Universal Sompo Personal Accident Plan 2024 Benefits, Features, Buy, Details, Reviews

Universal Sompo General Insurance Company 2024 Limited was established as a joint venture between Indian investment firm, Dabur Investments, and Japanese insurance company, Sompo Japan Insurance Company. The joint venture includes Indian banks Allahabad Bank, Karnataka Bank, and Indian Overseas Bank. The company’s headquarters is based in Mumbai.

Sompo Japan Nipponkoa Insurance Inc. is a leading insurance provider in Japan and the largest property and casualty insurer in the country. Universal Sompo is an expanding insurance provider in India. In 2007, it obtained its Licence and Certificate of Registration from the Indian Regulatory and Development Authority (IRDA) to operate in India. The company offers its customers comprehensive personal accident insurance plans.

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Universal Sompo Personal Accident Plan 2024

The Universal Sompo Personal Accident Plan offers flexible options to safeguard you and your family against unexpected accidents that may lead to financial difficulties. The plan is available in three variations: Basic, Wider, and Comprehensive, each with unique features and benefits beyond the capital sum assured. Your company’s workforce is its most valuable asset, and providing them access to the Group Personal Accident Policy is a responsible step towards acknowledging their importance. This plan from Universal Sompo shields you and your employees from the financial implications of unforeseen accidents, which can cause emotional distress. While you cannot measure emotional pain, financial hardship only exacerbates the situation.

Universal Sompo Personal Accident Plan Details 2024

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The Importance of Personal Accident Insurance

Personal accident insurance offers protection to the insured and their family in the event of the insured’s untimely death or serious injury. Accidents can happen unexpectedly, and the financial impact on the customer and their family can be substantial. Although accidents cannot be prevented, individuals can take proactive steps to secure their future and provide financial stability to their loved ones. While life insurance is common, a standalone personal accident policy is highly recommended since it provides coverage at a low premium, particularly when compared to life insurance. It also covers minor injuries and income loss, making it a more comprehensive option.

Universal Sompo Personal Accident Insurance Plan: Protecting You and Your Loved Ones

  • The Universal Sompo Personal Accident Insurance Plan is designed to provide comprehensive protection to the insured person and their loved ones against a range of outcomes, including minor to severe injuries and death. The primary objective of these plans is to ensure the financial security of the insured person and their family in the event of an accident.
  • The Universal Sompo Personal Accident Insurance Plan offers three coverage options: the Basic Cover Plan, which covers accidental death only; the Wider Cover Plan, which covers accidental death, permanent total disability, and permanent partial disability; and the Comprehensive Cover Plan, which covers accidental death, permanent total disability, permanent partial disability, and temporary total disability.
  • Under the Permanent Total Disability Benefit, a lump sum payment is made if the insured person becomes permanently disabled due to an accident. The Permanent Partial Disability Benefit provides a lump sum payment based on the policy’s scale in the event of the insured’s permanent partial disability caused by an accident. The Accidental Death Benefit is a one-time payment made in case of the insured person’s death resulting from an accident.
  • The Temporary Total Disability Benefit provides a weekly payment equivalent to 1% of the capital sum assured for a maximum of 104 weeks to cover the insured person’s income loss due to temporary total disability caused by an accident. For payments of Rs. 5,000 or less, a lump sum payment is made.
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Extra Advantages Provided by Universal Sompo Personal Accident Insurance Plan 2024

Apart from the primary coverage options, the Universal Sompo Personal Accident Insurance Plan offers additional benefits to its policyholders. These benefits include:

  1. Education Grant: In the event of the insured person’s death due to an accident, a sum of money is provided to cover the education expenses of the insured’s dependent children.
  2. Ambulance Fee: The plan covers the cost of ambulance services that are necessary for transporting the insured person to the hospital following an accident.
  3. Modification to Home or Vehicle: The plan provides a lump sum payment to modify the insured person’s home or vehicle in case of permanent disability resulting from an accident.
  4. Repatriation of Mortal Remains: If the insured person dies due to an accident while traveling abroad, the plan covers the cost of repatriating the mortal remains back to their home country.
  5. Family Transportation Benefit: In the event that the insured person is hospitalized due to an accident, the plan covers the cost of one family member’s travel and stay expenses.

These additional benefits provide extra coverage and financial support to the insured person and their family in the event of an accident.

Universal Sompo Personal Accident Insurance Plan Eligibility and Optional Covers

The Universal Sompo Personal Accident Insurance Plan enlists individuals between 5 to 65 years of age. New proposals for individuals aged between 65 to 75 years are accepted with a 20% increase in premium. However, Universal Sompo does not accept new proposals from individuals over the age of 75. The proposer must be 18 years of age or older to be eligible for the plan, and there is no maximum renewal age under the plan.

Optional covers/extensions can be purchased by paying an additional premium. The Medical Expenses Extension covers reasonable and necessary medical expenses incurred by the insured person due to an accident resulting in bodily injury, death, or disablement. The compensation under this extension is limited to 40% of the Personal Accident Claim or actual medical expenses, whichever is lesser. The Hospital Confinement Allowance provides a daily cash allowance of Rs. 500/- for up to 30 days if the insured person is hospitalized due to an accident resulting in bodily injury, death, or disablement.

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Extra Features of the Universal Sompo Personal Accident Insurance Plans

  • Universal Sompo offers a loyalty discount on the premium for both individual and family packages.
  • The policy has no maximum cover stopping age, making it a sustainable policy for life. No medical examination is required to avail the Universal Sompo personal accident plans. The policy is highly flexible as the insured person can cover their spouse and children as well.
  • An existing Personal Accident Policy can be ported to Universal Sompo at no additional cost. There is a 15-day Free Look Period from the date of receiving the policy documents. If the insured person is not satisfied with the coverage or terms of the policy plans, they may choose to return it provided that no claim has been made. Universal Sompo will refund the premium paid as per the terms.
  • If Universal Sompo decides to change, modify, or withdraw the personal accident plan, the customer will be given a three-month notice period before the date on which the change, modification, or withdrawal takes effect.
  • In the event that the company decides to withdraw the personal accident plan, a substitute plan will be provided to the customer.
  • The sum insured can be increased if the customer wishes to do so while renewing their policy plan.
Period of risk Rate of premium that will be charged
Up to One month 25% of annual premium
Up to Three months 50% of annual premium
Up to Six months 75% of annual premium
Over Six months 100% of annual premium

Exclusions

Personal accident insurance plans have certain exclusions that are not covered by the policy. The following are the exclusions:

  • Natural death
  • Any consequential loss or legal liability
  • Committing any illegal act with criminal intent
  • Pregnancy, including childbirth, miscarriage, abortion, or complications arising from it
  • Participation in any naval, military, or air force operations
  • HIV or any related illness
  • Venereal or sexually transmitted diseases
  • While under the influence of intoxicating liquor or drugs
  • Drug addiction or alcoholism

Procedure for Claims under the Universal Sompo Personal Accident Plan 2024

If an accident or injury occurs that may lead to a claim under the Universal Sompo Personal Accident plan, the following steps need to be taken:

  • The customer must immediately notify the Universal Sompo call center and also provide written notice to the policy issuing office. If the unfortunate event is a death, written notice of the death is necessary. This exception is only applicable if there is a reasonable cause, which should be given before burial/cremation and in any case, within one calendar month after the death. In case of loss of sight or amputation of limbs, written notice must also be given within one calendar month after such loss of sight or amputation.
  • The client must provide all certificates, information, and evidence from the attending medical specialist.
  • On receipt of the claim notification from the customer, Universal Sompo is entitled to conduct an investigation, find details, and in case of death, complete the autopsy of the deceased individual.

The steps for lodging the claim are as follows:

  • The client must inform the company immediately of the claim and provide a full description of the medical treatment received and the cause within at least 7 days.
  • The client must submit the completed and signed claim form, along with all relevant documents supporting their claim, no later than 30 days from the date of notification.
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Required Documents for Claims Procedure under the Universal Sompo Personal Accident Plans

For Death Claim:

  • Completed claim form
  • Death certificate
  • Original FIR (First Information Report)
  • Original Panchnama (an official document used in India to document the details of an incident)
  • Post mortem report

For Permanent Total Disablement/Permanent Partial Disablement:

  • Completed claim form
  • Original FIR
  • Panchnama
  • Hospitalization report
  • Hospital discharge card
  • Original certificate from a doctor at a government hospital stating the degree of disability

For Temporary Total Disablement:

  • Completed claim form
  • Original FIR
  • Panchnama
  • Hospitalization report
  • Hospital discharge card
  • Original certificate from a doctor at a government hospital stating the degree of disability

For Loss of Employment:

  • Termination letter

Universal Sompo Personal Accident Plan FAQ’S

  1. What is the Universal Sompo Personal Accident Plan?
    The Universal Sompo Personal Accident Plan is an insurance policy that provides financial protection in case of accidental injuries, disabilities, or death.
  2. What is covered under the Universal Sompo Personal Accident Plan?
    The Universal Sompo Personal Accident Plan covers accidental death, permanent or partial disability, and temporary total disablement due to an accident.
  3. What is not covered under the Universal Sompo Personal Accident Plan?
    The Universal Sompo Personal Accident Plan does not cover natural death, consequential loss of any kind and/or legal liability, committing any breach of law with criminal intent, pregnancy, HIV or related illness, venereal or sexually transmitted diseases, drug addiction or alcoholism, and injuries due to participation in any naval, military or air force operations.
  4. Can I cover my spouse and children under the Universal Sompo Personal Accident Plan?
    Yes, the Universal Sompo Personal Accident Plan is flexible and allows the insured person to cover their spouse and children as well.
  5. Is a medical examination required for availing the Universal Sompo Personal Accident Plan?
    No, there is no medical examination required for availing the Universal Sompo Personal Accident Plan.
  6. How do I make a claim under the Universal Sompo Personal Accident Plan?
    In case of any accident or injury that might lead to a claim under the Universal Sompo Personal Accident Plan, the insured person needs to notify the Universal Sompo call center immediately and provide a written notice to the Policy giving office. The insured person also needs to provide all certificates, information, and evidence from the attending Medical Specialist.
  7. What documents are required for making a claim under the Universal Sompo Personal Accident Plan?
    The documents required for making a claim under the Universal Sompo Personal Accident Plan depend on the type of claim. For death claims, the required documents are a duly filled-up claim form, death certificate, original FIR, original Panchnama, and post-mortem report. For permanent total disablement or partial disablement, the required documents are a duly filled-up claim form, original FIR, Panchnama, hospitalization report, hospital discharge card, and an original certificate from the doctor of a government hospital stating the degree of disability. For temporary total disablement, the required documents are a duly filled-up claim form, original FIR, Panchnama, hospitalization report, hospital discharge card, and an original certificate from the doctor of a government hospital stating the degree of disability.
  8. Is there a time limit for submitting a claim under the Universal Sompo Personal Accident Plan?
    Yes, there is a time limit for submitting a claim under the Universal Sompo Personal Accident Plan. The insured person needs to submit the completed and signed claim form with all relevant documents supporting the claim not later than 30 days from the date of notification.

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