Policybazaar.com, through its insurance partners Reliance General Insurance, Kotak General Insurance and GoDigit General Insurance, now offers exciting Pay As You Go car insurance plans on its website. The Pay As You Go car insurance supplement was recently announced by IRDAI to help make the products more user-friendly and cost-effective for customers.
In this innovative category, Policybazaar offers a Reliance plan that allows users to purchase insurance based on the number of kilometers driven per year and thus reduce the amount of their premium. Kotak Meter Coverage (Switch On/Off), another plan, is responsive to a customer’s desire to pay for a service only when they use it. Another happy offer comes in the form of Go Digit’s Pay As You Drive plan. It is ideal for customers who tend to drive a set number of miles each year and wish to ration their premium accordingly.
The Pay As You Drive option was first introduced in 2020 and is generally based on usage or miles driven. Instead of having to pay a flat rate for everything, you pay a premium based on usage. This is especially beneficial for people who work from home or have more than one car.
Sarbvir Singh, President and CEO of Policybazaar.com, said, “The recently launched Pay As You Go plans are in perfect sync with our goal of making auto insurance a desirable purchase, not just a legal requirement. The growing popularity of these plans is proof that innovation is the present and the future of our industry. As one of India’s leading InsurTech, we are committed to making many more such changes in the future. Tarun Mathur, Chief Business Officer – General Insurance, Policybazaar.com, adds: “The Pay As You Go model is a step towards a sustainable future in the world of insurance. This is a milestone in the evolution of car insurance in India. is the symbol of a rapidly changing industry that strives to put the customer first. At the heart of this innovation is a maturing industry that identifies with the end user of each product. Each product available on the Policybazaar site has a unique benefit. Reliance’s Pay As You Drive plan includes four driving ranges, including 2,500 km, 5,500 km, 7,500 km and 10,500 km. The policy issuance process is simple; This is a video inspection of the user’s odometer reading. One can easily top up their driving limit as and when they need it.
The Kotak Meter (Switch On/Off) coverage has an industry-first feature that allows policyholders to turn off their own P&C policy when not driving. In accordance with the terms of the policy, for each continuous 24-hour period that Personal Damage cover is disabled, you will be awarded a bonus day. Policyholders are even entitled to a cashback at the end of their insurance period.
Digit’s Pay As You Drive is ideal for car owners who travel less than 15,000 km per year. The insurer even offers an additional reduction on your Damage premium if the policyholder drives within the authorized limit.
In all the above covers, the risks of fire, theft and third parties continue to run for the duration of the period of insurance, whether the policy is deactivated or the mileage limit is exhausted, as the case may be. .
In the post-pandemic world, commuting has become increasingly optional. Pay As You Go offers a refined approach to a policyholder’s premium payment requirements. It gives the customer the thoughtful option of only paying for the insurance when they actually use it. Policybazaar is the preferred choice of customers as it leads the industry in post-issue policing services as well as claims settlement. Providing these comparable options to customers helps them make an informed decision and choose the most suitable plan.
About Policybazaar (www.policybazaar.com) Policybazaar.com is one of the largest insurance marketplaces in India. It is the flagship platform of PB Fintech, owner of the fintech brand, Paisabazaar.com, and lending and insurance marketplace in the UAE region, Policybazaar.ae. The Policybazaar.com group enjoys the support of a multitude of investors, including private equity funds and other family offices. Policybazaar.com started with the goal of educating people about insurance products and with its offerings has reached out to the vast, highly under-tapped online insurance markets.
(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)