New India Assurance has launched India’s first three-year comprehensive two-wheeler insurance cover, which is 30% cheaper than annual insurance plans.
The product will give customers an option to choose between two- or three-year policy terms. Mr. G Srinivasan, Chairman and Managing Director of New India Assurance, said that this insurance product will have a zero-depreciation cover on payment of additional premium. In future, this policy tenure could be increased to five years. Further, the company is planning to launch long term policies for private cars also.
Customers will be entitled to get an assured discount of 30% for 3-year policy and 20% for 2-year policy in each case on the basis of various underwriting factors like anti-theft device, location, purpose of use, etc. In addition, if there is a bonus entitlement due to no-claim in the preceding year, discounts can even reach up to 50%. By opting for a long term insurance period, insured is protected against the possible rise in premium rates during the policy tenure. There is an option to switch over to either 1 or 2 years plan after the expiry of the long-term policy.
Source: This news was published on April 16, 2015 in business-standard.com under the title: New India launches long-term comprehensive two-wheeler policy
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