Two-wheeler owners can soon buy a motor insurance policy for a period of three years. The New India Assurance Co has got approval from the Insurance Regulatory and Development Authority (Irda) for launching a comprehensive long-term policy.
The good part is you could earn a discount of up to 30% on such policies.
Mohd Zafir Alam, general manger, The New India Assurance, says, "A discount of up to 30% will be given to customers for this long-term policy over and above no-claim bonus and underwriting benefits." The move will also help insurers cut their administrative costs. The policy will be launched shortly.
Moreover, insurers will not be able to revise the rates during the tenure of the policy, even if you make a claim during the tenure of the policy.