Universal coverings are usually only considered for connected locally path connected spaces $X$ and are understood as coverings $p : \tilde X \to X$ with a simply connected $\tilde X$. There is also a more general interpretation (see my answer to The universal cover covers any connected cover), but we shall not use it here.
Let us first consider any map $p : \tilde X \to X$ living on a connected space $\tilde X$ and define
$$\operatorname{Hom}_X(\widetilde{X},Y) = \{ f : \tilde X \to Y \mid p_Y \circ f = p \} .$$
The elements of $\operatorname{Hom}_X(\widetilde{X},Y)$ are nothing else than the lifts of $p : \tilde X \to X$.
Fix a basepoint $x \in p(\tilde X) \subset X$ and choose $\tilde x \in p^{-1}(x)$. Since $\tilde X$ is connected, two lifts $f, f'$ of $p$ agree if and only if they agree at the point $\tilde x$ (i.e $f(\tilde x) = f'(\tilde x)$). For each lift $f$ of $p$ we have $f(\tilde x) \in p_Y^{-1}(x)$. Thus we get an injection
$$\lambda : \operatorname{Hom}_X(\widetilde{X},Y) \to p_Y^{-1}(x), \lambda(f) = f(\tilde x) .$$
Now assume that $\tilde X$ is connected and locally path-connected. The well-known lifting theorem says the following:
Let $y \in p_Y^{-1}(x)$. Then a lift $f : \tilde X \to Y$ with $f(\tilde x) = y$ exists if and only if $p_*(\pi_1(\tilde X,\tilde x)) \subset (p_Y)_*(\pi_1(Y,y))$.
In other words, $y \in \lambda(\operatorname{Hom}_X(\widetilde{X},Y) )$ if and only if $p_*(\tilde X,\tilde x)) \subset (p_Y)_*(\pi_1(Y,y))$.
Therefore $\lambda$ is always a bijection if $\tilde X$ is simply connected and locally path-connected. Note that we do not need that $p$ is a covering map. However, if $p$ is a covering map, then we can conclude that
- $\tilde X$ is locally path connected. In other words, if $p : \tilde X \to X$ is a covering map with a simply connected $\tilde X$ (which means that $p$ is a universal covering), then $\lambda$ is a bijection.
- $p$ is surjective, thus we can take any $x \in X$ as a basepoint.