Universal Life Strovolos

## 🏢 Corporate Profile * **Universal Life** was established in **1970**, making it the **first insurance firm founded in Cyprus** after insurance legislation came into effect ([Universal Life][1]). * Incorporated by Cypriot business leaders, it helped introduce new insurance concepts and shape the local market. It is now a core member of **Photos Photiades Group** ([Universal Life][1]). * As of the latest data, it holds **\~30% market share** in Cyprus’s life and health insurance space and manages over **€330 million in assets**, serving 75,000+ policyholders ([Universal Life][2]). * The company has been repeatedly ranked the **most trusted and reliable insurance provider** in Cyprus by consumer surveys, winning this accolade at least through 2020 ([Universal Life][3]). --- ## 🧾 Key Financial & Corporate Information * **Licence**: Fully authorised under Cyprus Insurance regulations (Class III for life & health insurance). * **Reports**: Financial annual reports and SFCR (Solvency and Financial Condition Reports) are publicly available up through **2024** ([Reddit][4]). --- ## 🧰 Main Products & Services ### 1. **Permanent Life & Investment-Linked Plans** * **UniLife**: A whole-life, unit-linked life insurance scheme providing coverage up to **€2,000,000**, with investment in one of five proprietary funds. Offers optional riders such as **Accidental Death**, **Disability Income**, **Permanent Total Disablement**, and **Waiver of Premium**. Premiums may qualify for tax exemption ([Universal Life][5]). * Other savings‑oriented plans include **UniCapital** (investment + protection), **UniMaster Plus** (education savings), and **UniCare** (comprehensive life coverage) ([Universal Life][2]). ### 2. **Health Insurance** * **MultiCare International Health Plan**—developed in partnership with **AXA Global Healthcare**—offers tailored coverage levels: * **ValuePlus**, **Essential**, **Première**, **StudentCare**, and the newly introduced **MultiCare Elite** tier. * Elite plan offers up to €5 million inpatient and €10 million outpatient coverage annually, with extensive coverage for oncology, dialysis, dental, vision, mental health, chronic illnesses, and preventive health checks. Includes international emergency assistance, second medical opinion services, and electronic claims via the proprietary‑portal “U connect” ([Universal Life][6], [Cyprus Mail][7]). ### 3. **Group & Pension Plans** * **PensionPLUS**: Occupational retirement and group pension schemes offering tax-efficient savings, customizable fund allocation, low fees, and optional seamless transfers from other schemes. Accessible via “U connect” portal for real‑time tracking ([Universal Life - PensionPLUS][8]). --- ## 🌐 Medical Provider Network * Universal Life maintains the **largest insurer-affiliated medical network in Cyprus**, with **200+ doctors, clinics, and hospitals**, plus access to an extensive **international network** through AXA Global Healthcare ([Universal Life][9]). * In **Greece**, partnerships include elite providers such as: * **Hellenic Healthcare Group** (hospitals: Ygeia, Metropolitan, Mitera), * **Athens Medical Group** (AMG), * **Athinaiki Mediclinic / Medifirst**, * **Henry Dunant Hospital**, * **Lefkos Stavros – The Athens Clinic**. * Policyholders may receive **airfare reimbursement**, **hotel subsidies**, concierge medical coordination, and VIP patient service when treated at these preferred hospitals abroad ([Universal Life][10], [Universal Life][9]). --- ## 📊 Milestones & Recognition * Market‑leading in Accident & Health insurance in Cyprus, with consistent consumer trust ratings for multiple years ([Universal Life][3]). * Recent corporate initiatives include **“Care Begins at Birth”**—free MultiCare coverage for newborns, announced March 2025 ([Universal Life][3]). --- ## ✅ Summary Table | Feature | Details | | ----------------------- | -------------------------------------------------------------------- | | **Founded** | 1970 (first Cypriot insurer) | | **Affiliation** | Photos Photiades Group | | **Policyholders / AUM** | 75,000+ / €330 million | | **Market Share** | \~30% (Life & Health sector leader) | | **Products** | UniLife, UniCare, UniCapital, UniMaster Plus, MultiCare, PensionPLUS | | **Health Partnership** | AXA Global Healthcare | | **Network** | 200+ local providers, major hospitals in Greece | | **Recognition** | Trust/reliability leader among Cypriot insurers | | **Online Portal** | “U connect” for digital claims, fund tracking, premium calculators | --- ## 🔍 Important Notes & Limitations * Unit‑linked products like **UniLife** may have high upfront charges and fees; returns depend heavily on fund performance. Tax exemption benefits exist, but many users report that costs can outweigh benefits unless held long term ([Universal Life][1], [Universal Life][2], [Universal Life][10]). * Health coverage may require **pre‑approval for overseas treatment**, and failure to follow procedures (e.g., >10 days notice) can result in out‑of‑pocket expenses ([Universal Life][10]). * Insurance industry discussions online caution about transparency of fees and the complexity of combining life protection with investment under one insurance wrapper ([Reddit][11]).