Universal Sompo General Insurance records 47% rise under PMSBY scheme

Universal Sompo General Insurance, a partner of the Centre's Pradhan Mantri Suraksha Bima Yojana, insured 21 lakh people in Tamil Nadu in the first six months of the current financial year under the scheme, the company said on Sunday.

Universal Sampo General Insurance is a joint venture between the public sector Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investments, and Sompo Japan Insurance. The Mumbai-headquartered company has disbursed over Rs 45 crore of claims in Tamil Nadu since the launch of the scheme in 2015. The PMSBY scheme is aimed at providing one year of accidental death and disability coverage at a premium of Rs 20 per annum.

"Universal Sompo General Insurance has insured 21 lakh people in Tamil Nadu in the first half (April-September 2023) of the current financial year with a growth of 47 per cent over last year," a company statement here said. Universal Sompo General Insurance has 117 offices across the country and offers a range of products catering to retail, rural, SME, and corporate customer segments.