

Bharti AXA General Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, today announced its partnership with leading web aggregator PolicyBazaar.com to sell ‘Usage-based Motor Insurance’ policies for private car owners under the regulatory Sandbox project.
The usage-based motor insurance, popularly known as ‘Pay As You Drive’, allows customers to pay the premium depending on how many kilometers the car has travelled.
Under this product, a customer pre-declares vehicle usage for a period of one year.
Accordingly, the insurance premium will be calculated dynamically as per the pre-declared distance in km. The customer can choose from three slabs – 2500 km., 5000 km. and 7500 km – as per his/her usage need.
Announcing the partnership, Mr. Sanjeev Srinivasan, Managing Director and CEO, Bharti AXA General Insurance, “We are very happy to join hands with PolicyBazaar.com to distribute ‘Pay As You Drive’ motor insurance policies under the Sandbox project. The emerging culture of shared mobility and work from home makes the usage-based motor insurance a very pertinent product for car owners, where they can pay the premium as per the usage of the car. We believe the partnership for ‘Pay As You Drive’ will help us offer the need-driven motor insurance to the car owners more seamlessly and make thecustomer-centric insurance a reality.’’
Commenting on this partnership, Mr. Sarbvir Singh, CEO, PolicyBazaar.com, said, “We are excited about the launch of Bharti AXA’s ‘Pay As You Drive’ product on our platform. We believe innovative products like these are the way forward for the industry and are glad that Bharti AXA has taken a lead to create this product under the regulatory Sandbox introduced by the IRDAI. Our partnership with Bharti AXA over the years has been all about providing the new-age consumers the most relevant products customized to their needs. This offering further strengthens our partnership and customer-centricity commitment.”
Notably, Bharti AXA General Insurance’s proposal for a usage-based motor insurance product was shortlisted by the Insurance Regulatory and Development Authority of India for its regulatory sandbox project. As car usage is highly varied across users, the product benefits those who drive less.
The customer can buy the ‘Pay As You Drive’ product by Bharti AXA General Insurance from
PolicyBazaar.com in three simple steps.
- The customer needs to select the plan as per the usage pattern from the three available slabs.
- They need to provide odometer reading, KYC details, and customer consent form, as per regulatory requirement.
- Own damage (OD) premium will be calculated post factoring the premium benefit as per pre-declared slab. The issued policy will have all the coverage under standard motor OD cover for the tenure of one year.
Apart from enjoying extra premium benefits as per the declared usage slab, Mr. Srinivasan said, the customer also has the option to move to a higher slab in the middle of the tenure or make a transition to standard motor own-damage cover, in case of driving beyond the pre-declared kilometers.
The additional derived premium for both cases will be recovered from the customer. Even if the policy is not renewed in case of breach of kilometers, the liability coverage of the policy would be still valid for the entire duration of the policy. Further, any third party claim arising during the policy tenure would be treated as per existing liability claims practice.
‘Pay As You Drive’ is ideal for the customers who have multiple vehicles and may not use each vehicle as much; therefore, they may not have to pay a large premium amount. It is also useful for those who commute daily via public transport or frequently travel beyond city limits and rarely use their personal vehicle.
Bharti AXA General Insurance Company Ltd.
Bharti AXA General Insurance is a joint venture between Bharti, one of India’s leading business groups with interests in telecom, agriculture business and retail, and AXA, one of the world’s leading organizations with interests in financial protection and wealth management. The joint venture company has a 51% stake from Bharti and 49% stake of AXA. The company has pan-India presence through its 152 branches and offers insurance solutions for motor and two-wheeler, health and critical illness, property and student, individual and family travel.
-
Reliance Industries tops Fortune India 500 list for second year in a row
December 10, 2020 By Team PITCH -
-
AdLift Wins Creative Mandate for PayU India
June 10, 2020 By pitchteam
-
THE ROAD AHEAD TRADITIONAL MARKETING- “DIGITAL MARKETING”
July 25, 2019 By Anam Khan -
Marketing Herbal, the Lotus Way
July 25, 2019 By Sanstuti Nath -
Archives
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- October 2015
- September 2015
- August 2015
- July 2015
- June 2015
- May 2015
- April 2015
- March 2015
- February 2015
- January 2015
- December 2014
- November 2014
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- March 2014
- February 2014
- January 2014
- December 2013
- November 2013
- October 2013
- September 2013
- August 2013
- July 2013
- June 2013
- May 2013
- April 2013
- March 2013
- February 2013
- January 2013
- December 2012
- November 2012
- October 2012
- September 2012
- August 2012
- July 2012
- June 2012
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- November 2011
- February 2011
- December 2010
- February 2010
- January 2010
- July 2009
- February 2009
- January 2009
- February 2008
- January 2008
- September 2007
- January 2007
Leave a reply
You must be logged in to post a comment.