha Bima Policy is basically a health insurance plan designed to cover on lump sum basis to support the insured and/or the nominee against an unexpected and sudden expense (other than the costs of medical treatment) on diagnosis of the major diseases like Renal Failure, Coronary Artery Disease, Paralytic Stoke, Major Organ Transplant and Cancer.
Critical Illness Insurance Policy
We are faced with many uncertainties in our life. This is the reason why we want to secure our life by preparing for the unexpected. Critical Illness Insurance policy from Universal Sompo General Insurance Company can help get rid of many of your financial worries and focus on getting better if you became critically ill.
Other Health Insurance Plans from Universal Sompo General Insurance Company
- ✔Loan Secure Insurance Policy
- ✔Hospital Cash Insurance Policy
- ✔Saral Suraksha Bima (Micro Insurance Policy)
- ✔Sampoorna Surkasha Bima (Micro Insurance Policy)
- ✔Senior Citizen Health Insurance Policy
- ✔Complete Healthcare Insurance
- ✔Pravasi Bhartiya Bima Yojana
- ✔Surva Vidyarthi Bima Yojana
- ✔Swarna Gramin Bima Yojana - Individual
- ✔Swarna Gramin Bima Yojana - Group
Motor Insurance Policy
Motor insurance policies from Universal Sompo General Insurance Company Limited have been designed in such a way that it offers your vehicle comprehensive protection against a number of unforeseen circumstances.
Motor Private Car Insurance Plan
Private Car Insurance Policy has been designed to cover vehicles that are used for domestic, social and pleasure purpose as well as used for professional purpose (except goods carriage other than samples) of the insured or used by insured's employees for such purpose excluding use for reward or hire, racing, reliability trial, pace making, speed testing and use for any purpose related to the Motor Trade.
Motor Two Wheeler Insurance Plan
Two Wheeler Insurance Policy from Universal Sompo covers vehicles used for social, pleasure, domestic purpose and also for professional purpose (excluding carriage of goods other than samples) of the insured or used by insured's employees for such purpose excluding use for reward, racing, hire, reliability trial, pace making, speed testing and use for any purpose related with the Motor Trade.
Motor Passenger Carrying Vehicles Insurance Plan
Passenger Carrying Vehicle Insurance Policy has been designed to cover Vehicles that are used for carriage of passenger for reward or hire, speed testing, except for racing, reliability trial, pace making and use for any purpose related to the Motor Trade.
Motor Goods Carrying Vehicle Insurance Plan
Goods Carrying Vehicle Insurance Plan protects goods carrying Vehicles for goods or used by insured, insured's employees for such purpose or used for reward or hire, except for racing, speed testing, reliability trial and use for any purpose related to the Motor Trade.
Motor Miscellaneous Vehicles Insurance Plan
Miscellaneous Vehicle Insurance Policy from Universal Sompo General Insurance Company Limited offers protection to vehicles that are used for special purpose of the insured or used by insured's employees for such purposes and in definite cases for reward or hire, but excluding pace making, racing, speed testing, reliability trial and use for any purpose related to the Motor Trade.
Two Wheeler Long Term Package Policy (TWLTPP) Insurance
This is a comprehensive two wheeler insurance policy. It can be purchased either for 2 or 3 continuous years. This way the long term two wheeler insurance policy eliminates the requirements of annual renewals. A discount of 5% and 10% is offered for buying the policy for 2 and 3 years respectively. The policy offers an incremental No Claim Bonus (NCB) discount on the renewal of a long term policy with a different long term policy.
Bancassurance Plans by Universal Sompo
Universal Sompo General Insurance Company has a number of Bancassurance Plans on offer such as the followings:
Allahabad Bank Health Care Plus
This is a comprehensive health insurance plan specifically designed for the account holders of Allahabad Bank. This policy offers health protection to the insured, his/her spouse, dependent parents and dependent children. It comes with a family floater policy that widely covers the entire family under a single Sum Insured. Thus, the policy saves the customers from the hassle of opting for individual health insurance covers for individual family members. The benefits of this health insurance plan comprises of hospitalization expenditures, on the maximum Sum Insured in case of accidents, surgeries and unexpected illnesses.
K Bank Health Care
This is a health insurance policy that is applicable to the account holders with a Current or Savings Bank Account at Karnataka Bank. The policyholder can be any individual under the age between 18 to 65 years. The policyholder will be eligible for including his/her spouse, dependent parents and dependent children in this scheme. The policy covers the costs incurred during hospitalization, pre and post hospitalization, ambulance charges, maternity expenditures, funeral expenses, medical check-ups etc. there are extensions on additional premium payment.
IOB Health Care Plus Policy (Revised)
This health insurance policy is applicable to customers of Indian Overseas Bank. This policy covers hospitalization expenses and also comes with optional extensions to the policyholder, his/her spouse, dependent parents and dependent children.
- ✔Farmer's Package Policy
- ✔Shopkeeper's Insurance Policy
- ✔Jewelers Block Insurance Policy
- ✔Burglary Insurance Policy
- ✔Employee’s Compensation Insurance Policy
- ✔Fidelity guarantee Insurance Policy
- ✔Money Insurance
- ✔Office package Policy
- ✔All Risk Insurance Policy
- ✔Standard Fire and Special Perils Policy
- ✔Marine Cargo Open Transit (Inland & Import/Export) Policy
- ✔Machinery Breakdown Policy
- ✔Electronic Equipment Insurance
- ✔Contractors All Risk Insurance
- ✔Erection All Risk Insurance
- ✔Boiler and Pressure Plant Insurance
- ✔Industrial All Risk Insurance
- ✔Public Liability (Act) Insurance Policy
- ✔Public Liability (Industrial & Storage Risks)
- ✔Comprehensive Operational Large Risk Policy
- ✔Cattle Insurance Policy
- ✔Fire Allied Perils - Building Contents
- ✔Burglary/ Robbery Insurance
- ✔All Risk (Jwellery Valuables)
- ✔Plate Glass
- ✔Electronic Equipment
- ✔Electrical Mechanical breakdown of Domestic Appliances
- ✔Personal Accident
- ✔Baggage Insurance
- ✔Workmen's Compensation
- ✔Public Liability Insurance
The renewal of any insurance policy is vital in terms of keeping the coverage active on your purchased policy. Similarly, if you buy any policy from Universal Sompo General Insurance Company Limited, you must make sure that it is getting renewed at the right time. Any failure to renew your policy will cause you to lose all the benefits and coverage on your Universal Sompo insurance policy. However, you need not worry about the renewal of your policy with Universal Sompo since the company offer this feature online. You can instantly renew your policy from Universal Sompo General Insurance Company Limited by simply visiting the official website of the company. Thereafter, click on renewal, just choose your policy, plan, get quote and pay the premium online. You can pay your premium via credit card, debit card or net banking. After the successful payment of premium, you will be done with Universal Sompo General Insurance renewal online.
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