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02 Aug, 2022 | Weekly

Weekly Insurance Round-up Tuesday, August 2, 2022

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By Team Beshak
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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! 

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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

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BANCASSURANCE TIE-UPS

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

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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

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Team Beshak
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