Universal Sompo General Insurance Company Limited, which is headquartered in Mumbai, is a private public joint venture in general insurance where two nationalized banks, namely Allahabad Bank and Indian Overseas Bank, one private sector bank namely Karnataka Bank Ltd, one FMCG namely Dabur Investment Corp and a leading general insurer from Japan namely Sompo Japan Nipponkoa Insurance Inc have formed a general insurance company. It is India's first Public - Private Partnership in General Insurance Industry. The Sompo Japan Nipponkoa Insurance Inc. is a leading Japanese insurance provider and is the largest property and casual insurance company in the country of Japan. Universal Sompo is a rapidly growing insurance provider in India. It started operations in India in the year 2007 when it received its Licence from the Indian Regulatory and Development Authority of India (IRDAI). In case of Health Insurance, the company offers a range of plans that are designed to meet all the requirements of the individual.
One of the awards the company has won in the past few years included the "Fintelekt-Insurance awards 2017" for the leadership in claim service in General Insurance industry for the financial year 2016-17.
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Universal Sompo offers their health insurance customers the option of availing quality treatment at more than 4,000+ leading hospitals across the country. With an incurred claims ratio of 92.00%, they also covered 11.34 lac lives during the same year 2018-19, as per the data provided by IRDAI.
The insurer has a range of general insurance products in its basket that fulfil varied requirements of different sections of people across India. These are health insurance, motor insurance, travel insurance, and home insurance. One of the most promising products offered by Universal Sompo General Insurance is health insurance. The insurer offers affordable and easy to understand health insurance policies that you can purchase on an individual or floater basis. These policies are designed in a way that they offer the customer multiple benefits including both basic coverage features as well as advanced coverage benefits. All in all, the insurer protects you from burning a hole in your pocket in case of medical emergencies.