Private non-life insurer Bharti AXA General Insurance (Bharti AXA General Insurance) on Wednesday launched leading web aggregator PolicyBazaar.com (policybazaar.com) to sell use-based motor insurance policies to private car owners as part of a major sandbox project. ) has announced its partnership with Bharti AXA will now sell car insurance policies through this online platform.
In a usage based motor insurance policy known as ‘pay as you drive’, the customers have to pay the insurance premium based on the number of kilometers their vehicle covers.
Under this product, the customer has to first specify the estimated distance to be covered by the vehicle for a period of one year. Based on that the amount of premium will be decided through the computerized system. The customer can choose from three slabs – 2500 kms, 5000 kms and 7500 kms as per his usage requirement.
With PolicyBazaar.com, you can buy this new insurance policy in three easy steps:
Customers will have to choose one of the three available slabs according to their usage.
They will have to fill the odometer readings, KYC details and consent form of the customers.
The own damage premium will be calculated on the basis of premium as per pre-declared slab.
Sanjeev Srinivasan, managing director and CEO, Bharti AXA General Insurance, said that under this policy, customers can choose the slab of more kilometers even in the middle of the coverage period.
Announcing this partnership, Srinivasan said, “We are delighted to partner with PolicyBazaar.com for the sale of ‘Pay As You Drive’ motor insurance policies under the Sandbox project. Considering the emerging culture of car pulling and work from home, use based motor insurance is a very suitable product for car owners, where they can pay premium according to the usage of the car.
Commenting on the partnership, Sarvveer Singh, CEO, PolicyBazaar.com said, “We are very excited to launch Bharti AXA’s ‘Pay As You Drive’ product on our platform. We are happy that Bharti AXA has moved ahead in this direction by introducing this product under the Sandbox introduced by IRDAI.”