Universal Sompo General Insurance Company is a well-recognised name in India’s dynamic insurance sector. It stands as a joint venture between Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investment Corporation, and Sompo Japan Insurance Inc.—a leading general insurer from Japan. This unique combination of Indian banking institutions and global insurance expertise forms a strong foundation that provides the best of both worlds to customers across India.
In a country where insurance penetration is gradually rising, Universal Sompo plays a pivotal role in ensuring that affordable, accessible, and comprehensive insurance solutions reach every demographic. With its wide product range, focus on customer satisfaction, and commitment to digital innovation, the company bridges the insurance gap in urban as well as rural India.
Universal Sompo offers a complete bouquet of general insurance products, including health, motor, personal accident, travel, property, marine, and liability insurance. It caters to individual consumers, SMEs, and large corporations alike. With over 110 offices, 17,000+ agents, and a growing digital footprint, the company maintains a robust presence throughout the country. Its high claim settlement ratio and customer-friendly initiatives further consolidate its reputation.
Company Background
Universal Sompo was incorporated in 2007 and became India’s first public-private partnership in the general insurance sector. With powerful banking partners and a reputed Japanese insurer, the company brought a new dimension to insurance services—offering reliability, financial stability, and global-quality processes.
Timeline of Growth and Evolution in India
- 2007: Company launched with headquarters in Mumbai
- 2010: Expanded to over 20 states with growing agency networks
- 2013: Introduced first motor and health insurance aggregator models
- 2016: Integrated digital claims tracking and mobile-based policy servicing
- 2020: Launched AI-driven chatbot and self-service portals
- 2023: ESG-aligned products and sustainable insurance awareness campaigns
Key Milestones and Business Highlights
- Over 1 crore satisfied customers
- ISO 9001:2015 certified for customer service excellence
- Recognised by various awards for claims management and financial reporting
- 30,000+ hospital tie-ups and 6,000+ garages in the network
Mission and Vision
- Mission: To provide reliable, need-based general insurance solutions with a focus on innovation, service, and value.
- Vision: To be India’s most trusted insurer, known for transparency, technological excellence, and customer-centricity.
Why Choose This Insurance Company
1. Trusted Banking and International Backing
Being backed by well-established Indian banks and a global insurance major ensures financial strength and operational reliability. Customers benefit from a blend of trust, local expertise, and international standards.
2. Wide Range of Products
Universal Sompo offers over 135 products covering every major insurance category. Whether you’re a student, a business owner, or a factory manager, there’s a policy designed to meet your needs.
3. High Claim Settlement Ratio
The company boasts a high claim settlement ratio, especially in the health and motor segments. Speedy, transparent, and fair claims processing ensures peace of mind.
4. Affordable Premiums with High Coverage
Unlike many insurers that compromise coverage for lower premiums, Universal Sompo offers value-for-money plans. High sum insured options at competitive rates make it suitable for all income groups.
5. Extensive Network
With more than 100 branch offices, a vast agent and broker network, and strong bancassurance tie-ups, insurance services are never far away.
6. Technology-Driven Services
From online purchases to mobile apps for renewals and claims, Universal Sompo adopts digital-first strategies for a seamless customer journey.
7. Customisation and Add-ons
Customers can tailor their policies with multiple riders and add-ons—ensuring flexibility, better risk coverage, and improved benefits.
8. Focus on Rural and Semi-Urban Penetration
Through microinsurance schemes and awareness initiatives, the company ensures inclusive insurance growth in India’s underinsured regions.
Product Portfolio Overview
A. Health Insurance
Universal Sompo’s health insurance plans offer protection against rising medical costs with comprehensive in-patient and out-patient coverage.
Plans:
- Complete Healthcare Insurance: Suitable for individuals and families; includes optional maternity, critical illness, and domiciliary treatment.
- Arogya Sanjeevani Policy: Standardised, affordable plan with essential benefits for all age groups.
- Critical Illness Insurance: Lump-sum payment on diagnosis of major illnesses like cancer, stroke, or organ failure.
Coverage Includes:
- Hospitalisation costs
- Pre and post-hospitalisation (30-60 days)
- Daycare procedures
- Ambulance charges
- AYUSH treatment expenses
Exclusions:
- Cosmetic surgery
- Dental treatment (unless accident-related)
- Pre-existing conditions (waiting period)
- Infertility treatment
- Self-inflicted injuries
B. Car Insurance
Provides financial protection for private vehicles from damage, theft, and third-party liabilities.
Plans:
- Private Car Package Policy: All-in-one cover for damage, theft, and third-party liabilities.
- Standalone Own Damage Policy: Covers damages to the insured vehicle only.
- Third-Party Liability Policy: Covers third-party injury or property damage.
Coverage Includes:
- Accidental damage
- Theft or burglary
- Fire and explosion
- Flood, earthquake, and other natural calamities
- Personal accident cover for owner-driver
Exclusions:
- Drunk driving
- Mechanical breakdown
- Vehicle used for illegal purposes
- War/nuclear events
- Depreciation unless add-on opted
C. Two-Wheeler Insurance
Two-wheeler owners can enjoy uninterrupted rides with essential protection against accidents and theft.
Plans:
- Comprehensive Policy: Includes own damage and third-party liability.
- Third-Party Only Plan: Legally mandated minimum cover.
- Long-Term Two-Wheeler Plan: Valid for up to 3 years.
Coverage Includes:
- Accident-related damage
- Theft or total loss
- Natural calamities
- Legal liability to third party
- Personal accident for owner
Exclusions:
- Illegal racing
- Non-renewed lapsed policies
- Regular wear and tear
- Consequential loss
- Electrical/mechanical failure
D. Personal Accident Insurance
Provides monetary relief in case of death, disability, or injury due to accidents.
Plans:
- Individual Personal Accident Insurance
- Workmen Compensation Insurance
- Group PA for employees
- D&O Liability with PA Cover
Coverage Includes:
- Death due to accident
- Permanent total disability
- Partial disability
- Hospital confinement allowance
- Transportation of remains
Exclusions:
- Suicide or self-harm
- Alcohol/drug influence
- Adventure sports (without rider)
- Pre-existing conditions
- Criminal activities
E. Travel Insurance
Ensures smooth travels by providing financial support during medical emergencies or travel interruptions.
Plans:
- Overseas Travel Policy: Tailored for students, families, and business travellers.
- Domestic Travel Insurance: Covers personal accident, luggage loss, and train/flight delays.
- Student Travel Plans: Includes tuition fee reimbursement and medical cover.
Coverage Includes:
- Medical emergencies
- Trip cancellation/interruption
- Lost baggage or passport
- Accidental death/injury
- Personal liability overseas
Exclusions:
- Pre-existing ailments
- Travelling without medical advice
- Unauthorised travel zones
- Acts of terrorism
- Injuries during adventure sports
F. Corporate Burglary Insurance
Protects businesses against financial loss from forced theft or burglary at insured premises.
Plans:
- Retailer Package Policy
- Burglary and Housebreaking Policy
- Property Insurance with Theft Extension
Coverage Includes:
- Loss of goods due to break-in
- Damage to premises
- Theft of valuables (if specified)
- Vandalism during theft
- Cost of replacing locks and alarms
Exclusions:
- Insider theft
- Unforced entry
- Negligence by staff
- War or political unrest
- Consequential losses
G. Commercial Marine Cargo Insurance
Ideal for businesses engaged in import/export, offering cargo protection during transit.
Plans:
- Voyage Policy
- Annual Turnover Policy
- Open Cargo Insurance
Coverage Includes:
- Damage during loading/unloading
- Piracy and hijack
- Fire/explosion
- Weather damage
- Collision or derailment
Exclusions:
- Poor packaging
- Delay in transit
- Natural wear and tear
- Voluntary abandonment
- Acts of war
H. Contractor’s All Risk Insurance
Covers risks associated with civil construction projects including on-site injuries and property damage.
Plans:
- Infrastructure Project Insurance
- Builder’s Risk Policy
- Turnkey Construction Insurance
Coverage Includes:
- Material damage
- On-site equipment loss
- Natural disasters
- Third-party liability
- Debris removal
Exclusions:
- Non-approved design
- Project delays
- Cost overruns
- Pre-existing faults
- Non-compliance with safety norms
I. Erection All Risk Insurance
Covers machinery erection and commissioning risks, suitable for factories and heavy industries.
Plans:
- Plant Erection Policy
- Machinery Installation Cover
- Industrial Erection Insurance
Coverage Includes:
- Equipment damage
- Transit-related loss
- Human error
- Fire and lightning
- Natural calamities
Exclusions:
- Manufacturing defects
- Testing failure
- Lack of supervision
- Design errors
- Nuclear risks
J. Workmen Compensation Insurance
Covers employer’s statutory liability towards workers in case of injuries, disability, or death.
Plans:
- Workmen Compensation Act Policy
- Employer’s Liability Policy
- Group Labour Welfare Scheme
Coverage Includes:
- Accidental injuries
- Occupational diseases
- Legal expenses
- Disability benefits
- Death compensation
Exclusions:
- Non-work related injuries
- Self-inflicted harm
- Contractual disputes
- Mental illness
- Intoxication-related accidents
Claims Process
Universal Sompo ensures a simplified, tech-driven, and transparent claims process. The company is known for settling over 90% of claims within 30 days.
Steps:
- Intimate the claim immediately via call, website, or app
- Submit required documents and claim form
- Receive inspection or survey (if needed)
- Track claim status online
- Get direct transfer of approved claim
Renewal Process
Renewals are made hassle-free with online tools and reminders. Customers can renew policies within minutes.
Steps:
- Visit Universal Sompo’s renewal portal
- Enter policy number and details
- Review premium and terms
- Pay online
- Get e-policy instantly
Distribution Network
Community Engagement and Financial Literacy Programs:
Universal Sompo conducts regular workshops, health camps, and awareness drives across villages and Tier-II cities.
Green Insurance and ESG Strategy:
Initiatives include e-policies, carbon-neutral offices, and paperless transactions, aligning with India’s sustainable development goals.
Health and Wellness Campaigns:
It partners with healthcare providers for free check-ups, vaccination drives, and mental wellness webinars.
Final Thoughts:
Universal Sompo General Insurance is more than just an insurance provider—it’s a dependable partner in securing your future. With solid financial backing, customer-focused offerings, and a broad network, the company is helping transform India into an insured and resilient nation. Whether you need to protect your health, business, or assets, Universal Sompo has your back.
