Online portal launch of IOB Health Care Plus Insurance policy

Chennai:  Indian Overseas Bank launched IOB Health Care Insurance Policy through an online platform across its branches to issue Health Insurance Policy provided by Universal Sompo General insurance Co. Ltd.

Indian Overseas Bank Health Care Plus Policy (IOB HCP), a Co-branded Health Insurance is exclusively designed by Universal Sompo General Insurance company  for the IOB Customers with a Sum Insured starting from Rs.50,000 to Rs.15 Lakhs.

 

The policy issuance will be made on a real-time basis at the IOB Bank branches to its customers. Self, Spouse, Dependent children, dependent parents can be covered.Indian Overseas Bank Health Care Plus (IOB HCP), is a one-of-its-kind Family Floater policy where the premium is charged as per the age of the proposer with No Medical check up upto 50 years of age.

 

Commenting on the launch IOB Health Care Plus Policy Shri. O. N. Singh, Chairman, Universal Sompo General Insurance Co. Ltd remarked Relationship of Universal Sompo with IOB is more than a decade and by close coordination with Bank, we are extremely delighted to offer our products to Indian Overseas Bank customers by harnessing technology tools to minimize the waiting period of issuing a policy to bank customers. Very few Insurers have real time integration with Bank’s Core system. This would be a Win win situation for both Bank & Insurance Company. 

 

Shri. Karnam Sekar, MD & CEO, Indian Overseas Bank commented that Bank’s long relationship with Universal Sompo resulted in offering various innovative policies on real time basis for IOB Customers. He remarked that IOB made a right decision to invest in Universal Sompo which resulted in profit in the shortest time. Shri. Karnam Sekar, MD & CEO, Indian Overseas Bank advised Bank team to popularize policies of Universal Sompo that would increase non- interest income of the Bank considerably

 

About Indian Overseas Bank

 

Indian Overseas Bank a major public sector bank established on 10th February 1937. Headquartered in Chennai, the bank has its branch in 5 other countries. The bank offers various banking and financial services such as investments, deposit accounts, credit cards, debit cards, loans, etc.

 

About Universal Sompo General Insurance 

 

Universal Sompo is first Public - Private Partnership in Indian General Insurance Industry. The company is headquartered in Mumbai and is private public joint venture in general insurance where two nationalized banks, namely Allahabad Bank and Indian Overseas Bank, one private sector bank namely Karnataka Bank Ltd, one FMCG namely Dabur Investment Corp and a leading general insurer from Japan namely Sompo Japan Nipponkoa Insurance Inc have come together to form a general insurance company.  Universal Sompo has a Gross Written Premium (GWP) of Rs 2833.53 Crores for the year ended March 31, 2019 and earned profit of Rs. 206.71 Cr.

 

Universal Sompo is operating on a pan India basis through 86 Branches and 17 Zonal Offices. Universal Sompo has health products, both standalone policies and co-branded products in conjunction with their bank partners. The company has also designed several products for rural and semi urban markets. More details are available on the website www.universalsompo.com