New India Assurance (NIA) has launched a ‘Pay as You Drive’ (PAYD) policy, which offers a comprehensive motor insurance policy that charges a premium based on the usage of the vehicle. The policy has two components- Third Party cover and own-damage cover.
NIA Launched ‘Pay As You Drive’ Vehicle Insurance Policy – Key Points
- The policy comes with various benefits. For instance, the customer can save money through discounts on renewal premiums, provided the vehicle runs within the specified kilometers.
- The discount applied for the ‘Pay as You Drive’ is basic own damage premium.
- In addition, the coverage will continue for the policy’s remaining duration even if the vehicle has been driven beyond the threshold limit.
- India’s largest non-life insurance firm informed that the clients could avail of a discount on the renewal albeit at a lower applicable range.
About New India Assurance
The New India Assurance Co. Ltd is a central public sector undertaking under the ownership of the Ministry of Finance, Government of India. It is based in Mumbai, Maharashtra. It is the largest nationalized general insurance company in India based on gross premium collection inclusive of foreign operations. It was founded by Sir Dorabji Tata in 1919 and was nationalized in 1973.