Allahabad Bank launches an online platform across its branches to issue Health Insurance policy provided by Universal Sompo General Insurance

·       Allahabad Bank Health Care Plus (ABHCP), a co-branded Health Insurance is exclusively designed by Universal Sompo General Insurance.

·       The policy issuance will be done on a real-time basis at the branch; through the launch of integration of the online portal in the bank system only for Allahabad Bank customers.

·       Allahabad Bank Health Care Plus (ABHCP), is a one-of-its-kind Family Floater policy where the premium is charged as per the age of the proposer.

Universal Sompo General Insurance Company Ltd; India’s first Public-Private General Insurance company today announced the launch of the Online Portal for its partner bank i.e. Allahabad Bank; that will be integrated with the bank’s branch systems and would empower the bank employees to issue the company’s co-branded health insurance product Allahabad Health Care Plus (ABHCP) on a real-time basis for their saving bank customers. 

The co-branded health product Allahabad Bank Health Care Policy (ABHCP), has been designed to extend maximum coverage and benefits to the bank account customers of the bank. The product is first-of-its-kind Bancassurance offering in India, where the premium of the Family Floater policy is arrived based on the age of the proposer (bank customer).

With the integration of the Online Portal for the issuance of ABHCP policy, Allahabad Bank branch employees will now be able to offer instant health policy on a real-time basis to walk-in customers at the branch, who are looking for a financial protection cover for health emergencies. The portal capabilities have been architected by Universal Sompo General Insurance, which will seamlessly function to allow the bank employee to input basic details of the Allahabad Bank customer (proposer) which will further auto-populate the details of the customer and based on the inputs, a premium amount for the ABHCP will be generated. For customers (proposer) declaring any pre-existing illness, the bank employee would input the customers illness details in the system to seek consent of the underwriters of Universal Sompo General Insurance, who will be simultaneously working in the backend and send across the approval to the system on real-time basis through web services facilites. Upon agreeing on the premium amount, a customer will be able to walk-out from the branch with a paper-based confirmation copy of the ABHCP.

Commenting on the launch of the Online Portal of Allahabad Bank Health Care Policy, Mr.O.N.Singh, Chairman, Universal Sompo General Insurance said “We are extremely delighted to offer our products to Allahabad Bank customers by harnessing technology tools to minimize the waiting period of issuing a policy to bank customers. I am confident that the bank customers will stand to gain the benefit of being offered real-time solutions to provide protection for health contingencies.”

The Allahabad Bank Health Care Policy (ABHCP) offers flexibility in choosing options for covering Individuals, Family of 4 members and the additional option of covering a family consisting of 4 members ( Husband, Wife & 2 dependent kids) + 2 dependent parents.  On receiving the consent from the customer for opting the ABHCP, the premium amount will be directly debited from his savings account. Annual renewal of the ABHCP will be based on the customer’s discretion to choose an auto-debit option or restrict it from paying premium only for a single year cover. Sum Insured options are available starting from Rs 50,000/- to Rs 500,000/-. Optional cover such as Personal Accident (PA) policy too can be issued on the basis of customers consent for Individual policyholder and for Family Floater members, not including the dependent parents.

The online portal for issuing ABHCP will be integrated across 3246 branches of Allahabad Bank across pan-India.

About Universal Sompo General Insurance Co. Ltd:-

Universal Sompo General Insurance Co. Ltd, is India’s first Public-Private General Insurance Company. The company is a Joint Venture of Allahabad Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investments and Sompo Japan Nipponkoa Insurance. The Company received the License and Certificate of Registration from Insurance Regulatory and Development Authority in November 2007. Three of the Indian partners are leading banks with a combined asset base of Rs. 92,602 crores and over 4000 branches and distribution centers. Plus the 4th largest FMCG Company in India with over 15 million retail outlets.

Universal Sompo has about 137 IRDA approved products in its basket and is operating on a pan India basis through 86 Branches and 17 Zonal Offices. Universal Sompo has a Gross Written Premium (GWP) of Rs 2310.86 crfor the year ended March 31, 2018. The company issued over 1.28 million policies and settled over 1,23,279 claims as on March 31, 2017. Universal Sompo has a dedicated 24*7 Claim Care Helpline no. 1800 200 5142, to assist customers for intimating a claim with the company.