Universal Sompo General Insurance Company has introduced an innovative eyewear insurance cover, addressing the increasing demand for eyewear protection in today’s digital era. Universal Sompo is a joint venture of Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investments, and Sompo Japan Insurance Inc.
Bite-sized insurance products are becoming popular in India with insurers offering a range of sachet-based solutions, like rider insurance, ticket cancellation, and more. Bite-sized insurance is characterised by its affordability, simplicity, and consumer-centric approach. Unlike standard insurance that typically covers a broad range of risks, these products are tailored to cover specific, usually low-value, items or short-term risks. Eyewear insurance is a perfect example, speaking directly to a niche, yet significant market of individuals who want to protect their investment in prescription glasses or state-of-the-art sunglasses.
This comprehensive insurance plan covers loss or damage from fire and allied perils, accidental loss or damage, burglary, and theft of various eyewear, including spectacles, lenses, sunglasses, and blue filter glasses. The policy covers eyewear from Rs 500 to Rs 50,000. For eyewear valued up to Rs 10,000, coverage is available with a premium of Rs100.
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This insurance accommodates both individuals and groups, offering tailored options for both Employer-Employee and Non-Employer-Employee relationships, with a policy duration of up to one year. One has the flexibility to customise coverage based on preferences or invoice value, ensuring a cost-effective plan featuring unique elements such as differential excess and claim settlement types.
Doctor Mancy Modi, a Professor in Periodontology and Oral Implants currently practising at Dr. L.H. Hiranandani Hospital said “I have been wearing glasses for 10 years and I understand the importance of clear vision and the monetary burden of spectacle replacements. The idea of having them insured brings a genuine smile to my face.”