Universal Sompo Hospital Cash Insurance Policy

• Premiums as low as Rs12/day for coverage of Rs.4 Lakhs*
• 10,000+ hospitals for cashless treatment
• Claim up to Rs. 55,000 deduction under section 80D**

Hospital cash insurance policies are provided by many top insurance companies in the market to supplement a regular health insurance plan. These policies are mainly intended to take care of the additional non-medical expenses incurred during the time of hospital stay. Universal Sompo Hospital Cash Insurance Policy is designed just for that purpose. This policy comes in flexible options, and it provides additional support based on the requirements of the insured person.

Eligibility for Universal Sompo Hospital Cash Insurance Policy

The company has outlined the following eligibility criteria for people who wish to enroll in the Universal Sompo Hospital Cash Insurance Policy:

• The entry age of the proposer must be between 18 years and 70 years.
• Dependent children can be enrolled from the age of 6 months.
• The maximum entry age for dependents is 25 years.
• Lifelong renewability option is available under this policy cover.

Features of Universal Sompo Hospital Cash Insurance Policy

Some of the notable features of Universal Sompo Hospital Cash Insurance Policy can be given as follows:

• This policy offers daily cash benefit in multiple options ranging from Rs.500 to Rs.3,000 per day.
• Customers are also free to choose the number of days (15 to 180) for which they can obtain daily cash benefit. The premium amount will be charged accordingly.
• This policy can be bought in 1, 2, or 3-year terms based on one’s requirements. There is a 10% discount for 2-year policy term and a 15% discount for 3-year policy term.
• A family discount of 5% is available if 2 or more members are enrolled in this policy.
• The daily cash amount chosen at the time of enrollment can be enhanced at the time of renewal. This can be done only if no prior claims are made under this policy.
• For sickness hospitalisation, there is an initial waiting period of 30 days from the date of inception of this policy cover.
• Pre-existing conditions are covered after 48 months of continuous policy coverage.
• There is a 1-year waiting period applicable for specific conditions like cataract, hernia, hydrocele, benign prostatic hypertrophy, arthritis, etc.
• To ensure smooth operation, the company has used the service of third-party administrators (TPAs) to provide service for customers. The list of TPAs can be obtained from the company’s official website.
• A 15-day free look period is provided under this policy cover for customers to review the terms of this policy and cancel it if they are not satisfied.
• A grace period of 30 days from the date of expiry is provided for customers to renew this policy cover. However, there will not be any coverage for the days during which the premium is not paid.
• Universal Sompo allows portability to and from other insurance service providers in the country. Here, the company must be notified at least 45 days before the date of expiry of this policy.
• The premium charges paid for this health insurance cover is eligible for tax relief as per Section 80D of the Income Tax Act.

Benefits of Universal Sompo Hospital Cash Insurance Policy

The range of benefits offered under Universal Sompo Hospital Cash Insurance Policy can be provided in the following table:

Exclusions of Universal Sompo Hospital Cash Insurance Policy

The company is not liable to provide any benefits for the following:

• Any illness that has been declared as an epidemic by the central or state government
• General debility or rundown condition
• Congenital diseases, birth defects, and anomalies
• Intentional self-injury or attempted suicide
• Hospitalisation due to mental breakdown or nervous breakdown
• Hospitalisation due to preventive measures
• Exposure to radiation or nuclear activity
• Dental treatment unless necessitated by an accident
• Any kind of alternative treatments
• Cosmetic or aesthetic treatments of all kinds
• Any expenses related to childbirth or pregnancy
• Any kind of experimental procedures

Claim Procedure

In case of hospitalisation, Universal Sompo must be notified within 7 days from admission. Any supporting evidences including medical bills and hospitalisation proofs must be provided within 30 days from the date of intimation. The company will require photocopies of all medical bills, certificates, discharge summary, physician report, FIR copy (for accidents), etc. Once the documents are submitted, the company will verify the claim and notify the acceptance to the insured. The settlement amount will be paid within 7 days from the date of acceptance.