Bajaj Allianz announces lower premium rates for car insurance

Bajaj Allianz General Insurance has announced lower premium rates for existing and new customers in the private car segment.

The new rates will be applicable from January 1, 2018.   With this step, the company aims to encourage more people to buy insurance. The reduction of premium will be in the range of 5% - 15%.    

Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said, "The company will pass on the benefits of digitisation and increasing efficiency in various distribution channels to all existing and new customers. Insurance is an essential financial tool and through this move, we hope to encourage more people to cover their risk, thereby, improving penetration of insurance in the country."      

In the past, Bajaj Allianz General Insurance has explored and implemented new technologies beneficial for private car policyholders, a company release said.

For instance, DriveSmart a telematics offering which rewards customers for their good driving behaviour and Motor OTS that enables customers to self-survey the loss with the company's Insurance Wallet application on their smartphones and allows them to settle the motor claims of less than Rs 20,000 immediately.