In this article, we modified the universal (UNIV) formula of Poenaru et al. [Phys. Rev. C 83, 014601 (2011)] by including the disintegration energy dependent formula as a preformation factor. The improved universal formula (Imp UNIV) is applied to α decay of 309 heavy nuclei in the region Z=74-93 and found that the standard deviation of decimal logarithmic half-life decreased from 0.64312 (UNIV) to 0.56467 (Imp UNIV). It is also observed that value decreased from 0.70502(UNIV) to 0.68189 (Imp UNIV) in the case of cluster radioactivity showing improvement of present formalism Imp UNIV over UNIV in reproducing experimental half-lives of α and cluster radioactivity of heavy nuclei. The α decay half-lives of 80 superheavy nuclei (SHN) with Z 104have also been investigated by UNIV and Imp UNIV formula and the value is found as 1.10681 and 0.69399 respectively, which shows that experimental α half-lives of SHN can be reproduced well by using Imp UNIV formula. The plot connecting the sum of decimal logarithm of half-life and preformation factor, log10 T1/ 2 (s) log10 S versus decimal logarithm of external penetrability, log10 Ps for Imp UNIV is found linear for both α and cluster radioactivity with the same slope and intercept showing the universal nature of the curve. The good agreement between our predictions on α decay of Og (Z=118) isotopes with the generalized liquid drop model (GLDM) and Royer formula also reveals the reliability of our formalism. The neutron shell closure at N = 184 and N ≈ 200 are evident in our study. The prediction of the unobserved α and cluster radioactivity performed in this study will be helpful for future experiments.