Universal Sompo General Insurance Company is formed as a joint venture between leading five leading companies which include Allahabad Bank, Indian Overseas Bank, Karnataka Bank, Sompo Japan Nipponkoa and the Dabur Group. Each of these stakeholders enjoys a good market reputation and while four stakeholders are leading Indian companies, Sompo Japan Nipponkoa is a Japan-based insurance company. Together they create Universal Sompo General Insurance Company which is a general insurance company offering different types of general insurance policies.
Here are some facts about Universal Sompo General Insurance Company which are worth knowing –
Here is a look at some of the awards which Universal Sompo has received ever since it began operations in the general insurance field –
Here are some of the reasons why Universal Sompo General Insurance products prove ideal for your insurance needs –
Universal Sompo General Insurance Company offers different types of general insurance plans. Let’s have a look at the different plans which the company offers –
Motor insurance policies are those which are taken out on a vehicle whatever be the type of vehicle that you have. These policies are essentially meant to cover third party interests in case of accidents in which third parties face any loss. Motor insurance policies are mandated under the Motor Vehicles Act, 1988 and so Universal Sompo offers different types of motor insurance plans to fulfil the legal requirements of the Act.
The different types of motor insurance policies offered by Universal Sompo General Insurance Company are as follows –
This policy is available for privately owned four-wheelers which are used for personal or professional use. The policy covers third party legal liabilities which you face if any third party suffers any type of loss due to an accident. Moreover, coverage is also allowed for damages suffered by the car itself due to natural or man-made causes. There is also a compulsory personal accident cover for the owner/driver of the car which covers accidental deaths and disablements. Other features of the policy are as follows –
This policy is designed for covering two-wheelers used for personal or professional needs. This is a comprehensive policy which covers third party legal liabilities as well as the damages suffered by the bike due to natural and man-made reasons. The salient features of the plan include the following –
This policy is designed for commercial vehicles which are used for carrying passengers in exchange for a fare or a reward. Such vehicles can be cabs, auto-rickshaws, bus, etc. This is a comprehensive policy which covers third party legal liabilities as well as the damages suffered by the vehicle itself. The features of the plan are as follows –
This policy is meant for trucks, lorries and other vehicles which are engaged in carrying goods for commercial purposes. The policy is a comprehensive policy covering third party liability and the damages suffered by the vehicle. The features of the plan are as follows –
This policy is designed for vehicles which are used for special purposes either by the vehicle owner or his/her employees. The policy covers both third party liability and the damages suffered by the vehicle itself. The features of the plan are as follows –
This is a comprehensive two-wheeler insurance plan which is offered for a long term period. The policy covers the damages that the bike suffers due to natural or man-made causes. Third-party legal liability is also covered by the plan. Moreover, there is a personal accident cover of INR 15 lakhs which protects against accidental death and disablement. The features of the plan are as follows –
Health insurance plans are very important because they give financial assistance at times of medical emergencies. Since medical expenses have become unaffordable, a health insurance policy proves to be beneficial in covering these expenses. Universal Sompo General Insurance Company offers different types of health insurance plans which are as follows –
This is a comprehensive health insurance plan which pays your hospitalisation costs when you are hospitalised. You can choose an individual coverage policy or a family floater plan. The features of the plan are as follows –
Eligibility conditions of Universal Sompo Complete Healthcare Insurance Plan
Entry age |
Adults – 18 years to 70 years Dependent children – 91 days to 25 years Dependent children under floater policy – 1 day to 25 years |
Term of the plan |
1 year to 3 years |
Members covered |
Self, spouse and up to 4 dependent children |
Sum insured |
INR 1 lakh to INR 10 lakhs |
This is an indemnity insurance policy which covers health costs and is offered on an individual sum insured basis. You can take the plan for yourself and even for your family members. The features of the policy are as follows –
Eligibility conditions of Universal Sompo Individual Health Insurance Plan
Entry age |
Up to 55 years |
Sum insured |
Up to INR 5 lakhs |
This is a group health plan which covers the members of a group under a single master policy. The plan has the following features –
Eligibility conditions of Universal Sompo Group Health Insurance Policy
Sum insured |
Up to INR 5 lakhs |
This is a fixed benefit personal accident insurance plan which pays a lump sum benefit if the insured suffers from accidental death or disability. The features of the policy are as follows –
Eligibility conditions of Universal Sompo Individual Accident Policy
Entry age |
5 years to 75 years |
Term of the plan |
1 year |
Sum insured |
Basic cover – 10 times the annual income Wider cover – 5 times the annual income Comprehensive cover – 5 times the annual income Maximum limit – INR 5 lakhs |
This is a personal accident policy meant only for employees of a company, club members, deposit account holders of banks, members of co-operative societies, NGOs, etc. and members of BPL and APL societies. The features include the following –
Eligibility conditions of Universal Sompo Janta Personal Accident Insurance Plan
Entry age |
5 years to 65 years |
This is a group personal accident plan which covers a group of members against accidental eventualities. The policy’s features are as follows –
This is a comprehensive fixed benefit health insurance plan which covers different types of contingencies and pays a lump sum benefit in case of claims. The plan’s salient features are listed below –
This is a comprehensive insurance policy designed for borrowers so that the burden of their loan does not fall on their families in case of unforeseen emergencies. The benefits of the plan are as follows –
Eligibility conditions of Universal Sompo Loan Secure Insurance Policy
Entry age |
20 years to 50 years |
Renewability age |
Up to 55 years |
Sum insured |
Depends on loan amount |
Term |
1 year to 3 years |
This is a fixed benefit health insurance plan which pays a lump benefit daily if you are hospitalised for 24 hours or more in any medical contingency. The features of the plan are as follows –
Eligibility conditions of Universal Sompo Hospital Cash Insurance Policy
Entry age |
Adults – 18 years to 70 years Dependent children – 6 months to 25 years |
Hospital cash benefit |
INR 500 to INR 3000 per day |
Term |
1 year |
Pre-entrance medical check-ups |
Not required till 55 years of age |
This is a micro-insurance policy which provides the benefit of health insurance coverage to individuals living in the rural areas of India. The features of the plan are as follows –
Eligibility conditions of Universal Sompo Saral Suraksha Bima
Entry age |
Adults – 18 years to 65 years Dependent children – 10 years to 25 years |
Sum insured |
INR 10,000 to INR 1 lakh |
Term |
1 year |
Premium |
Critical illness cover – 0.17% of the sum insured Personal accident cover – 014% of the sum insured |
This is a micro-insurance plan which provides multi-faceted coverage benefits to people living in rural areas. The features of the plan are as follows –
This is a health insurance plan which covers senior citizens. The policy is an indemnity health plan which covers the actual costs of hospitalisation suffered by the insured. The salient features of the policy are as follows –
Eligibility conditions of Universal Sompo Senior Citizen Health Insurance Policy
Entry age |
60 years to 70 years |
Term of the plan |
1 year to 3 years |
Sum insured |
INR 1 lakh to INR 5 lakhs |
This insurance policy is designed for Indian individuals who leave India to settle abroad for work-related purposes. The features of the policy are as follows –
This policy is for students and covers the different types of risks that students face. The plan’s features are as follows –
This is a composite rural insurance policy which combines different types of coverage benefits under a single plan. The features of the policy are as follows –
This is a group health insurance plan which pays fixed benefits in case of covered contingencies. The features of the plan are as follows –
This is a fixed benefit critical illness plan which covers specific critical illnesses that are named in the policy. The features of the policy include the following –
Eligibility conditions of Universal Sompo Critical Illness Insurance Policy
Entry age |
Adults – 18 years to 65 years Dependent children – 5 years onwards |
Term of the policy |
1 year to 3 years |
Sum insured |
INR 2.5 lakhs to INR 20 lakhs |
Commercial insurance plans are those which are bought by businesses and companies for protecting their finances from possible sources of risks. Universal Sompo General Insurance Company offers a range of commercial insurance policies which are discussed below –
This is an all-inclusive policy which is designed for the farmers of India. The policy protects farmers against possible financial risks suffered due to personal accident, fire and theft, loss of cattle, loss of agricultural equipment, etc. There are optional extensions too which are available at an additional premium like loss suffered due to terrorist activities, personal accident cover for family members, etc.
This policy is designed for shopkeepers and covers the risks which are specific to them. Such risks include risk of fire to the building and contents of the shop, burglary or robbery, loss of money while in transit, damage to plate glass and neon sign, damage to electronic equipment, personal accident cover for the insured, etc.
This policy is designed for jewellers and individuals dealing in jewellery and precious stones. The policy covers the loss of jewellery, cash, bullion or other things at the insured’s premises due to fire, theft and other related perils.
This policy protects different types of assets from the loss suffered due to burglary. You can buy this policy to cover stock, cash, valuables, etc. which are owned by you or held by you in trust or commission. The policy also allows additional coverage against theft, loss of personal belongings, removal of debris, etc.
This policy provides coverage to the employees of business if they suffer an accidental death, disability or injury during the course of their employment. The policy is issued in accordance with the Workmen’s Compensation Act, 1923 which mandates businesses to have an insurance cover for the employment risks faced by their employees and workmen.
This policy covers the loss suffered by the insured individual due to embezzlement, forgery, larceny or frauds committed by his/her employees.
This policy protects against financial loss suffered when money is transported from one place to another. Money does not only include cash but also includes cash equivalents like banknotes, bank drafts, coins, cheques, treasury notes, current postage stamps, etc.
This is a comprehensive insurance policy which covers different types of financial losses suffered by an office. The coverage includes coverage against fire (building and contents), business interruption due to fire, burglary or robbery at the office premises, money insurance, damage to plate glass and neon sign, loss to electronic equipment, personal accident cover for the insured individual, breakdown of business equipment, public liability and fidelity guarantee.
As the name suggests, this policy covers major risks faced by businesses. These risks include riots, fire, strikes, terrorism, theft, burglary, larceny and accidental damages.
This policy covers every type of movable and immovable assets held at an insured location. The loss suffered from the damage of such assets due to fire and other related perils is covered by the policy. A range of policy extensions is also available which can be taken to extend the scope of coverage by paying an additional premium.
This is a marine insurance policy which covers the loss suffered by goods being transported from one place to another during the course of transit. The policy covers transit by road, sea, rail, air or even couriers or parcels.
The policy covers the loss suffered when the machines break down and are unable to function. The breakdown can be due to faulty designs or operations, short circuit and other possible causes and the policy covers the cost of repairs of such machines.
This policy specifically covers loss of electronic equipment due to accidental, sudden and unforeseen reasons. The policy can also be extended to cover express freight, air freight, third party liability, etc. on the payment of an additional premium.
This is a comprehensive policy which covers the risks faced during construction projects. The damage suffered by the property during construction would be covered under the plan. The policy also offers a host of optional coverage benefits which can be selected by paying an additional premium.
This policy covers the loss suffered when a plant or machinery, which is being erected, suffers any type of damage. Optional coverage benefits are offered with the policy which can be selected at an additional premium.
This insurance policy covers the risk of collapse, the implosion of the explosion of boiler and pressure plants and the financial loss suffered thereafter. Coverage for third party liability, additional customs duty, owners surrounding property, etc. can also be chosen by paying an additional premium.
This policy is for industries which face risks due to fire and allied perils, theft and burglary as well as due to breakdown of machinery. The policy covers all these risks under one plan and provides a comprehensive scope of coverage.
This policy is designed as per the provisions of the Public Liability Insurance Act, 1991 which specifies that individuals handling hazardous substances should opt for this cover. The policy covers third-party liability suffered by the insured if any individual dies or suffers physical injury or if any third party property is damaged due to the handling of hazardous substances.
If any third party suffers bodily injury or property damage due to an accident at the insured’s premises during the course of business, the insured would be liable to compensate the third party for the financial loss suffered. This policy covers this compensation payable by the insured to the third party.
This is a comprehensive commercial insurance policy meant for large companies which have a presence in more than one country. The policy covers all possible types of risks which the company might face due to its business operations.
Bancassurance plans are those which are designed by the company for the customers of a particular bank. The plans are offered for the partner banks with which Universal Sompo has a tie-up. The Bancassurance plans offered by Universal Sompo General Insurance Company are as follows –
This is a health insurance plan offered by Universal Sompo for the customers of Allahabad Bank. The salient features of the policy are as follows –
Eligibility conditions of Universal Sompo Allahabad Bank Health Care Plus
Entry age |
Adults – 18 years to 65 years Dependent children – 3 months to 25 years |
Pre-entrance health check-ups |
Not required until 50 years of age |
Sum insured |
INR 50,000 to INR 5 lakhs |
Co-payment |
20% of the claim if the insured is aged 55 years and above |
Term of the plan |
1 year |
Renewability age |
Lifelong |
This policy is designed for the account holders of Karnataka Bank and comes with the following salient features –
Eligibility conditions of Universal Sompo K Bank Health Care Plus
Entry age |
Adults – 18 years to 65 years Dependent children – 3 months to 25 years |
Pre-entrance health check-ups |
Not required till 50 years of age |
Sum insured |
INR 50,000 to INR 5 lakhs |
Co-payment |
20% of the claim if the insured is aged 55 years and above |
Term of the plan |
1 year |
Renewability age |
Lifelong |
This health insurance policy is designed for the account holders of the Indian Overseas Bank. The policy has the following salient features –
Eligibility conditions of Universal Sompo IOB Health Care Plus
Entry age |
Adults – 18 years to 65 years Dependent children – 1 day to 25 years |
Pre-entrance health check-ups |
Not required till 50 years of age |
Sum insured |
INR 50,000 to INR 15 lakhs |
Co-payment |
20% of the claim if the insured is aged 55 years and above |
Term of the plan |
1 year to 3 years |
Renewability age |
Lifelong |
Miscellaneous insurance plans are those which offer specific insurance policies for a specific set of customers. The policies offered are as follows –
This policy covers cattle and livestock like cows, sheep, buffaloes, goats, etc. In case of death of the cattle during the term of the policy, the policy compensates the policyholder for the financial loss suffered. The policy covers death due to accidents as well as diseases, deaths due to riots and strikes as well as permanent disability suffered during the term of the plan.
This policy is designed for homeowners and protects them against the loss of property suffered due to fire and allied risks, burglary theft or robbery, loss of plate glass, damage to electronic equipment, loss of jewellery, etc. This is, therefore, a comprehensive policy which not only covers the loss suffered by the building but also by the contents of the house.
There are different ways of buying Universal Sompo General Insurance plans and you can choose any option which suits you. The different ways are as follows –
Universal Sompo General Insurance Company has a network of branch offices spread across India. You can find the office nearest to your home or office, go to the office and apply for the policy that you need. A simple proposal form would have to be filled for applying for the policy. After you fill and submit the form, the company would underwrite it and then issue the policy.
Universal Sompo General Insurance Company also has a vast network of insurance agents who help you buy the policy that you need. You can find and contact any of the company’s agents to buy any policy. The agent would provide you with a proposal form which you would have to fill and submit. The agent, then, submits the form to the company and the company issues your policy after underwriting it.
Universal Sompo General Insurance plans are available online and you can easily buy any policy easily through the company’s website. This process of buying is simple and convenient as you don’t have to visit the branch physically or search for an insurance agent. Just visit https://www.universalsompo.com/Home/index and choose the insurance plan that you need. Fill up an online application form and submit it online. The company would underwrite the policy and issue it at the earliest. The premium for the policy would also have to be paid online.
You can also buy Universal Sompo General Insurance plans online from Turtlemint. Turtlemint is partnered with Universal Sompo General Insurance Company and offers its health and motor insurance plans online. You would just have to visit www.turtlemint.com and select the type of policy that you need. Provide your coverage details and Turtlemint would calculate the premium payable and show you the plans available. Compare and choose the best policy, pay the premium online, fill up an online application form and the policy would be issued.
Renewal of Universal Sompo General Insurance policies can also be done in the three ways mentioned above. You can visit the branch of the company, pay the renewal premium and get the policy renewed. Alternatively, you can contact your insurance agent, deposit the premium with him/her and get the policy renewed. Lastly, you can even visit the company’s website for the renewal of your policy. Provide the policy number to check the details of your existing policy. If you want you can make changes to your existing plan. Pay the renewal premium online and the policy would be renewed instantly.
Turtlemint also allows online renewals of Universal Sompo General Insurance plans if you have bought the policy from Turtlemint’s platform. To renew through Turtlemint, log into your online account, choose the policy and hit ‘Renew’. Pay the renewal premium and the policy would be renewed instantly.
Premiums of Universal Sompo General Insurance plans can be paid through any of the below-mentioned ways –
There are different claim processes for different types of Universal Sompo General Insurance plans. Here are two of the most common insurance plans and their claim process for your understanding –
If you need to reach Universal Sompo General Insurance Company for any query, complaint or feedback, you can contact the company through the below-mentioned ways-
Emails, for any type of queries, can be sent to contactus@universalsompo.com. For claim related queries, emails can be sent to contactclaims@universalsompo.com
Yes, a car insurance policy is a mandatory requirement for your car if you want to drive your car in India. You need a third party insurance coverage on the car which is mandatory and it protects you against third party liabilities. However, a comprehensive car insurance policy is better as it also offers financial coverage if your car itself suffers damage and undergoes repairs.
An indemnity health insurance plan is one which covers the actual medical costs which you incur when you are hospitalised. An indemnity health plan would cover the actual costs subject to a maximum of the sum insured of the policy.
Yes, health insurance plans can be switched from one company to another. This is called porting and it is allowed when the plan is up for renewal. To port, you would have to inform your existing insurance company of porting and also inform the insurance company whose plan you would port to. Porting is simple and also free of cost.