Universal Sompo Gen - Loan Secure Insurance Policy

Universal Sompo s Loan Secure Insurance Policy is a unique Policy that helps you transfer the burden of your loan in the event of an unforeseen contingency. This Policy is specially designed for customers of banks and financial Institutions. This Insurance Policy serves as safety net so that you and your near and dear ones are not worried about repayment of your loan in the event of your unfortunate diagnose of listed Major Medical Illnesses or undergoing of Surgical Procedures or witness Accidental Death, or Permanent Total Disablement on account of Accident resulting in inability to remain gainfully employed. This Policy also provides for Loss of Job and Cover of Dwelling and Content against Fire and Allied Perils.

Policy is offered with following coverages with various options varying in terms of extend of coverage available as under:-
Section 1 - Major Medical Illnesses & Surgical Procedures: (Compulsory Section)
We will pay the Sum Insured if during the Policy Period the Insured Borrower unfortunately contracts with any of the following covered Major Medical Illnesses or undergoes Surgical Procedures for the first time during the Period of Insurance.
This Policy covers up to of 18 Major Medical Illnesses & Surgical Procedures as per the Plan chosen.
We bring a wide range of options as below depending on the number of Major Medical Illness Procedures to be covered. The options range from 9, 12, 15 and 18 Major Medical Illness Procedures.
Silver Plan
a) First Diagnosis of the below-mentioned Illnesses more specifically described below:
1. Cancer of Specified Severity
2. Kidney Failure requiring regular dialysis
3. Multiple Sclerosis with Persisting Symptoms
b) Undergoing for the first time of the following Surgical Procedures, more specifically described below:
4. Cancer of Specified Severity
5. Kidney Failure requiring regular dialysis
6. Multiple Sclerosis with Persisting Symptoms
c) Occurrence for the first time of the following medical events more specifically described below:
7. Permanent Paralysis of Limbs
8. First Heart Attack of Specified Severity
9. Stroke resulting in Permanent Symptoms.
Gold Plan
a) First Diagnosis of the below-mentioned Illnesses more specifically described below:
1. Cancer of Specified Severity
2. Kidney Failure requiring regular dialysis
3. Multiple Sclerosis with Persisting Symptoms
4. Benign Brain Tumor
5. Parkinson
s Disease
b) Undergoing for the first time of the following Surgical Procedures, more specifically described below:
6. Major Organ / Bone Marrow Transplant
7. Open Heart Replacement
8. First Heart Attack of Specified Severity
c) Occurrence for the first time of the following medical events more specifically described below:
9. Stroke resulting in Permanent Symptoms
10. Permanent Paralysis of Limbs
11. Stroke resulting in Permanent Symptoms.
12. Coma of Specified Severity
Platinum Plan
a) First Diagnosis of the below-mentioned Illnesses more specifically described below:
1. Cancer of Specified Severity
2. Kidney Failure requiring regular dialysis
3. Multiple Sclerosis with Persisting Symptoms
4. Benign Brain Tumor
5. Parkinson
s Disease
6. End Stage Liver Disease
7. Alzheimer
s Disease
b) Undergoing for the first time of the following Surgical Procedures, more specifically described below:
8. Major Organ / Bone Marrow Transplant
9. Open Heart Replacement
10. Coronary Artery Bypass Graft
11. Surgery of Aorta
c) Occurrence for the first time of the following medical events more specifically described below:
12. Stroke resulting in Permanent Symptoms
13. Permanent Paralysis of Limbs
14. Stroke resulting in Permanent Symptoms.
15. Coma of Specified Severity
Diamond Plan
a) First Diagnosis of the below-mentioned Illnesses more specifically described below:
1. Cancer of Specified Severity
2. Kidney Failure requiring regular dialysis
3. Multiple Sclerosis with Persisting Symptoms
4. Benign Brain Tumor
5. Parkinson
s Disease
6. End Stage Liver Disease
7. Alzheimer
s Disease
b) Undergoing for the first time of the following Surgical Procedures, more specifically described below:
8. Major Organ / Bone Marrow Transplant
9. Open Heart Replacement
10. Coronary Artery Bypass Graft
11. Surgery of Aorta
c) Occurrence for the first time of the following medical events more specifically described below:
12. Stroke resulting in Permanent Symptoms
13. Permanent Paralysis of Limbs
14. Stroke resulting in Permanent Symptoms.
15. Coma of Specified Severity
16. Major Burns
17. Deafness
18. Loss of Speech
Please refer to the Policy Wordings for definitions of the Major Medical Illnesses and Surgical Procedures available with your banker/our Agent/our office
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Section II - Personal Accident
This section covers the Insured Borrower against accidental risks as under:-
A. Death due to an Accident:
If You, the Insured Borrower, die within a period of 12 months from the date of bodily injury due to Accident and such bodily injury be the direct cause of Your death, then the Sum Insured, under the Policy shall become payable by Us.
B. Permanent Total Disablement due to an Accident:
We will pay Sum Insured upon your having met with an accidental bodily injury resulting in Permanent Total Disablement subject to the following that the disablement;
i. continues for a period of twelve (12) consecutive months, and
ii. is confirmed as total, continuous and permanent by a Medical Practitioner after the period of twelve (12) consecutive months, and
iii. entirely prevents you, the Insured Borrower from engaging in or giving attention to gainful occupation of any and every kind for the remainder of your life.
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Section III
Loss of Job
We will pay 3 EMIs* corresponding to the loan insured in the event of
i. Termination/ Dismissal of employment of the Insured borrower.
ii. Temporary suspension or retrenchment from employment
Covers Loss or Damage directly caused to dwelling and household contents of Insured borrower at Insured premises by Insured Perils listed hereunder
i) Fire
ii) Lightning
iii) Explosion/Implosion
iv) Aircraft Damage
i) Impact Damage
ii) Subsidence and Landslide including Rock slide
iii) Bursting and/or overflowing of Water Tanks, Apparatus and Pipes
iv) Missile Testing operations
v) Leakage from Automatic Sprinkler Installations
vi) Bush Fire
vii) Riots, Strike, Malicious Damage
viii) Storm, Tempest, Flood, Inundation
ix) Earthquake (on payment of additional premium only
x) Terrorism (on payment of additional premium only

The Policy can be taken by any person above 20 years of age holding loans with bank (including co-borrowers) till 50 years of age.The Policy can be renewed till 55 years of age.

We shall give You a Free Look Period at the inception of the Policy and:
1. You will be allowed a period of at least 15 days from the date of receipt of the Policy to review the terms and conditions of the Policy and to return the same if not acceptable.
2. If You have not made any claim during the Free Look period, You shall be entitled to:
A refund of the premium paid less any expenses incurred by Us on Your medical examination and the stamp duty charges or;
where the risk has already commenced and the option of return of the Policy is exercised by You, a deduction towards the proportionate risk premium for period on cover or;
Where only a part of the risk has commenced, such proportionate risk premium commensurate with the risk covered during such period.

General Exclusions applicable to Section I, Section II and Section III of the policy
We shall not be liable for any claim
1. Arising or resulting from the Insured person committing any breach of the law with criminal intent
2. Due to, or arising out of, or directly or indirectly connected with or traceable to, war, invasion, act of foreign enemy, hostilities (whether war be declared or not) civil war, rebellion, revolution, insurrection, mutiny, military or usurped power, seizure, capture, arrests, restraints and detainment of all Heads of State and citizens of whatever nation and of all kinds and acts of terrorism, Riots, Strike, Malicious Acts etc.
3. Directly or indirectly caused by or contributed to/by or arising from ionising radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste or from the combustion of nuclear fuel. For the purpose of this exclusion, combustion shall include any self-sustaining process of nuclear fission
4. Directly or indirectly caused by or contributed to/by or arising from nuclear weapon materials
5. Directly or indirectly caused by or contributed to/by or arising out of usage, consumption or abuse of alcohol and/or drugs.
6. Arising out of or as a result of any act of self-destruction or self-inflicted injury, attempted suicide or suicide.
7. Any sexually transmitted diseases. Acquired Immune Deficiency Syndrome (AIDS), AIDS related complex syndrome (ARCS) and all diseases caused by and/ or related to the HIV.
8. Any consequential or indirect loss or expenses arising out of or related to any Insured Event.
9. Arising out of or resulting directly or indirectly due to or as a consequence of pregnancy or treatment traceable to pregnancy and childbirth, abortion, Miscarriage and its consequences, tests and treatment relating to infertility and invitro fertilization.
10. Arising out of or resulting directly or indirectly while serving in any branch of the Military or Armed Forces of any country during war or warlike operations.
11. Arising out of or resulting directly or indirectly caused by, resulting from or in connection with any act of terrorism/sabotage regardless of any other cause or event contributing concurrently or in any other sequence to the loss. The Policy also excludes loss, damage, cost or expenses of whatsoever nature directly or indirectly caused by, resulting from or in connection with any action taken in controlling, preventing, suppressing or in any way relating to action taken in respect of any act of terrorism/sabotage.