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Royal Sundaram General Insurance Company Limited

Royal Sundaram General Insurance Co. Limited (previously known as Royal Sundaram Alliance Insurance Company Limited), is a subsidiary of Sundaram Finance. Royal Sundaram provides general insurance solutions to individuals, families and businesses directly as well as through its intermediaries and affinity partners.

Its distribution channel is wide spread across 136 cities across India.

The company was earlier promoted as a joint venture between Sundaram Finance and Royal & SunAlliance Insurance PLC. Sundaram Finance took over of the 26% equity holding from Royal & SunAlliance Insurance PLC in July 2015. Presently, 100% of equity holding is held by Sundaram Finance (75.90%) and other by Indian shareholders (24.10%).

Royal Sundaram General Insurance Company Overview

Royal Sundaram General Insurance Co. Ltd. became the first private sector general insurance company in India to be licensed in October 2000 by the Insurance Regulatory and Development Authority of India. The company's accident and health claims process was awarded ISO 9001-2008 certification for effective customer service delivery. It also won the "Celent Model Insurer Asia Award" for 2013 and 2014 for creating an intelligent claims management system that helps develop staff productivity and increases customer satisfaction.

Royal Sundaram General Insurance Company Policies

The policies offered by Royal Sundaram General Insurance Company are as under:

Health

  • Royal Sundaram Family Plus
  • Royal Sundaram Lifeline

Motor

  • Royal Sundaram Two wheeler long term package policy
  • Royal Sundaram Car Shield

Travel

  • Royal Sundaram Multi trip
  • Royal Sundaram Leisure
  • Royal Sundaram Students
  • Royal Sundaram Asia
  • Royal Sundaram Senior

Home

  • Royal Sundaram Home Building
  • Royal Sundaram Household Articles
  • Royal Sundaram Home Building & Household Articles

Personal Accident

  • Individual Personal Accident Policy (Accidental Death & Disablement only)

Others

  • Royal Sundaram Commercial Vehicle Insurance
  • Royal Sundaram Business Insurance
  • Royal Sundaram Crop Insurance

Royal Sundaram General Insurance Company Stats

Royal Sundaram General Insurance Company’s gross direct premium in 2016-17 amounted to Rs. 2,188.8 crore, as compared to Rs 1,694.1 crore in 2015-16. The insurance company's net written premium totalled Rs. 1,904.5 crores in 2016-17, as against Rs. 1,475 crore the previous year.

Royal Sundaram General Insurance Company Offers

The company’s portfolio ranges from motor insurance, health insurance, personal accident insurance, home insurance and travel insurance for individual customers and specialised insurance products such as fire insurance, marine insurance, engineering insurance, liability insurance and business interruption risks for commercial customers.

Royal Sundaram General Insurance Company Products And Services

Premium Payment Process Of Royal Sundaram General Insurance Company

Royal Sundaram offers two modes of premium payment, namely online mode and offline mode.

Online Payment Process

Through its InstaPay facility, you can make premium payments online via Royal Sundaram's company website. The individual will be asked to enter his or her name, mobile number, reference number (as provided by the Royal Sundaram executive) and the premium amount. After clicking on the 'Proceed' button, you will have a wide range of payment options and you can choose to make payment via debit card, credit card and internet banking options.

Offline Payment Process

Premium can also be paid by way of cheque, demand draft (drawn in favour of Royal Sundaram General Insurance Co. Limited) or cash at any of the insurance company’s branches. The closest branch can be located on the company website.

Royal Sundaram General Insurance Renewal Process

You can find the policy expiry date mentioned in the policy copy. Royal Sundaram will also send renewal reminders to your registered mobile number or e-mail address. Once the policy is successfully renewed, the hard copy of the policy will be delivered to your registered address in a span of 15 working days from the time of the renewal.

Online Renewal Process At Royal Sundaram General Insurance Company

Insurance policies purchased from Royal Sundaram General Insurance Company can be renewed online through the company’s online renewal facility – InstaRenew. The policyholder will have to 1 - enter his or her policy number and expiry date, 2 - view policy details and premium and 3 - make payment online. Premium payment can be made via debit card, credit card and internet banking options. Royal Sundaram can take up to 2 working days to process the payment.

Renew Insurance Plans Provided By Other Insurers With Royal Sundaram General Insurance

Royal Sundaram General Insurance Company provides the facility of renewing car insurance policies purchased from another insurance company. The individual will be required to provide information on the previous policy as well as the car’s registration.

Awards and Achievements of Royal Sundaram

Royal Sundaram is the first non-life insurance company to receive a licence by the IRDA. The insurer currently has 5.20 million customers across the country and has established its presence in 136 cities. Below are some of the important milestones achieved by Royal Sundaram after the company came into existence:

Awards Won by Royal Sundaram General Insurance Company

Royal Sundaram was awarded the "Celent Model Insurer Asia Award" for 2013 and 2014 for creating an intelligent claims management system that aimed to improve staff productivity and increase client satisfaction. The insurance company’s accident and health claims process was given ISO 9001-2015 certification for effective customer service delivery.

Achievements of Royal Sundaram General Insurance Company Limited

  • Royal Sundaram is the first private insurer to collaborate with banking institutions (affinity partners) for selling retail products and offering co-branded credit cards.
  • Royal Sundaram is the first insurer to launch cashless settlement for health claims.
  • Royal Sundaram is the first insurer to launch innovative health products such as hospital cash.
  • Royal Sundaram is the first insurer to launch in-house Motor Assessors (IMAs).

Royal Sundaram General Insurance Company FAQs

What are the different types of motor or car insurance policies and what does it cover?

Royal Sundaram offers third party as well as comprehensive car insurance policy for cars, renewal of existing or lapsed policy from other insurers or of its own. The company’s car insurance policy can be availed online through its website. Its car insurance policy comes with a number of benefits which include tow service, round the clock helpline, free vehicle inspection at home, 24/7 roadside assistance, dedicated personal relationship manager for claims. There is also the facility of transferring No Claim Bonus (NCB) from another insurance company at the time of renewing a policy with Royal Sundaram.

What are the factors that determine the premium rating for private cars?

The factors that influence the premium rates of private cars are:

  • Insured's Declared Value (IDV)
  • Age of the vehicle
  • Cubic Capacity of the vehicle
  • Geographical Zones The geographical zones are - Zone A - Hyderabad, Kolkata, Ahmedabad, Bangalore, Chennai, Mumbai, New Delhi and Pune. Zone B - Rest of India

What are the discounts that can be allowed under private car policies?

The discounts available under the private car policies are:

  • Voluntary Deductible discount
  • Discount on Vintage Cars
  • No Claim Bonus
  • Automobile Association Discount

What are the documents required to buy car insurance policy online?

There is no paperwork involved for buying insurance policy online other than for break in cases where VIR will be needed (the insurance policy would only be issued following satisfactory inspection and submission of the necessary documents.)

What is the period for which Royal Sundaram Travel Insurance would cover my abroad trip?

The period for which coverage is active will come down to the kind of travel insurance plan availed from Royal Sundaram. Student travel plan, for instance, covers the 1st year initially, with 6 renewals permitted. In case of a multi trip travel insurance plan, the condition associated is that the trip should not exceed 90 days and the total number of days spent abroad should not be greater than 180 days.

What is the difference between Pre-existing waiting periods & Initial waiting periods?

Pre-existing waiting period relates to the waiting period applicable for any of the existing ailments an individual is suffering from. It might vary from 2 years in Elite Plan to 4 years in Classic Plan. With every policy year, the pre-existing waiting period reduces a year. In case of any claims filed for pre-existing disease, hospitalization expense will not be covered during the waiting period. Initial waiting period refers to the cooling period at the beginning of a new policy. This not applicable in case of policy renewal or portability policy. Accidents, however, will be covered during the Initial waiting period.

What is covered in Pre & Post hospitalization expenses? What is the limit to which its covered?

Pre-hospitalization takes care of the medical costs incurred prior to hospitalization, such as diagnostic test, medication, etc. Post hospitalization takes care of the medical expenses incurred after hospitalization, such as follow up visit with doctor, medication, etc. Both pre & post hospitalization costs are covered up to the Sum Insured.

I live in a rented home. Can I avail household articles insurance for my home?

Yes, it is possible to avail household articles insurance for the items inside the home. However, if you were to move to a new residence, make sure to let the Customer Support team know, so that they make required changes in their records.

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