Mumbai, 16th March 2017: Royal Sundaram General Insurance Co. Limited, India’s first private sector general insurance company, launched the ‘Two Wheeler Long Term Package Policy’. The product offers extended protection for a period of 2 or 3 years upon payment of a single premium unaffected by the annual rate hike. The Two Wheeler Long Term Package Policy will cover the accidental loss or damage to the two wheeler and also covers liability to third parties and personal accidental cover.
Commenting on the launch of the new product, M.S. Sreedhar, Managing Director, Royal Sundaram General Insurance Co. Limited said, “We believe in constant innovation and elevating the customer experience. Royal Sundaram’s new Two Wheeler Long Term Package Policy is an all encompassing product that offers compound benefits with hassle-free renewals at reasonable cost. With the recent introduction of the long-term motor policy, we are confident that more vehicles will be insured by 2020 thereby bringing more the number of uninsured vehicles under cover and also improve penetration.”
Thirunavukarasu, Country Head, Underwriting and Claims (motor), Royal Sundaram General Insurance Co. Limited said, “As per industry projections, it is estimated that 75% of two wheeler users do not renew their insurance regularly. While no two wheeler can be purchased without buying an insurance policy, the policies are discontinued mostly upon resale of vehicles. Another reason for the lack of interest in two wheeler insurance is the low frequency of claims. However, what many customers fail to understand is that there is a third party cover which is mandatory and could come in handy should there be an unfortunate accident involving third parties.Traditionally, motor insurance policies have been only for a period of one year. The Two Wheeler Long Term Package Policy by Royal Sundaram offers excellent benefits, ease and convenience to buy, simple to understand and gives best value for money. The product provides a long term benefit that spans across 2-3 years”.
- One time payment for a long term insurance.
- Convenience – not to face the hassle of renewing your policy each year.
- Protection of ‘No Claim Bonus (NCB) -in case of one claim during the currency of the policy.
- Protection from inflation- no need to pay any extra premium even if there is an increase in third party premium during the course of the policy period.
- Easy to keep record – only one policy document will be issued for the entire policy period of 2 or 3 years.
About Royal Sundaram General Insurance Co. Limited
Royal Sundaram General Insurance Co. Limited (formerly known as Royal Sundaram Alliance Insurance Company Limited), a subsidiary of Sundaram Finance, is the first private sector general insurance company in India to be licensed in October 2000 by the Insurance Regulatory and Development Authority of India. The company was initially promoted as a joint venture between Sundaram Finance, one of the most respected non-banking financial institutions (NBFCs) in India and Royal &SunAlliance Insurance plc, UK, one of the oldest general insurers in the UK. In July 2015, Sundaram Finance acquired the 26% equity holding from Royal &SunAlliance Insurance plc. Consequently, the entire 100% equity holding in Royal Sundaram is now held by Sundaram Finance (75.90%) and other Indian Shareholders (24.10%).
Royal Sundaram has been providing innovative general insurance solutions to individuals, families and businesses directly as well as through its intermediaries and affinity partners. The company offers Motor, Health, Personal Accident, Home and Travel Insurance to individual customers and offers specialised insurance products in Fire, Marine, Engineering, Liability and Business Interruption risks to commercial customers. Royal Sundaram also offers specially designed products to the small and medium enterprises and rural customers as well. The company is a pioneer in bancassurace in India, having long-standing tie-ups with reputed banks and NBFCs. Currently, Royal Sundaram has over 5.20 million customers, 1700 employees and its products are distributed in over 115 cities across India, through agents, distribution partners, affinity partners and brokers.