Universal Sompo General Insurance Co. Ltd announced the launch of their new motor product offering, “Two Wheeler Long Term Package Policy”; for the existing and prospective two wheeler vehicle customers’; for a comprehensive protection ride up to 2-3 years. The new product empowers customers’ to buy the policy for up to 2 or 3 years, by paying the premium once during the inception of the long term policy and also enjoy additional benefits while renewing the long term policy for another long term tenure.
The Two Wheeler Long Term Package Policy will indemnify the insured towards any damages caused by the insured vehicle to a Third-party vehicle/property as well as Own Damages incurred to the insured vehicle and rider/owner along with a vehicle theft cover.
The unique selling proposition of Universal Sompo General Insurance’s “Two Wheeler Long Term Package Policy” is the dual No Claim Bonus (NCB) benefit that is being extended to customers at the time of renewing the long term two wheeler policy of Universal Sompo General Insurance. The company is offering discount benefits at the time of choosing to buy the Two Wheeler Long Term Package Policy as well as during the renewal of the Two Wheeler Long Term Package Policy, which makes the policy more economical, namely:
- a) Basic No Claim Bonus (NCB) – At the time of buying the Long Term Package Policy, discounts maximum up to 50% for a claim free year during the preceding 5 consecutive years of insurance will be eligible to customers.
- b) Incremental No Claim Bonus (NCB) – Additional renewal discount in premium is offered up to 45% if a customer renews his long term package policy of Universal Sompo General Insurance for another long term period of 3 years with the company and 30% for renewing the policy for 2 years. The Incremental Discount is extended albeit claims made during the policy period of Two Wheeler Long Term Package Policy. Incremental NCB is not offered if a customer renews his Long Term Policy with an Annual Policy.
Commenting on the launch of the company’s new product offering, Rajiv Kumar, Managing Director & CEO, Universal Sompo General Insurance said“Considering the abysmal figures of uninsured two-wheeler vehicle plying in India & the rise of road mishaps and vehicle thefts taking place, it is the need of the hour to extend a product that provides holistic and long term protection cover for customers’ towards any financial expenses and liabilities caused due to any adverse incident by the insured vehicle.”
The Two Wheeler Long Term Package Policy (TWLTPP) of Universal Sompo General Insurance can be opted/bought using multiple channels of distribution either through the company website, web aggregators, individual agents, Banc-assurance partners or by branch walk-ins.