Chennai: The New India Assurance (NIA) launches the ‘PAY AS YOU DRIVE’ (PAYD) policy which is a revolutionary and feature-packed hassle-free product:
* The customer can save money on renewal premiums by availing of the applicable discount if the vehicle has not run beyond a specified number of kilometers. The discount will be applied to the basic own damage premium.
* If the vehicle has been driven beyond the kilometer threshold limit, the coverage continues for the policy’s remaining duration. Customers can still avail of a discount on the renewal, albeit at a lower applicable range.
* The policy can be enhanced by including other add-ons, such as Nil Depreciation, Engine Protection, Return to Invoice, Road Side Assistance, etc. These will be available on payment of an additional premium.
Commenting on the product’s launch, Mrs. Neerja Kapur, Chairman cum Managing Director, said, “Our PAYD policy fulfills a long-standing demand of customers for simple and flexible products that consider different usage patterns. Our product is one of the few in the market to help the customer manage his outflows toward vehicle maintenance. We are confident that this product will herald a new age in vehicle insurance and promote better compliance thereby reducing the risks associated with uninsured and underinsured vehicles plying on the roads.”
Disclaimer: IRDAI urges prospective customers to study the terms and conditions carefully before applying.
About New India Assurance Company Limited:
The New India Assurance Company Ltd is the largest Non-Life Insurance Company in India headquartered in Mumbai and operates in 26 countries.
