Taking customisation in general insurance to the next level, LGI offers 'Pay for the Distance' car insurance feature, enabling automobiles owners who do not use their vehicle frequently to pay lower premium.
Much like the cable network universe, where ‘Pay per View’ has become a winning trend, Liberty General Insurance is all set to blaze a trail in the insurance sector with its innovative feature ‘Pay for the Distance’.
Innovative Sandboxing
In an initiative to encourage innovative products and approaches in the insurance sector, the Insurance Regulatory Development Authority of India (IRDAI) proposed a Regulatory Sandbox, which provides flexibility in dealing with regulatory requirements and, at the same time, focuses on policyholder protection.
In response to this opportunity to try out new formats, Liberty General Insurance Ltd. (LGI), which has always been at the forefront of innovating new products and features for its customers, crafted a policy feature ‘Pay for the Distance’, along with the host of new features that will certainly find a lot of takers, and make car insurance cost effective for those who do not use their vehicles as much.
This feature specifically addresses the predicament of vehicle owners who seldom use their vehicles, thus enabling them to pay based on how much they drive. This usage-based car insurance ensures that vehicle owners pay a lower premium if they do not use their vehicles frequently.
Facilitating Features