SBI General launches long-term insurance for two-wheelers

By: |
Mumbai | January 25, 2017 4:34 AM

Riding on the success of long-term two-wheeler policy, SBI General has announced the launch of Long Term Two Wheeler Insurance policy. Earlier, insurance companies like ICICI Lombard, HDFC Ergo, Bajaj Allianz General Insurance and New India Assurance had launched similar products where premiums are paid upfront for two or three years.

SBI General has announced the launch of Long Term Two Wheeler Insurance policy. (website)SBI General has announced the launch of Long Term Two Wheeler Insurance policy. (website)

Riding on the success of long-term two-wheeler policy, SBI General has announced the launch of Long Term Two Wheeler Insurance policy. Earlier, insurance companies like ICICI Lombard, HDFC Ergo, Bajaj Allianz General Insurance and New India Assurance had launched similar products where premiums are paid upfront for two or three years.
It has been more than one and a half years since such long-term two-wheeler policies were launched after the Insurance Regulatory and Development Authority of India (Irdai) allowed insurers to bring out long-term two-wheeler policy (both liability alone and package) for a maximum of three years.

Commenting on the launch of the new policy, Puneet Sahni, head of product development at SBI General Insurance, said, “While the two-wheeler segment is set for growth and a large customer base with a break- in policy, it is extremely significant for us to introduce a comprehensive two-wheeler policy. This will inspire riders to not only buy insurance but also renew their policy regularly as the process is hassle-free. We are confident that our ‘Long Term Two-Wheeler Insurance’ policy will cater to all the needs of a rider, thus, creating a secure position for us within the two-wheeler insurance category.”

Other features of the SBI General Two Wheeler Policy include coverage for any third party permanent injury/ death caused by the insured vehicle and personal accident cover for the owner/ driver of the vehicle. Additionally, in case of third party liability any damage caused to the property (excluding vehicle) of some other individual by the insured vehicles covered up to Rs 1 lakh in case of Two-wheeler.

Senior officials in the industry claim that, this segment has seen premium in the range of Rs 300-500 crore. All motor vehicles running on Indian roads are required to compulsory have third-party insurance covers to protect against liability to third parties due to accident and damages. However, own damage insurance covers are optional.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Jindal Stainless Ltd posts Rs 293 cr net profit in Q4
2COVID-19: Finmin asks states to vaccinate staff of banks, insurance cos on priority basis
3Aspects that new age companies need to keep in mind to ensure data privacy of customers