Liberty Videocon General Insurance Company Ltd (a joint venture between India’s Videocon Industries Limited and Liberty City-state Holdings Pte Ltd, part of US headquartered multinational Liberty Mutual Insurance Group) announced the availability of its Two Wheeler Insurance Product. This insurance product is available for motor cycles, scooters and mopeds.
This insurance product covers:
- Accidental loss or damage to the insured vehicle,
- Theft of the vehicle,
- Personal accident of owner driver/pillion rider
- Third party liability
This insurance plan provides optional personal accident cover for individual owner driver of the vehicle in case of defined injury, death or disability caused while riding his two wheeler. This product allows policy holder to opt for a personal accident cover for the pillion rider as well.
This Two Wheeler insurance product from Liberty Videocon General Insurance also protects against legal liability emerging on account of accidental damages, any permanent injury/death of a third party and/or any damage caused accidently to a third party’s property.
Insuring vehicles of any types - whether two-wheeler or four-wheeler - is important not only to protect ones vehicle and to save yourself from financial loss, it is also mandatory under Motor Vehicle Act 1988. According to the law, everybody must insure their two wheeler against third party liability before it is put to use on public roads.
This Two Wheeler insurance product has been integrated with an online portal facility offered to the intermediaries which enables intermediaries to generate online cover note and thereafter policy issuance is done through an online linked integrated service. Commenting on this development Mr. Roopam Asthana, CEO, Liberty Videocon General Insurance, said that “Our endeavor has always been to bring about ease and transparency in our products and processes and this online integrated distribution platform would definitely be a great facilitator in sales of our Two Wheeler Insurance product”.
Commenting on the development, Pankaj Arora, Country Head Retail SBU of Liberty Videocon General Insurance said that “Enhancing our distribution capability has been a major area of focus and our endeavor has been to empower our distribution partners through technology initiatives enabling them to service the ultimate customer in a better manner which is easy and transparent”.