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Which Insurance company has announced the launch of its add-on motor insurance cover, called 'Pay As You Consume'(PAYC)?
Acko General Insurance
Bharti AXA General Insurance
IFFCO Tokio General Insurance
Bajaj Allianz General Insurance

Correct Answer : Option (D) - Bajaj Allianz General Insurance

Bajaj Allianz General Insurance 21st July 2022 announced the launch of its add-on motor insurance cover, called ‘Pay As You Consume’ (PAYC). The company claims to be the first to launch ‘Pay As You Consume’ under the IRDAI’s Sandbox Regulations, and owing to the overwhelming response from customers, it has launched this as a full-fledged cover under motor insurance products. This usage-based motor insurance add-on cover is in alignment with IRDAI’s recent circular to allow PAYC under annual motor products.
It is a usage-based motor insurance add-on cover, can be opted by the customer along with the basic Own Damage (OD plan) under Package Product, Bundled and Standalone OD cover.
Customers can choose coverage based on their vehicle usage, further to which the premium will be calculated, i.e., kilometres driven annually.
Customers’ driving behaviour will be analysed based on a telematics device installed in the vehicle, driving metrics recorded on their “CARINGLY YOURSmobile app (Company’s app), or information provided by them through a device, etc.

Source : Financial Express

Published On : July 23, 2022
Category : Insurance and Finance