Universal Sompo Critical Illness Insurance: Benefits, Premium, Renewal

Universal Sompo Critical Illness Insurance Policy

Universal Sompo Critical Illness Insurance Policy is a critical illness plan, which covers life-threatening diseases and provides financial security to the policyholder's family. Under this plan, a lump sum benefit is offered on the detection of the illness. Cancer, Coma, Kidney Failure, Paralysis etc. are covered under this policy.

Type	Individual/Family Floater
Sum Insured	Rs 2.5 lakh- 20 lakh
Tenure	1 to 3 years
Savings	10% on 2 years policy 15% on 3 years policy
Free-look Period	15 days

*All savings offered are as per the IRDAIs approval. Standard T&C apply

Coverage Offered

The coverage offered by the Universal Sompo Critical Illness Health Insurance Policy is available for the following critical illnesses up to the sum insured:

Coma of Specified Severity
First Heart Attack of specified severity
Kidney Failure with regular Dialysis
Cancer of specified severity
Bone Marrow or Major Organ Transplant
Multiple Sclerosis with continuous symptoms
Motor Neuron Disease (Permanent Symptoms)
Open Chest CABG
Open Heart Replacement
Permanent Limbs' Paralysis
Permanent Stroke

Inclusions of the Policy

The inclusions of Universal Sompo Critical Illness are:

The policy offers lump sum benefits in case the insured suffers any of the listed critical illness.
The policy offers an extensive range of sum insured options from Rs 2.5 lakh to 20 lakh. The policy covers 11 critical illness and surgical procedures.

Exclusions of the Policy

Anyone intending to buy Universal Sompo Critical Illness Insurance Policy needs to be aware of the exclusions of this plan:

Any other critical illness apart from any disease written in the policy document
Any non-medical or medical charges which are in any way related to accidental hospitalization
Any cosmetic or aesthetic treatments are not covered.
Any treatment for weight loss or weight control treatment
Charges in any way related to general debility, convalescence, rest cure, and others
Any suicide attempt or intentional self-injury
For any hospitalization related to invasion, war, or nuclear activities
For any illness or disease detected to drugs or alcohol
Treatment-related to sexually transmitted diseases or venereal infections
Claims for emotional distress or mental insanity
Involvement in criminal activities which results in illness or injury
Any congenital anomalies and any related complications
Treatment for of the policyholder through an unproven treatment or experiments
Expenses of non-allopathic treatment

Benefits of the Universal Sompo Critical Illness Policy

The features and benefits of Universal Sompo Critical Illness Health Insurance Policy are as follows:

Premium Frequency: The policyholder can pay this premium amount monthly, half-yearly, quarterly, and yearly. The premium can vary according to the age of the policyholder, and the sum insured.
Medical Test: Medical test is necessary for policyholders above 55 years of age. Further, depending on the sum assured amount, the applicant may be asked to conduct different tests.
Grace Period: The policy offers a grace period of 30 days after the policy's due date within which the person insured can renew the policy to prevent the policy from lapsing. No extra charges will be charged to renew the policy in the grace period.
Tax Benefit: Policyholders can avail of a premium under Section 80D of the Income Tax Act on the premiums paid.
Pre-existing Illnesses: This plan covers pre-existing diseases after a 48 month waiting period.
Survival Period: After the first diagnosis of critical illness, the person insured must survive for 30 days to get the lump sum amount from Universal Sompo Health Insurance.
Premium loading: There is an option of premium loading if the policyholder can bear occupational risks. A loading of 15% for medium risks and 20% is applicable for high occupational risks.
Increase in sum insured: The policyholder can increase the sum insured after getting approval from Universal Sompo Health Insurance.

Eligibility Criteria

To buy this policy, one has to fulfill the following eligibility criteria:

Minimum Entry Age	Child: 5 years Adult: 18 years
Maximum Entry Age	65 years
Number of People Covered	Self, spouse, dependent children up to 25 years of age, in-laws, siblings, and parents up to 65 years of age
Residential Status	Indian residents who can be Indian citizens or Permanent Residents of India

Information on Cancellation of the Policy

If the person insured, after purchasing the policy, is not satisfied with the conditions and terms of the policy, then he/she can return the policy. The policy can be returned within 15 days from the commencement date of the policy. However, the premiums will be returned if no claim is made and after the deduction of stamp charges and taxes.

FAQs

Q.Can one buy online Universal Sompo Critical Illness Insurance Policy online?

Ans: Yes, one can buy Universal Sompo Health Insurance plans online.
Q.What is the tenure of this plan?

Ans: The plan has a tenure of 1, 2, and 3 years.
Q.Can a person nominate more than one nominee in the online Universal Sompo Critical Illness Health Insurance Policy?

Ans: Yes, a person insured can nominate more than one nominee.
Q.Is the portability option available in this plan?

Ans: Yes, a person can port their policy to another insurer after 45 days.
Q.What is the sum insured in this plan?

Ans: In this policy, the sum insured amount lies between Rs 2.5 lakh to Rs 20 lakh.

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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

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