Universal Sompo General Insurance Company launched a new insurance product for eyewear, such as spectacles, sunglasses, blue filter glasses, and contact lenses, on Tuesday, offering protection against damage from burglary, theft, fire, cyclones, floods, riots, strikes, etc. Damage by a vehicle or an animal by direct contact and other accidents are also covered. As Universal Sompo Launches Eyewear Insurance Cover For As Low As Rs 100, it has become the talk of the town. Let’s understand this release in detail.
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The policy tenure is one year, covering all itemized risks in India and abroad. The sum insured could be the invoice value or the amount as per the insured’s choice, whichever is lower.
Universal Sompo is a joint venture of Indian Overseas Bank, Karnataka Bank, Indian Bank, Dabur Investments, and Sompo Japan Insurance Inc.
According to the press release, the key features of Eyewear Insurance Cover include:
Global Coverage: The policy provides policyholders global coverage, including theft.
Flexible Excess and Claim Settlement: The policy offers voluntary excess (deductible), providing flexibility in claims settlement. For an excess of 5 per cent of the claim amount, it gives a 5 per cent discount on the premium. Similarly, for an excess of 25 per cent, it offers a 25 per cent discount on the premium, which is also the highest discount the company offers.
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Options: The coverage is available as individual and group insurance policies.
As per the release, the company provides affordable premiums for eyewear priced from Rs 500 to Rs 50,000. For example, for an eyewear of Rs 10,000, the premium is Rs 100.
Things To Watch Out For
Some major exclusions of the policy include eyewear older than one year, unless agreed upon in the policy by the insurer, damage due to careless handling by the user, manufacturing defect, replacement due to a change in prescription, normal wear and tear from regular use, theft from an unattended vehicle, and cosmetic repair, among others.