KOLKATA, 6^th JANUARY, 2020 (GPN):  Universal Sompo General Insurance Company Launches Super Health care policy with its Partner Bank i.e. Allahabad Bank.

The product is now available with Top Up & Super Top Up cover with Sum insured up to 1 crore. The product was launched by the Executive Director of AllahabadBank Shri. k Ramachandran in presence of Chairman Universal Sompo General Insurance Company Shri. O. N. Singh. The Launch ceremony was recently conducted in Kolkata, it was witnessed by the GM’s, DGM’s & other bank Head Office staff.

Allahabad Bank Executive Director Shri. K Ramachandran praised the existing co-branded Health product & assured of further penetration among the Bank customer bases. He also highlighted the current Business situation of the Bank & appreciated the fee income which is generated through General Insurance channel by the Bank.

Chairman Universal Sompo GIC elaborated features of the newly launched Super Healthcare policy (Top Up & Super Top Up) which has sum Insured up to Rs. 1 Cr with free restore benefit. Policy covers Ayush treatment, wellness benefit & it has no sublimit or co-pay.

The Policy is designed to counter medical inflation through guaranteed cumulative bonus. Universal Sompo GIC has always ensured that quality healthcare remains affordable to its customers.

The policy is designed to benefit its loyal customer (having Allahabad Retail Health policy) with additional premium discount of 5%. Further it was assured that required training; manpower support will be extended by Universal Sompo team to the Bank. He also emphasized the business focus should be on the retail customer segment for higher product distribution & spreading the benefits of Health insurance.

Universal Sompo GIC shall very soon start issuance of policy online. Pocket friendly premium, shall help Universal Sompo penetrate the rural markets & potential market of tier 2 & tier 3 cities. ENDS

About Indian Allahabad Bank

Allahabad Bank is a nationalised bank with its headquarters in Kolkata, India. It is the oldest joint stock bank in India. On 24 April 2014, the bank entered into its 150th year of establishment. The bank was founded in Allahabad in 1865. As of 31 March 2018, Allahabad Bank had over 3245 branches across India.

About Universal Sompo General Insurance

Universal Sompo is first Public – Private Partnership in Indian General Insurance Industry. The company is headquartered in Mumbai and is private public joint venture in general insurance where two nationalized banks, namely Allahabad Bank and Indian Overseas Bank, one private sector bank namely Karnataka Bank Ltd, one FMCG namely Dabur Investment Corp and a leading general insurer from Japan namely Sompo Japan Nipponkoa Insurance Inc. have come together to form a general insurance company.  Universal Sompo has a Gross Written Premium (GWP) of Rs. 2833.53 Crores for the year ended March 31, 2019 and earned profit of Rs. 206.71 Cr.

Universal Sompo is operating on a pan India basis through 86 Branches and 17 Zonal Offices. Universal Sompo has health products, both standalone policies and co-branded products in conjunction with their bank partners. The company has also designed several products for rural and semi urban markets. More details are available on the website www.universalsompo.com