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      Telangana Recognises E-Motor Insurance Policies

      Telangana Government has given recognition to é-motor insurance policies in the state in collaboration with the Insurance Regulatory and Development Authority of India (IRDAI) and the Insurance Information Bureau of India (IIB). The information technology minister Mr. K T Rama Rao has formally launched the initiative.

      Read more

      The e-motor insurance policy would be issued to policyholders in a digital format, which can be accessed via a smartphone also. Also, a quick response code would be issued that can be further scanned for verification of policy details.  

      As reported by The Financial Express, Mr. K T Rama Rao, said “It is expected that electronic motor insurance policies would help in the issuance of policies at the doorstep of the vehicle owners.

      These policies can be issued online across the country, thus paving the way for a host of benefits like faster issuance, removal of fraud, higher customer satisfaction, elimination of revenue leakages, analytics and so on. Telangana is the first state in the country to formally recognize electronic motor insurance policies. This measure is likely to add to the citizens’ convenience and also improve the compliance levels of motor insurance.”

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      #Rs 2094/- per annum is the price for third-party motor insurance for private cars (non-commercial) of not more than 1000cc

      *Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.