Universal Sompo Health Insurance

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6 min read

Updated on Jul 13, 2022

Overview of Universal Sompo Health Insurance

Universal Sompo company is one of the most promising health insurance companies offering a wide range of products in India. Universal Sompo Health Insurance is a part of the Universal Sompo General Insurance company, which is a collaboration between Japan’s insurance giant, Sompo Japan Nipponkoa Insurance Inc. and Indian banks such as Indian Overseas Bank, Allahabad Bank, Karnataka Bank Ltd., as well as Dabur Investment Corporation.

The insurance giant is headquartered in Mumbai and is the first such private-public joint venture in the field of general insurance. Universal Sompo General Insurance  offers a range of products in general insurance sector including health insurance, motor insurance, travel insurance, and home insurance.

Health insurance products offered by Universal Sompo insurance  are promising with affordable and simple health policies available on individual or floater basis. Designed to cater to the needs of customers with multiple benefits, these health insurance products are available with basic as well as advanced coverage benefits at affordable price to cater to your medical emergencies.

Key Highlights of Universal Sompo Health Insurance Company

Key Features Specifications
Network Hospitals Available 7700+
Waiting Period (Pre-existing Ailments) 4 years
Claims Settlement Ratio 70.75%
Policies Issued 2, 67,221
Covid-19 coverage Available
Renewability Lifelong

* Year Data 2019-20

Awards and Achievements of Universal Sompo Health Insurance Company

  • Best BFSI Brand 2020-21 by Economic Times
  • Best Technology of good project 2020-21
  • Best Customer service by Insurance Alertss India 2020-21
  • FM Stars of Industry Excellence in General Insurance 2016-27
  • Insurance Summit Best Customer Service Provider of the Year 2017-18

 

Benefits of Availing Universal Sompo Health Insurance Plans

Universal Sompo Health Insurance plans offer the following benefits:

  • Extended Sum Insured range: These plans are available with an extensive range of sum insured starting from 1 lakh rupees and are available up to 1 crore rupees. Thus, these plans allow customers to avail maximum coverage benefits.
  • Variants of plans are available with customization: The health insurance plans offered by Universal Sompo come with different variants to cater to different needs of people. They also differ in terms of coverage, features, sum insured as well as deductibles.
  • Portability : These insurance plans allow portability features which enable you to switch to Universal Sompo Health Insurance plans from other insurance providers during the time of policy renewal.
  • Lifetime Renewability: The Universal Sompo Health Insurance plans allow lifetime renewability options. So, you can avail the benefits throughout life by paying a premium on time.

Other benefits include:

  • Allow Cashless hospitalization in network hospitals all across the country.
  • Pre, post hospitalization costs covered.
  • Tax benefits are offered under section 80D.
  • Cover day care procedures with selected plans.
  • Free look-in period of 15 days allowed.

Health Insurance Plans Offered by Universal Sompo Health Insurance Company

The Universal Sompo health insurance offers numerous health plans including:

  • Universal Sompo Individual Health Insurance Policy Plan
  • Universal Sompo Group Health Insurance Policy Plan
  • Universal Sompo Pravasi Bharatiya Bima Yojana Plan
  • Universal Sompo Surva Vidyarthi Bima Yojana Plan
  • Universal Sompo Swarna Gramin Bima Yojana Policy Plans
  • Universal Sompo Aapat  Suraksha Bima Insurance Plan
  • Universal Sompo Hospital Cash Insurance Plan
  • Universal Sompo Complete Health Care Insurance Plan
  • Universal Sompo Senior Citizen Health Care Plan

Top Plans of Universal Sompo Health Insurance in India

Below are the details of the top plans of Universal Sompo Health Insurance, India:

1. Universal Sompo Individual Health Insurance Policy Plan

This health insurance plan covers hospitalization costs of the insured and offers the following features and benefits:

Eligibility

The age of entry is restricted to 55 years.

Features:

  • Cashless hospitalization at network hospitals.
  • Medical costs covered during hospitalization.
  • Domiciliary expenses covered in case treatment is required for three days or more and when patient is not in a condition to be taken to the hospital.
  • Medical tests are mandatory for people above the age of 45, while insured people up to 45 years of age do not require medical screening.
  • Allow availing additional cover to protect against critical illnesses.
  • The premium amount is fixed depending on the age of insured as well as on the amount of sum insured.
  • Maximum coverage of 5 lakhs rupees is available under this plan.

 

2. Universal Sompo Group Health Insurance Policy Plan

Universal Sompo mediclaim plan allows coverage for hospitalization and domiciliary costs for employees working in the manufacturing sector along with numerous other sectors.

Eligibility

The age of entry is restricted to 55 years.

Features:

  • Cashless hospitalization at network hospitals.
  • Medical costs covered during hospitalization.
  • Domiciliary expenses are covered in case the treatment is required for three days or more and when the patient is not in a condition to be taken to the hospital.
  • Medical tests are mandatory for people above the age of 45, while those up to the age of 45 years can have the insurance without any medical screening.
  • Allow availing additional cover to protect against critical illnesses depending on group size. Some add-ons are Critical illness cover, Maternity Benefit cover etc.
  • The premium amount is fixed depending on the age of insured as well as on the sum insured.
  • Maximum coverage of 5 lakhs rupees is available under this plan.

 

How to buy Universal Sompo Health Insurance Policy

You can follow the steps below to buy a Universal Sompo health insurance policy online:

  • Visit the portal of the insurer.
  • Click on the ‘health’ tab.
  • Select ‘Gender’
  • Submit personal details (Name, Mobile Number) after selecting Gender.
  • You will receive an OPT on your mobile.
  • Enter OTP received on your phone.
  • ‘View Quotes’ by clicking on the appropriate button.
  • Select number of family members to be added to the plan.
  • Select each member’s age.
  • Enter email ID and location.
  • Now click the button of ‘Submit and View Quotes’
  • You can find many health insurance quotes in front of you on the screen.
  • Shortlist the most appropriate one.
  • Now choose the policy duration of the plan.
  • Submit the required details.
  • Pay the premium online.

 

The process of Renew of Universal Sompo Health Insurance Plans

Below are the steps to be followed for Universal Sompo Health Insurance policy renewal:

  • Go to the website of Universal Sompo Insurance.
  • Click on ‘Renew’ on the home page.
  • Submit policy details. Now, click on the tab ‘Renew’.
  • Choose the quote that suits you aptly.
  • Make the payment online.
  • Your policy is renewed.


How to File a Universal Sompo
Health Insurance Claim?

There are 2 ways to make a claim for Universal Sompo Health insurance. They are:

  • Cashless Claims, and
  • Reimbursement Claims

Cashless Claims:

  • Get admitted at a network hospital.
  • Show Health Serve Card and photo ID at the insurer’s helpdesk at the hospital.
  • Inform the insurer on toll-free number 1800-200-5142 at least 72 hours prior to getting hospitalized (for planned treatment) and for emergency hospitalization inform them before 48 hours.
  • Fill in and submit claim request form for Cashless treatment to the insurer.
  • The insurer will verify documents.
  • Once verified, the insurer will process the claim.
  • Medical bills will be paid directly by the insurer.

Reimbursement Claim:

  • For reimbursement claims, the insured pays the hospital bills on his/her own.
  • On getting discharged from the hospital, the insured should submit a properly filled reimbursement form to claim the payment (within the specific period mentioned by the insurer).
  • Also, submit original documents received from the hospital to the insurance provider.
  • Once the claim gets approved by the insurer, they will compensate the money within a specific period as mentioned in policy terms and conditions.

 

Claim Settlement Ratio of Universal Sompo health insurance

Claim Settlement Ratio is the ratio of claims that are settled by an insurer during a policy year as against the complete claims that the insurer receives during the year.

The claim settlement ratio of Universal Sompo for the financial year 2018-19 was 75.92%, while it was 70.75% for the financial year 2019-20.

Financial Year Claim Settlement Ratio
2018-2019 75.92%
2019-2020 70.75%

FAQs on Universal Sompo Health Insurance

Why Universal Sompo Health Insurance?

Universal Sompo Health Insurance is one of the most promising health insurance companies offering a wide range of products in India. Health insurance products offered by Universal Sompo insurance are affordable and are available on individual or floater basis. Designed to cater to the needs of customers with multiple benefits, these health insurance products are basic as well as advanced coverage benefits at affordable price to cater to your medical emergencies.

What are the benefits of buying Universal Sompo health insurance plans?

Some of the benefits include:

# Cashless hospitalization in network hospitals all across the country.
# Pre, post hospitalization costs covered.
# Tax benefits are offered under section 80D.
# Cover day care procedures with selected plans.
# Free look-in period of 15 days allowed.

Can I port out my current plan to any of the Universal Sompo health insurance plans?

Yes, most Universal Sompo health plans allow portability features within the company from one plan to another. You need to approach the company to avail this feature.

What is the process to make a claim through the Universal Sompo Insurance Company?

1. Show the insurance card and photo ID proof at the hospital insurance desk.
2. Get 'Cashless Request Form. '
3. Fill in the form and submit it at the Hospital Insurance helpdesk.
4. Once the details are verified at the hospital, the form is sent to the insurer for approval.
5. The insurer reviews the form and approves the cashless claim as per Policy Terms and Conditions.
6. Once approved, the cashless treatment is initiated.

What kind of insurance policies are offered by the Universal Sompo Insurance Company?

Universal Sompo General Insurance offers a range of products in the general insurance sector including health insurance, motor insurance, travel insurance, and home insurance.

How to make the Universal Sompo Insurance online payment to renew the policy?

Below are the steps to be followed for Universal Sompo Health Insurance policy renewal:

# Go to the website of Universal Sompo Insurance.
# Click on ‘Renew’ on the home page.
# Submit policy details. Now, click on the tab ‘Renew’.
# Choose the quote that suits you aptly.
# Make the payment online.
# Your policy is renewed.

What are the health insurance claim settlement options offered by Universal Sompo?

Policyholders of Universal Sompo can claim for health insurance via cashless treatment claim or via reimbursement claim option.

What are the documents required for the claim settlement process at Universal Sompo?

1. Canceled cheque or NEFT details for payment
2. Original bills, receipts, and discharge report
3. Indoor case papers
4. Duly-filled claim form
5. Original hospital bills and
6. Valid photo ID proof

Mar 24, 2022
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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