Customers having a relationship with 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.
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-hospitalization. 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, term deposit account, or any other relationship with the bank can opt for this policy. This cover also extends to the bank’s NRI customers.
Universal Sompo has a network of over 5000 hospitals. Policyholders will get a cashless facility at Universal Sompo launches an exclusive insurance policy in 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 microlenders 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.
