Universal Sompo is a Joint venture of Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investments, and Sompo Japan Insurance Inc.
The company’s paid-up capital is Rs 368.18 Cr; Shareholders’ Net worth is over Rs. 1,129 Cr ; Gross Written Premium Rs. 3,487 Cr ; Assets Under Management (AUM) Rs. 3,741 Cr; Solvency at 1.92 times.
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-
Disclaimer: The above mentioned prices are for a 2 year old Hero Honda Karizma R 223 CC, registered in Navi Mumbai & previous policy has expired.
Universal Sompo Private Bike Insurance Policy can be tailor-made for any private vehicle to get insurance. This policy by Universal Sompo Motor Insurance for two wheeler covers Own Damage bike insurance and also, Third-party liability insurance, which helps bike owners at the time when needed – in case of any accident or mishaps.
Own Damage: This policy cover any damage or loss to the owner's bike due to any of the following things:
Universal Sompo General Insurance offers many attractive discounts that the policyholder can avail.
If you make no claims throughout the year, you are benefited with the huge discount on the next year’s premium.
If for the first year you made no claims you are offered with 20% discount on the second year premium and so on. It keeps on increasing. The following table will provide the details.
| No. Of Years | Discount |
|---|---|
| One claim-free year | 20% |
| Two consecutive claim-free years | 25% |
| Three consecutive claim-free years | 35% |
| Four consecutive claim-free years | 45% |
| Five consecutive claim-free years | 50% |
Voluntary discounts: This discount is offered if you decide to pay the minimum amount of money at the time of claim.
Universal Sompo Two Wheeler Insurance also offers a discount:
Contact Details:
Required steps and supporting documents:
a) In case of Accident
b) In case of Theft
c) In case of Third Party Claims
Step-wise guide to claim:
Even if you buy an add-on cover for your Universal Sompo Two-wheeler insurance, the below exclusions are not covered:
The below factors influence your premium for your two-wheeler insurance:
The below documents are required for settling a theft claim:
Yes, you can cancel your Universal Sompo Two-wheeler insurance plan anytime whenever you wish. But, you cannot raise a claim within 30 days before the two-wheeler insurance expiry date. In this case, you won’t be eligible to raise a refund too. Besides, you might end up paying a nominal cancellation fee too in case you wish to cancel your two-wheeler insurance plan.
You can certainly discontinue your two-wheeler insurance plan with Universal Sompo. All you need to do is, inform Universal Sompo within 45 days before your renewal date. You can certainly port your policy to another insurance company.
