Till a month ago, Kapoor used to drive 20 km up and down a day, from his house in Hauz Khas to his workplace in Rajpath, New Delhi. He has now moved jobs, and his new office is just a 10minute walk from his home.
Kapoor expects to save a lot of money now; he will fuel only when he goes out with his family, possibly over the weekends. True, less use of the car is less spend on fuel. But the premium on the car insurance is still going to burn a hole in his pocket, isn’t it?
Not necessarily, if Kapoor buys any of the recently launched motor products under the ‘regulatory sandbox’ guidelines that offer usage-based cover. Last August, the Insurance Regulatory and Development Authority of India (IRDAI) came up with guidelines on the regulatory sandbox, and invited applications from companies to pilot innovative tech-based products.
The regulator received several proposals from insurers in the health and motor space. Among these is Liberty General Insurance’s ‘Pay for the Distance’ feature under its private car package policy that charges customers a premium only for the distance they drive. Another is ICICI Lombard’s floater cover for motor vehicles, where an app-based interface will link the multiple vehicles of the owner together and offer coverage. Yet another is Edelweiss General’s usage-based floater policy.
So, should you go for these policies? While Liberty General’s new product is already available online, the rest have launched pilots, but these are not open online.
What’s regulatory sandbox?
Bu hikaye The Hindu Business Line dergisinin February 18, 2020 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye The Hindu Business Line dergisinin February 18, 2020 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Covid Presents An Opportunity For India
India must attract investors exiting China post-Covid. Streamlining of project clearances and relaxation in FRBM norms will help
Did Alternative Assets Shield You From Covid-19 Volatility?
The assets closely linked to stock and debt markets could not stave off the losses
How To Put Aircraft To Bed
Preserving grounded planes, to get them up and flying at short notice, is a challenging task. Ashwini Phadnis captures the process
There Can Be No Going Back On WFH
Covid-19 has fast-forwarded the shift to ‘work from home’. However, some face-to-face connect will always be needed
UN, WHO Urged To Ensure ‘Benefit Sharing' Of Covid-Related Data
Biopharma firms should reach vaccines, medicines to poor nations at an affordable price, say civil society bodies
With No Clear Signal From Rlys, States Explore Ways To Bring Back Migrants
Quarantine centres, cross-country buses being arranged even as migrants hop on to boats, trucks and ambulances
Centre Allows All Neighbourhood Shops To Open But With Riders
Final call will be taken by local authorities; shopping complexes that draw fewer ‘outsiders’ are permitted to operate
Covid Impact Relatively Muted In India
Compared to Italy and the US, India’s rate of infection spread has been slow. This can be attributed to the strict measures in place
How Global Trade Will Fare Post-Covid
China isn’t likely to lose its pre-eminent position soon. India, for one, will need to make manufacturing globally competitive
How To Curb Harassment In The Virtual Office
Training and sensitisation are essential. Institute a strict dress code and chat etiquette to ensure professionalism during video calls
