7 Jul 2022 , 02:33 PM
Also, vehicle owners can now buy cheaper insurance policies based on their driving behaviour, general upkeep of vehicle, mileage and usage pattern, the regulator said in a recent notification.
With a view keeping pace with new developments in the market, especially involving the use of technology, and in order to provide more options for policyholders, IRDAI permits general insurance to introduce the following concepts for the Motor Own Damage (OD) cover through the filing of appropriate add-ons to the basic OD policy on an annual basis:
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