Bharti Axa General Insurance on Tuesday launched an add-on insurance product for car owners, which will provide them full purchase price of the vehicle for the first two years, in case of theft or loss.
Having got the regulatory clearance to offer add-on insurance policies, non-life insurers are now preparing to launch the same in the coming weeks. Some of the insurers have said, however, that they need some time to launch these products. They say that, unlike commercial products which can be launched straight away, products meant for retail consumers need a certain level of preparation before they are ready for sale.
Bharti AXA General Insurance has introduced four new add-on covers under its motor insurance portfolio, which will be available with the company's existing product -- SmartDrive Private Car Policy. The company has launched Hospital Cash, Medical Expenses, Ambulance Charges Cover and Depreciation Cover.
The company received a fresh equity infusion in 2012-13.
All costs relating to room, boarding, nursing expenses, medical consultation including telemedicine, consumables such as PPE kits and intensive care unit will be covered under the policy. It will also include the cost of treatment for any other co-morbidities, including pre-existing comorbid conditions along with the treatment for Covid-19.
First-time buyers advised to take offline route, so are those looking for specific feature or higher cover.
The GST to be implemented from April 1, 2016, will increase the premiums.
Public general insurance companies to collaborate for speedy settlement of claims
Customers should be fully aware of what their policy covers and should follow claim procedures meticulously, says Sanjay Kumar Singh.
Bharti Retail launched its first mall, The Pavilion, in Ludhiana.
Cyber crimes caused by the insured's employees also get covered under the policy but would exclude the actual perpetrator.
As monsoon picks up, be ready to drive through water-logged areas and mushy roads. Since motor accidents typically see a rise during rains, motor claims also move up.
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