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The new healthcare insurance plan has a slew of new features, including 14 base and 26 add-on covers to protect policyholders from escalating medical costs. Additionally, it has five product variants to cater to various customer segments. It covers medical expenses incurred by the insured due to hospitalization/domiciliary hospitalization in the event of a sudden illness, accident, or any surgery required in the course of any disease that has developed during the policy period.
“An effective health insurance is a prime foundation of social security,” said Sharad Mathur, Managing Director & Chief Executive Officer of Universal Sompo. Our policy’s new features provide customers with a variety of add-on coverages while keeping premium rates low. The uncertainties that we all face today, whether financial or in terms of health and well-being, highlight the importance of having comprehensive health insurance coverage.”
Following covid, there has been a significant emotional shift in the health insurance industry. The need for a policy that can provide effective and broad coverage against health uncertainties has gained traction among the Indian people, resulting in a significant increase in health-related policy subscriptions.
This policy offers comprehensive coverage that is renewable indefinitely. It provides a diverse range of Sum Insured options, up to Rs 50 Lac, at a low premium rate. Furthermore, policyholders can expect a premium waiver for the policy’s fourth year. The policy’s distinguishing feature is a one-year waiting period for certain specific ailments, as well as a shorter waiting period for pre-existing diseases. Other notable features of the policy include OPD and maternity coverage, as well as Emergency Assistance Services available worldwide. The key features of the Complete Healthcare Insurance Product are:
• Policy Tenure: 1 Year, 2 Year, 3 Year
• Sum Insured: Wide range of Sum Insured up to Rs 50 Lac
• Plan Types: Essential, Privilege, Plus, Premier, Executive, Digi – Pro
• Entry Age: 18 Years to 75 Years, For Children – 91 Days to 25 Years
• Relationships Covered: Up to 20 relationships are covered
• Base Covers:
o In-patient Treatment – Day-Care Procedures, Post Hospitalisation, Domiciliary Expenses, Organ Donor, Ambulance Charges, Pre-Hospitalisation.
o Out-Patient Treatment – Mother & Child-Care Benefit, Dental Treatment (Accident Only),
Ayush Benefit, Daily Cash for Accompanying Child, Vaccination, Convalescence Benefit
o Restore Benefit – In case Insured exhausts Base Sum Insured (SI) and No Claim Bonus in a policy year, then the Company will restore SI equal to Base SI.
o Tax benefit – under sections 80 D, 10 D
Universal Sompo is a Joint venture of Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investments, and Sompo Japan Insurance Inc.
The company is headquartered in Mumbai and has 117 offices countrywide with representation through its digitally enabled employees. It has a strong distribution network of Agents, Point of salespersons, Bank Branches, Automobile Dealers, Brokers, Common Service Centres, and Digital Platforms.
The company offers 205 IRDAI-approved products and 1494 Add-on covers, ranging from Motor, Accident & Health, Home for Individuals, Shopkeepers Package, Crop and other non-life packages for SMEs, Fire, Marine, Engineering, Employee’s Benefit, Project Insurance, Liability, and other special products for Corporates. Microinsurance covers the Rural segment.
The company maintains its Claims settlement ratio at 98.27% and has robust technology architecture to serve its customers nationwide.
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