Universal Sompo empowers financial security through PMSBY in AP and Telangana

Hyderabad: Universal Sompo, in its dedication to the Pradhan Mantri Suraksha Bima Yojana (PMSBY), continues to strengthen its promise of ensuring a financially stable future. Launched by Prime Minister Shri Narendra Modi in 2015, the PMSBY initiative has been a vital source of financial security for disadvantaged families nationwide. Through its coverage of accidental death and disability for a minimal annual premium of Rs 20, the scheme has notably facilitated the settlement of numerous claims, aiding families during unexpected financial crises.

Universal Sompo General Insurance Company, as a steadfast partner in implementing PMSBY, has insured 8 Lac individuals in Andhra Pradesh and Telangana in the first half of the current fiscal year, marking a 17% growth compared to the previous year. The company has disbursed claims totaling over Rs 4.5 Crores in Andhra Pradesh and Telangana since the inception of the scheme, benefiting families across both states.

Expressing a commitment to securing the financial future of every Indian household, Universal Sompo takes pride in its support extended to the diverse communities of Andhra Pradesh and Telangana.

Universal Sompo is a Joint venture of Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investments, and Sompo Japan Insurance Inc. The company is headquartered in Mumbai and has 117 offices countrywide with representation through its digitally enabled employees. It has a strong distribution network of Agents, Point of salespersons, Bank Branches, Automobile Dealers, Brokers, Common Service Centres, and Digital Platforms. The company offers 205 IRDAI-approved products, and 1494 Add-on covers, ranging from Motor, Accident & Health, Home for Individuals, Shopkeepers Packages, Crop and other non-life packages for SMEs, Fire, Marine, Engineering, Employee Benefits, Project Insurance, Liability, and other special products for Corporates. Microinsurance covers the Rural segment. The company maintains its Claims settlement ratio at 98.27% and has robust technology architecture to serve its customers nationwide.