Customers having a relationship with the Allahabad bank will not have to look beyond their bank for their health insurance needs. Universal Sompo General Insurance Co. Ltd. (USGICL) is a partnership between private insurer Sompo Japan Insurance Inc, Dabur Investments Corp and leading banks of our country Allahabad Bank, Karnataka Bank and Indian Overseas Bank. The company was set-up in 2008 and offers insurance in almost all product lines viz. general accident, property, marine, motor and workmen compensation.
At a function held in Mumbai, Chairman and Managing Director, J.P.Dua, Allahabad bank and O.N.Singh, Executive Chairman,USGICL announced a cashless mediclaim policy under the brand name of Sampoorna Swasthya Kavach.
The health cover "Sampoorna Swasthya Kavach", has been specially designed to cover unexpected medical costs incurred by an individual and his family members. It covers medical consultation and treatment costs along with expenses arising post hospitalisation. The policy offers a minimum coverage of Rs.1 lakh and a maximum of Rs.5 lakhs.
Customers of Allahabad bank having either a current account, savings account, recurring deposit account and term deposit account, or any other relationship with the bank can opt for this policy. This cover also extends to the banks NRI customers.
Universal Sompo has a network with over 5000 hospitals. Policyholders will get a cashless facility at any of these hospitals. The company posted a net loss of Rs.53 crores last fiscal and is likely to post a loss to the tune of Rs.30 Crores this fiscal. The company plans to sell Sampoorna Swasthya Kavach through micro lenders and aims at a target of 1 lakh policies in the first year. They plan to collect around Rs. 70 Crores in premium amount. Mr. O N Singh said that it is a 3 year old company and they plan to break even next year.