Universal Sompo General Insurance and BSE EBIX join hands

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 the 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 is growing daily.

Due to the spike in the number of COVID-19 cases, Insurance Regulator IRDAI had asked insurers to design specialized products 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 Rs 50,000 to Rs 5,00,000 (in multiples of Rs 50,000) for hospitalization expenses related to Covid-19. The policy covers the 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 hospitals. 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 a bouquet of products ranging from Corona Kavach to Arogya Sanjeevani and a variety of covers in due course of time through the 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.”