02 Aug, 2022 | Weekly

Weekly Insurance Round-up Tuesday, August 2, 2022

Team Beshak
By Team Beshak
We breathe insurance :)
😐 0
Not so great
😃 0
It’s helpful
🤩 7
It’s perfect!

Hello there! 👋

We're back with the next edition of Beshak's Weekly News Round-up - an analysis of all Insurance News & Updates, straight from our research desk! Don't forget to share your feedback with us, and give us a thumbs up if you find this helpful! 

Let's get started! 🚀

What's inside? 🧐

✴️ Floater Motor Insurance Plan launched by ICICI Lombard ☂️

✴️ Royal Sundaram and City Union Bank enter into a bancassurance tie-up 🤝

✴️ City Union Bank and Aditya Birla Health Insurance announce a bancassurance partnership 🏦

Floater Motor Insurance Plan launched by ICICI Lombard ☂️

  • ICICI Lombard has introduced a floater motor insurance policy to help customers in insuring numerous vehicles under a single policy.
  • With a single renewal date and an all-inclusive plan, this policy will allow customers to insure all of their vehicles under a single cover.
  • The benefits of the product include - 
    • Customers who opt for this product will have to pay a lower premium.
    • The entire benefits of the No Claim Bonus for each car will be preserved when a customer switches from separate policies to a floater plan.
    • If there are no claims under the floater plan, customers will get a No Claim Bonus discount at the time of the subsequent renewal, as per the appropriate slab.
    • Customers will have the option of adding telematics add-ons to their comprehensive policy and the premium charged will partially depend on the usage of the vehicle. 
    • Customers will be able to opt for different plans under telematics add-ons like:
      • Pay-As-You-Drive: 
        • Under this, customers will have the option to select from a variety of "Kilometres" depending on their usage. 
        • The premium will be determined based on the usage of the vehicle.
        • If the initially chosen kilometres get exhausted, customers can top up the kilometers during the policy duration. 
        • Coverage under this add-on will be only valid if the kilometres are partially or completely utilised at the time of accident loss.
      • Pay-How-You-Use:
        • Under this, the premium will be charged based on the driving behaviour score. 
        • With good driving behavior, customers can attract discounts on the base premium of the policy. They, however, may be disincentivised for bad driving behavior as well.
  • ICCI Lombard said that the add-ons will be effective for the same period as the Motor Own Damage under the relevant section of the policy unless and until stated otherwise.

Source: LiveMint

Go to Top 🆙


Royal Sundaram and City Union Bank enter into a bancassurance tie-up 🤝

  • City Union Bank and Royal Sundaram have teamed up to provide easy access to comprehensive general insurance products to the bank's customers.
  • With this partnership, customers of Union Bank will be able to access Royal Sundaram's array of products, including health, motor, personal accident, travel, and so on.
  • Royal Sundaram stated that they will be solely focusing on meeting the demands of their customers.

Source: LiveMint

Go to Top 🆙

City Union Bank and Aditya Birla Health Insurance announce a bancassurance partnership 🏦

  • Aditya Birla Health Insurance has entered into a partnership with City Union Bank to provide its insurance products through the bank's branches.
  • This partnership will allow the bank's customers to access Aditya Birla's insurance products via the bank’s 727 branches spread across 153 districts.
  • Aditya Birla intends to expand its reach to Tamil Nadu and other southern states, as well as tier I and tier II cities through the bank's network.
  • Currently, Aditya Birla has 13 bancassurance partners including City Union Bank.

Source: LiveMint

Go to Top 🆙

We need your feedback 🙏

Love it? Hit the 'It's perfect' button below! Have a suggestion to improve our content? Please leave us a comment. We absolutely appreciate it! 

Be the first to get this weekly news analysis, on your phone. Join the exclusive Telegram Channel for Financial Advisors 👉 

Team Beshak
Written by,
Team Beshak, We breathe insurance :)

We are a group of young members of the Beshak community. We come together to brainstorm, write relevant and useful content for people (just like us) who want to figure insurance on their own. If you too want to share inputs/write for us - send us a "hey" to

Health Insurance
Discover the best tips for insurance every week!

Beshak is not regulated by the Insurance Regulatory and Development Authority of India (IRDAI) and does not have any alliance or association with any Insurance business.
© Copyright 2023 Beshak Solutions Pvt. Ltd. All Rights Reserved.

Disclaimer: The content on the website is purely for information purposes for the public at large, and does not constitute personal financial advice for a specific individual reader.
If you are reading this, it means you love reading the fine print. Why not get paid for what you love doing - Join us by writing to now 🙂