SBI General offers Long Term Two-Wheeler Insurance

-      Available across State Bank of India Group branches

Bangalore, January 24, 2017: SBI General Insurance Company Ltd, one of the fastest growing general insurance companies in India, has launched its Long Term Two Wheeler Insurance Policy- package providing cover for up to three consecutive years. The policy offers comprehensive coverage for two wheelers including damage to vehicle and third party Property Damage or Bodily Injury. Since premium is paid upfront for three years, policy holders are protected from increases of third party premium or in any other taxes.

SBI General offers Long Term Two-Wheeler Insurance

Other features of the policy include coverage for any third party permanent injury/ death caused by the insured vehicle and personal accident cover for the owner/ driver of the vehicle. Additionally, in case of third party liability any damage caused to the property (excluding vehicle) of some other individual by the insured vehicles covered up to INR 1 lakh in case of Two-wheeler.

Commenting on the launch of the new policy, Mr. Puneet Sahni, Head- Product Development, SBI General Insurance said, “With the two-wheeler segment set for growth and a large customer base with a break- in policy, it is extremely significant for us to introduce comprehensive two-wheeler policy. This will inspire riders to not only buy insurance but also renew their policy regularly as the process is hassle-free. We are confident that our 'Long Term Two- Wheeler Insurance' policy will cater to all the needs of a rider, thus, creating a secure position for us within the two-wheeler insurance category."

Mr. Sahni further added, “It is mandatory by law that every two-wheeler running on the road should be insured at least for third party insurance cover. The increased number of uninsured vehicles has become a serious concern for the industry. People usually find the process of renewal cumbersome or at times forget to renew their policies and it remains uncovered for third party risk as well.

Our product is available across the length and breadth of the country through the wide network of our branches and vast branch network of the State Bank Group. We hope that the market takes advantage of this product and the hassle free process to apply for it.”

Some of the key features of Long Term Two-Wheeler Insurance are:

·         No hassle of annual renewals

·         Long term policy for 2 or 3 years with discounted premium

·         Zero impact of change in Third Party Liability Premium during the policy period

·         Zero impact of change in Service Tax during the policy period

Now, with SBI General Long Term Two-Wheeler insurance, individuals do not have to renew policy every year. This also offers the benefit of stability of Third Party Rates every year, resulting in significant savings.

About SBI General Insurance

SBI General Insurance Company Limited commenced its operations in the year 2010 and is a 74: 26 joint venture between State Bank of India and Insurance Australia Group (IAG). The company offers a wide range of general insurance products in retail and commercial space at affordable prices to make insurance accessible to all individuals and businesses.

The company offers a complete suite of products ranging from Motor, Health, Personal Accident, Travel and Home Insurance in the retail space and products like Aviation, Fire, Marine, Package, Construction & Engineering and Liability Insurance in the commercial space.

SBI General Insurance follows a robust multi-distribution model encompassing Bancassurance, Agency, Broking and Retail Direct Channels. Today, SBI General’s Distribution family includes over 19,000 IRDA certified employees including SBI & its Associate Bank employees, and over 7,500 Agents to make insurance easily available even in the remote areas of the country.

SBI General Insurance has established its presence in nearly 21000 branches of State Bank Group. The company’s current geographical exposure covers 100+ cities pan India with a presence of another 350+ locations through satellite resources. SBI General Insurance is currently serving three key customer segments i.e. Retail Segment (catering to Individual & Families), Corporate Segment (catering mid to large size companies) and SME Segment.

SBI General Insurance closed the financial year 2015-16 with a Gross Written Premium of Rs. 2042.5 at a YoY growth of 29%.