Universal Sompo General Insurance, a public-private partnership, is a joint venture of Allahabad Bank, Karnataka Bank, Indian Overseas Bank, Dabur Investment Corporation, and Sompo Japan. They offer comprehensive health insurance, including individual, family, critical illness, and COVID-19 plans, providing crucial financial aid during medical emergencies. With 86 branches and 4,000+ network hospitals, plans are easily purchasable online.
Galaxy Health Insurance Company Limited is a new standalone health insurer, licensed by IRDAI in March 2024. It is backed by the TVS Group and V. Jagannathan, the founder of Star Health, providing experienced leadership despite being a new company. Focusing solely on health insurance, Galaxy designs plans around medical coverage needs rather than offering multiple insurance types. It may suit buyers open to a new insurer, but it’s important to check its hospital network, claim support, and overall track record before making a decision.