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GIC plans to introduce 3-5 yrs motor insurance policies

R Chandrasekaran, Secretary-General, GIC, said that the option to buy three-year policies will be voluntary

June 25, 2014 4:48 IST | India Infoline News Service
In order to solve the issue of large number of uninsured vehicles, the General Insurance Council is planning to introduce three to five-year motor insurance policies.

Speaking at the Insure India 4th annual Fintelekt Summit, R Chandrasekaran, Secretary-General, GIC, said that the option to buy three-year policies will be voluntary and will save customers the hassle of renewing the policy annually.

The council is working on the pricing mechanism for such policies as the premium for third party insurance is fixed by the Insurance Regulatory and Development Authority.

According to Chandrasekeran, there is unlikely to be discounts on long-term policy as insurers are facing losses on the third party motor insurance portfolio.

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