HDFC Bank claims to have become the first bank in India to offer a bouquet of digital payment options for customers to renew their vehicle insurance in a few clicks. The leading private sector lender on Thursday announced the launch of instant renewal of insurance for cars and two-wheelers through an array of payment options such as SMS, Mobile Banking app, NetBanking, ATM, and PayZapp.
As per the prevailing regulations, it is mandatory for all vehicle loan owners to insure their vehicles. As the insurance is valid for only one year and needs to be renewed annually, HDFC Bank’s end-to-end digitised renewal process offers customers convenience. Customers may also avail EMI payment of renewal premium while paying through SMS, Netbanking or PayZapp.
So, you may renew your car or two wheeler insurance online instantly from the comfort of your home or office by following these steps:
1. You will get a notification from HDFC Bank when insurance is due for renewal
2. You may renew the policy instantly using HDFC Bank’s Mobile Banking App, Payment link received via SMS, Netbanking, ATM and PayZapp.
3. You may also avail EMI payment options using SMS payment link, Net Banking and PayZapp. In case of instant renewal via Net Banking, your policy will be renewed within 10 minutes.
“We believe our offering has to be in sync with customers’ needs and expectations. Today, when time is at a premium for customers, we believe that the instant vehicle insurance renewal will benefit all our customers who seek to renew their vehicle insurance using an array of HDFC Bank’s digital banking platforms. By leveraging various touch points, we are making it not just convenient for our customers, but also providing them a differentiated experience,” said Nitish Nagori, Head, Auto Loans and Insurance, HDFC Bank.