MUMBAI, India, Aug. 18, 2020 /PRNewswire/ -- Universal Sompo General Insurance Company Ltd, a joint venture between Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investment Corp and Sompo Japan Insurance Inc, on 15th August 2020 announced its alliance with BSE EBIX Insurance Broking Private Limited (BSE EBIX ), a joint venture between BSE (Bombay Stock Exchange), the first stock exchange of Asia and EBIX Fincorp Exchange Pte Ltd to sell General Insurance products using strong distribution network of BSE EBIX in a completely digitized environment. The partnership has been initiated with offering of Universal Sompo's recently launched Corona Kavach cover which is a short-term policy to cover COVID-19 related hospitalization expenses through certified Point of Sales Persons (PoSPs) of BSE EBIX . Presently, BSE EBIX has more than 7,200 registered PoSPs, and growing daily.
Due to the spike in the number of COVID-19 cases, Insurance Regulator IRDAI had asked insurers to design specialized product covering the treatment cost of coronavirus. Corona Kavach policy seeks to address this very need of the general public. The strategic association between Universal Sompo General Insurance and BSE EBIX will enable more people to avail insurance plans and protect themselves and their families against the deadly virus.
Corona Kavach policy can be purchased on individual or family floater basis for a period of 3.5, 6.5 or 9.5 months. It offers sum insured ranging from minimum of INR 50,000 to INR 5,00,000 (in multiples of INR 50,000) for hospitalization expenses related to COVID-19. The policy covers cost of PPE kit, gloves, mask and other similar expenses incurred during treatment of COVID-19. The policy also covers ICU and ventilator charges at Hospital. It also provides cover for Home Care Treatment Expenses including cost of Pulse Oximeter and Oxygen cylinder, if advised by Medical Practitioner.
On the occasion, Ashishkumar Chauhan, Managing Director & CEO, BSE (Bombay Stock Exchange), said, 'We welcome Universal Sompo on BSE EBIX technology platform and with this addition, we would be able to offer most customer-suited insurance covers across the country. We look forward to integrate entire range of products of Universal Sompo which can be sold through our strong network of PoSPs to add value to our overall insurance products offering.' Sharad Mathur, Managing Director & CEO, Universal Sompo General Insurance Company Ltd, said, 'We are rapidly increasing our distribution network and collaboration with BSE EBIX shall prove to be a great achievement. We would be able to offer bouquet of products ranging from Corona Kavach to Arogya Sanjeevani and variety of covers in due course of time through extensive and ever increasing PoSP network of BSE EBIX . The product offering is completely digitized to provide best of the buying experiences to our customers through the network of BSE EBIX .' About Universal Sompo General Insurance Universal Sompo is the first Public - Private Partnership in Indian General Insurance Industry. The company is headquartered in Mumbai and is a joint venture between Indian Bank, Indian Overseas Bank, Karnataka Bank Ltd, Dabur Investment Corp and a leading general insurer from Japan, Sompo Japan Insurance Inc.
Universal Sompo is operating across India through its 86 Branches and 17 Zonal Offices. It offers wide-range of products for Retail, Rural, SME & Corporate customer segments. It's innovating in the health insurance space and offers both standalone policies and co-branded products in conjunction with its bank partners. It continues to invest in technology ensuring quick and smooth services to customers. It serves customers through a vast distribution network of banks, branches, agents, brokers, auto dealers, POSPs, CSCs and so on. The company has also designed specific products for rural and semi urban markets.