SBI General offers Long Term Two-Wheeler Insurance

Bangalore, January 24, 2017: SBI General Insurance Company Ltd, one of the fastest growing general insurance companies in India, has launched its Long Term Two Wheeler Insurance Policy- package providing cover for up to three consecutive years. The policy offers comprehensive coverage for two wheelers including damage to vehicle and third party Property Damage or Bodily Injury. Since premium is paid upfront for three years, policy holders are protected from increases of third party premium or in any other taxes.

Otherfeatures of the 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 anydamage caused to the property (excluding vehicle) of some other individual bythe insured vehicles covered up to INR 1 lakh in case of Two-wheeler.

Commentingon the launch of the new policy, Mr. Puneet Sahni, Head- ProductDevelopment, SBI General Insurance said, “With the two-wheelersegment set for growth and a large customer base with a break- in policy, it isextremely significant for us to introduce comprehensive two-wheeler policy.This will inspire riders to not only buy insurance but also renew their policyregularly as the process is hassle-free. We are confident that our 'Long TermTwo- Wheeler Insurance' policy will cater to all the needs of a rider, thus,creating a secure position for us within the two-wheeler insurancecategory."

Mr. Sahnifurther added, “It is mandatory by law that every two-wheeler running on theroad should be insured at least for third party insurance cover. The increasednumber of uninsured vehicles has become a serious concern for the industry.People usually find the process of renewal cumbersome or at times forget torenew their policies and it remains uncovered for third party risk as well.

Ourproduct is available across the length and breadth of the country through thewide network of our branches and vast branch network of the State Bank Group.We hope that the market takes advantage of this product and the hassle freeprocess to apply for it.”

Some of thekey features of Long Term Two-Wheeler Insurance are:

·         Nohassle of annual renewals

·         Longterm policy for 2 or 3 years with discounted premium

·         Zeroimpact of change in Third Party Liability Premium during the policy period

·         Zeroimpact of change in Service Tax during the policy period

Now, with SBI General Long Term Two-Wheeler insurance, individuals do not haveto renew policy every year. This also offers the benefit of stability of ThirdParty Rates every year, resulting in significant savings.

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