SBI General Insurance launches long term 2-wheeler insurance

The policy, which will be sold across State Bank of India group branches, offers comprehensive coverage for two- wheelers including damage to vehicle and third party property damage or bodily injury, a company statement said.

Since premium is paid upfront for three years, policy holders are protected from increase of third party premium or in any other taxes, it said.

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 Rs 1 lakh in case of two-wheeler.

"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," SBI General Insurance Head-Product Development, Puneet Sahni said.

"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," he added.

Some of the key features of the policy include long term policy for 2 or 3 years with discounted premium, zero impact of change in Third Party Liability Premium during the policy period and zero impact of change in Service Tax during the policy period, the statement said.

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, it added.