Sbi Vehicle Insurance1

7/24/2019 Sbi Vehicle Insurance1

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SBI GENERAL INSURANCE

INTRODUCTION

SBI General Insurance Company Limited is a joint venture between the State Bank of India and

Insurance Australia Group (IAG with SBI havin! a "#$ of the total capital stake while IAG

holdin! the remainin! %&$' State Bank of India enjoys the lar!est bankin! franchise in India'

Alon! with its & associate Banks State Bank Group has an unparalleled stren!th of over )&***

branches across the country ar!uably one of the lar!est bankin! networks in the world' IAG on

the other hand is the lar!est non life insurance company in Australia with its operations spread

across Australia +ew ,ealand the -nited .in!dom and Asia as well' SBI General started its

business operation in India durin! the late /arch %*)* in a limited way and is already workin!

towards a nationwide launch with a lar!er product portfolio' SBI General seeks to be a

technolo!y driven company with the state0of0the0art I1 systems' A multi0product and multi0

se!ment company SBI General is in the process of settin! up a uni2ue multi0distribution model'

SBI General in the course of time has introduced innovative and well0diversified portfolio of

products at competitive prices'


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INSURANCE IN INDIA

Insurance in India refers to the market for insurance in Indiawhich covers both the public and

private sector or!ani3ations' It is listed in the Constitution of Indiain the Seventh Schedule as

a -nion Listsubject meanin! it can only be le!islated by the central !overnment'

1he insurance sector has !one throu!h a number of phases by allowin! private companies to

solicit insurance and also allowin! forei!n direct investment' India allowed private companies in

insurance sector in %*** settin! a limit on 45I to %&$ which was increased to #6$ in

%*)#'7owever the lar!est life0insurance company in India Life insurance Corporation of India

is still owned by the !overnment and carries a soverei!n !uarantee for all insurance policies

issued by it'


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POWERS AND FUNCTION

1o promote and ensure orderly !rowth of insurance and re0 insurance business

1o issue a certificate of re!istration renew modify withdraw suspend or cancel such

re!istration of applicant i'e' insurance company

1o prepare a code of conduct for a!ents surveyors and loss accesses and other

intermediaries who take part in insurance business

1o e8ercise all powers and perform all functions of controller of Insurance under

Insurance Act )69:

1o protect interest of policy holders in matters concernin! assi!nment of policy

settlement of claims terms and conditions of contract etc'

1o promote efficiency in conduct of insurance business

1o promote and re!ulate professional or!ani3ations connected with insurance business

1o re!ulate investment of funds of insurance companies

1o re!ulate maintenance of mar!in of solvency

1o adjudicate disputes between insurers and intermediaries

1o call for information from; undertake inspection and conduct en2uiries and

investi!ations includin! audit of insurers intermediaries etc'

1o control and re!ulate rates


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RESEARCH METHODOLOGY

1I1L= >4 17= ?@>=C1SBI =7ICL= I+S-@A+C=D

S1A1=/=+1 >4 17= ?@>BL=/

1his project is on the sbi vehicle insurance' because of the competition of the various

insurance company and the customer satisfaction of the vehicle insurance policies which

the insurance companies are providin! and at the same time to solve the complaints of the

customer and maintainin! the sound relationship for the future and by this way to estimate thefuture !rowth of sbi !eneral insurance service '

>B=C1I=S >4 S1-5E

1o study the insurance various policies on vehicle insurance'

1o ensure hi!hsatisfaction level and reduce percenta!e of complaints of customer in

insurance sector'

1o estimate the future !rowth of insurance policies'

1o su!!est strate!ies for improvement in Customer Service'


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5A1A C>LL=C1I>+

5ata was collected from two sources0primary and secondary sources'

Primary data collctio!0 1he primary data was collected by means of survey' It

was collected from different customers throu!h 2uestionnaire'

Sco!dary data collctio!0 1his data was collected from Internet bank

websites Books '


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TYPES OF GENERAL INSURANCE

In law and economics !eneral insurance is defined as a form of risk mana!ement basically used

to hed!e a!ainst the risk of a contin!ent uncertain loss' General insurance is also defined as an

e2uitable transfer of the risk of loss from one entity to another in e8chan!e for payment' An

insurer is an institution or a company sellin! the insuranceF an insured one policyholder is the

person or entity who is buyin! the insurance policy' 1he !eneral insurance rate is a factor used to

determine the amount to be char!ed for a particular amount of insurance covera!e called the

premium risk mana!ement the practice of appraisin! and controllin! risk has come out as a

discrete of study and practice

1he transaction involves the clients assumin! a !uaranteed and known relatively very small loss

in the from of money or payment to the insurer in e8chan!e for the insurers promise to identify

the insured in the case of a lar!e possibly bad loss' 1he insured receives a contract which is

called the insurance policy that details the condition and circumstances under which the insured

will be compensated or indemnified'


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1hese are the common 1E?=S >4 G=+=@AL I+S-@A+C=H


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SBI

GENERAL

INSURANC

E

"EHICLE

INSURANCE

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I+S-@A+C=

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I+S-@A+C=

1@A=L

I+S-@A+C=

7>/=

I+S-@A+C=

SB

I "EHICLE INSURANCE

# COMMERCIAL MOTOR INSURANCE

Life is one !reat balancin! act' As you set to !et the best out of life you do encounter life


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1his ?olicy is desi!ned to cover the compulsory 1hird ?arty Liability as re2uired by

/otor ehicles Act to!ether with loss or dama!e to the ehicle itself' 1he ?olicy also provides

cover forH

?ersonal Accident for ?aid 5riverKcleanerKconductor

4or an additional ?remium provides the followin!H'

Additional Le!al Liabilities towards ?aid 5river and employee

Bi0fuel .it

=nhanced ?A cover to >wner 5river and ?aid 5river

Sco'

1hird party liabilityH ?rotects a!ainst any le!al liability arisin! out of the use of the

vehicle towards third parties arisin! on bodily injury to K on death of a person and any dama!e

caused to third party property'

Loss or dama!e to the vehicleH

1he policy covers a!ainst any loss or dama!e caused to the vehicle or its accessories due

to the followin!H

4ire e8plosion self0i!nition accidental dama!e by e8ternal means

Any dama!e in transit by road rail inland waterway lift elevator or air'


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Li!htnin! earth2uake flood typhoon hurricane storm tempest inundation cyclone

hailstorm frost landslide rockslide'

Bur!lary theft riot strike malicious act terrorist activity

?ersonal accident coverH

1he motor insurance provides compulsory personal accident cover of @s' % lakhs for

individual owners (available only if the owner of the vehicle holds a valid drivin! license of the

vehicle while drivin!' 1his is not applicable for a Company owned vehicle' ?aid driver cleaner

and conductor employed in operation of vehicles can also be covered for ?ersonal Accident for a

ma8imum Capital Sum Insured of @s % lakh per person' Eou may also now opt for hi!her limits

in ?ersonal Accident cover'

Additional Le!al liabilities H

1he followin! additional le!al liabilities may also be opted for at an additional premium

?aid driverKConductorKCleaner employed in operation of vehicle'

=mployees travellin! inKdrivin! the vehicle other than paid driver'

+on0fare payin! passen!ers


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Bo!%&

+o Claim Bonus

If you do not make a claim durin! the ?olicy period a +o Claim Bonus (+CB is offered

on renewals' 1his discount can !o as hi!h as *$' (+CB will only be allowed provided the

?olicy is renewed within 6* days of the e8piry date of the previous policy' 1ransfer of +CBH

Eou can transfer full benefits of +o Claim Bonus when you shift your motor insurance policy

from another company'

( T)o W*lr I!&%ra!c

SBI 1wo Jheeler Insurance by SBI !eneral Insurance Company is a joint venture between two

companies namely the State Bank of India and Insurance Australia Group (IAG' State Bank of

India owns "#$ of the company while the Insurance Australia Group owns the remainin! %&$'

1he year of %*)90)# was the fourth year of operation of the company where the company

re!istered a !rowth of #$ by writin! a Gross ?remium of )):: crores' In the same year the

company in association with State Bank of India covered over )' crore Savin! Accountholders

of the State Bank of India with a Group ?ersonal Accident Insurance cover' SBI General

insurance company offers different cate!ories of insurance plans includin! motor insurance

health insurance travel insurance personal accident insurance and home insurance for

individuals' >ther speciali3ed insurance plans include aviation insurance fire insurance marine

insurance packa!e insurance construction en!ineerin! insurance liability insurance !roup


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health insurance !roup personal accident insurance and miscellaneous insurance plans for

businesses'

Fat%r& + ,!-it& o- SBI G!ral Bi. I!&%ra!c

It is a packa!e policy which covers the compulsory 1hird ?arty Liability and also dama!e

or loss to own vehicle

-nder the third party liability covera!e the plan covers any bodily injury or death caused

to the third party due to the use of the two0wheeler and also any loss or injury to the

property of the third party due to the use of the two0wheeler

-nder the own vehicle dama!e or loss dama!es or loss arisin! out of the followin!

causes is coveredH

+atural calamities like earth2uake'

/an made calamities like theft'

?ersonal accident for owner driver or re!istered driver'

1he plan comes with a profile based customi3ed pricin! policy wherein the premium

varies from individual to individual'

Individuals a!ed between %0 years can also avail a discount in the rate of premium

char!ed' If the vehicle is continuously insured with the company without any break there is an

additional discount in the rate of premium char!ed by the company'

1he plan also has inbuilt as well as additional optional covers which can be availed by an

individual for a more comprehensive scope of covera!e under the plan'

Individual owners of the two0wheeler enjoy a compulsory ?ersonal Accident covera!e

which is built0in under the plan up to @s') lakh'

1he pillion rider may be included in the ?ersonal Accident Cover of up to a ma8imum of

@s') lakh by payin! an e8tra premium'

Another optional cover is the increment of the ?ersonal Accident cover on the own driver

which can be increased from @s') lakh to any amount by payin! a small additional

premium'


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1here is a provision of +o claim Bonus under the plan wherein if there has been no

claims in a policy year there is a discount in premium which can !o as hi!h as *$' 1he

+o Claim Bonus is applicable only if the plan is renewed within 6* days from the date of

e8piry of the previous policy' /oreover there is also a provision of transferrin! the

complete benefits of +o Claim Bonus when portin! the two0wheeler insurance plan from

other insurance companies'

Co/ra0


/otor ehicles Act to!ether with loss or dama!e to the ehicle itself'


vehicle towards third parties arisin! on bodily injury to K on death of a person and any dama!e

caused to third party property'

Loss or dama!e to the vehicleH covers a!ainst any loss or dama!e caused to the vehicle or

its accessories due to the followin!






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Bur!lary theft riot strike malicious act and terrorist activity

4ollowin! are the additional opt0in covers

SBI General


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W*y SBI G!ral T)o W*lr Pla!1

Any customer wantin! to buy an insurance plan always wants to have a smooth claim processin!

and handlin! e8perience from the insurer' SBI General has a dedicated and an e8perienced team

to handle the respective claims raised by individuals' 1he team strives to provide a fast and fair

claim settlement e8perience so that the customer does not have to under!o useless hassles' 1o

meet this objective the claim handlin! team of the company strives to do the followin! thin!sH

1hey try to provide assistance in situations which are emer!ent in nature

1hey help in relievin! down the relevant stress associated whenever a claim arises by

coordinatin! repair and replacement of the vehicle

1hey keep the customer informed about the pro!ress of their claims

1hey also help the customers to access the companys preferred local service providers

who handle the dama!ed vehicle properly with a promise to service it in the most efficient

possible way'

Jith all these efforts the claim handlin! team of the company is efficient and mana!es to

treat the customers claim 2uickly and fairly'

A''lyi!0 -or a SBI G!ral T)o W*lr I!&%ra!c

1he company offers a ?acka!e 1wo0Jheeler ?lan application throu!h multiple channels likeH


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Individuals desirous of availin! any plan can simply call the helpline of the company at

):** %% )))) or ):** )*% )))) and speak to the customer service representative'

1hey can provide their name mobile number and email id on the website of the company

and re2uest for a call back

>nline Individual ?ersonal Accident ?lans can be simply applied to by clickin! the MBuy

>nline tab mentioned on the plan pa!e on the website of the company'

1he customers can also write to the company at their email id which is

customer'careNsbi!enera'in for any related 2ueries'

2 PERSONAL CAR INSURANCE

Car is treated as the one of the important treasured possession in anybodys life' In todays busy

world almost every individual needs their own mode of transportation in order to have a smooth

and a independent life and hence car is a necessity' 1herefore protectin! the car or his or her

vehicle is of utmost important' 1he protection can be done a!ainst risks like natural calamities

and other dan!ers like theft etc' +ot only can this but third party dama!e or loss and le!al

proceedin!s also be taken care by the car insurance plans' 7ence its absolutely necessary that

every car owner must have a car insurance plan and moreover the same has been mandated by

law as well' SBI General Insurance has come up with tailor made car insurance plans which fits

the necessities and provisions that an individual mi!ht needs for his or her vehicle'


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Accidents can happen at any point of time and so does the natural calamities' +o can predict

either of these but can certainly protect the vehicles from the uncertainties and related loss or

dama!e by availin! insurance plans' A !ood car insurance plan can shield or !uard the vehicles

and the insured individual not only from accidents and natural calamities but also from risks

arises from the third party dama!es and loss' /oreover its absolutely mandatory under the

/otor ehicles Act to have a car insurance plan'

7ence SBI General Insurance provides a wide0ran!in! car insurance plans which shields

vehicles from any risks'

Fat%r& a!d B!-it& o- SBI Car I!&%ra!c Policy

?ersonal AccidentH 1he /otor Insurance ?lan provides a compulsory ?ersonal Accident ?lan

of @s % lakhs for individual owners which are available if the owner holds a valid drivin!

license while drivin!' 7owever this is not applicable for company owned vehicle' 1he

occupants in the vehicle at the time of the accident are also covered under the plan to a

ma8imum Sum Insured of @s % lakhs per person'

1hird ?arty LiabilityH 1his policy provides for le!al liability covera!e for the third party as

well which is mandated by the law'

5ama!e to vehicle due to natural calamities like storm flood etc' or any bur!lary theft or

act of terrorism

It covers for the followin! thin!s as well for an additional premium H

Additional le!al liabilities towards ?aid 5river and employeeH 1his plan also covers the

additional le!al liabilities towards paid driver employed durin! the accident of the vehicle

and also the employees travellin! or drivin! the vehicle


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(>ther than the driver'

+il 5epreciationH It ensures that one !ets the full amount that he claims without any

deduction of the depreciation value on parts of the car'

Bi0fuel kitH 1he plan also covers the C+G L?G Bi 4uel .it'

+o Claim Bonus ?rotectionH 1he Company will sustain the +o Claim Bonus on payment of

additional premium provided H

1he vehicle is renewed with the company'

>nly one sin!le claim was made durin! the policy tenure'

1he insured vehicle is repaired in a Gara!e which is authori3ed by the Company'

1he rate of +o Claim Bonus at the time of renewal will be at par with the time prior to the

loss he has incurred'

Co/ra0

1his ?olicy is desi!ned to cover the compulsory 1hird ?arty Liability as re2uired by /otor

ehicles Act to!etherwith loss or dama!e to the ehicle itself'


1he policy covers a!ainst any loss or dama!e caused to the vehicle or its accessories due to

the followin!H





Bur!lary theft riot strike malicious act and terrorist activity


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Pr&o!al accid!t co/r3


individual owners (available only if the owner of the vehicle holds a valid drivin! license of

the vehicle while drivin!' 1his is not applicable for a Company owned vehicle' >ccupants of

vehicles can also be covered for ?ersonal Accident for a ma8imum Capital Sum Insured of

@s % lakh per person' Eou may also now opt for hi!her limits in ?ersonal Accident cover'

Additio!al L0al lia,iliti&3

1he followin! additional le!al liabilities may also be opted for at an additional premium

?aid driver employed in operation of vehicle'

=mployees travellin! inKdrivin! the vehicle other than paid driver''

Bifuel0.itH

1he C+G0L?G bifuel kit can also be covered by payin! additional premium'

+il 5epreciationH

>n payment of additional premium Company will indemnify the Insured without deduction

for depreciation on parts in respect of approved partial loss'

+CB ?rotectionH

O! 'aym!t o- additio!al 'rmi%m Com'a!y )ill mai!tai! t* No Claim Bo!%& 4NCB5

&%,6ct to -ollo)i!03

a 1he vehicle is renewed with us'

b 1here was only one sin!le such claim lod!ed in the entire ?olicy period'

c 1he insured vehicle is repaired in a Company Authori3ed Gara!e'


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d 1he rate of +CB allowed at the time of renewal will be same that he was enjoyin! prior to

the loss'

Rt%r! to I!/oic3

>n payment of the additional premium Company will pay the financial shortfall if any

between the amount Insured receives under section I of the ?olicy and the purchase price of

the vehicle as confirmed in the Invoice of Sale or current replacement price of new vehicle

whichever is less in the event the insured vehicle is a 1otal LossKC1L followin! an accident

or stolen durin! the period of insurance and not recovered' 1he Company will also reimburse

the first time re!istration char!es and road ta8 which the Insured had incurred on the insured

vehicle' ?rovided that insured vehicle is not more than % years old from date of invoiceKdate

of re!istration whichever is earlier on the commencement date of the ?olicy'

Co/r -or $y R'lacm!t3

>n payment of additional premium Company will reimburse the cost of replacin! the vehicle

keys subject to followin!H

a In case of lost or stolen keys all other duplicates of the lost or stolen keys are to be

deposited with the Company

b In case the vehicle lock is broken at the time of bur!lary or attempted bur!lary the entire

set of old keys are to be deposited with the Company

c 1he Company is provided with a copy of 4I@ lod!ed with ?olice by the Insured

confirmin! the date and time of the incident

d 1he replacement should be carried out in a Company Authori3ed Gara!e'

e =ach such replacement claim shall be subject to )*$ co0share of the total cost of

replacement subject to a minimum of @s **K0 by the Insured'


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f Any items replaced under this =ndorsement will be of the same type 2uality 2uantity or

standard as the ones which were lost stolen or replaced'

! 1he @eimbursement under this endorsement will be allowed only once durin! the ?olicy

period'

Lo&& o- Pr&o!al Blo!0i!0&3

>n payment of additional premium Company will make an allowance to the Insured for loss

of personal belon!in! of Insured caused by perils as per ?olicy wordin!s and subject to

followin!H

a 1his =ndorsement covers the personal belon!in!s of the insured only

b ?ersonal Belon!in! for the purpose of this =ndorsement means items such as clothes and

other articles of personal nature likely to be worn by the Insured includin! jewelleries andKor

used or carried by him like /obile Laptop AudioKideo tapes C5


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1he claim reference number will be !iven and the process will be e8plained'

i0claimD form can also be downloaded and after fillin! up the same can be forwarded to

claimsNsbi!eneral'in email id'

>ne can also download the claim form and submit the followin! documentsH

Self attested le!ible copy of the @e!istration Certificate'

Self attested le!ible copy of 5rivin! License of the driver at the time of accident'

Attested copy of 4I@ in case of third party injuryK dama!e'

5etails of the third party injuryK dama!e'

A Surveyor is appointed to assess the loss of the insured vehicle and inspection of the

same' ?ost which the approval is !iven and the insured is intimated about the claim status'

1he Surveyor will monitor the repair work in every sta!e' In case of cashless claims one

mi!ht have to pay the respective proportion of the loss towards depreciation deductiblesK

e8cess as per the policy char!es towards the repairs authori3ed by one and take the delivery

of the vehicle' And in case where the repair is done in any !ara!e the insured will be re2uired

to pay bills to the !ara!e and then submit the bills in ori!inals to the SBI General local office

with the relevant documents for reimbursement'

In case of accident the company will for repair andKor the replacement char!es of the

dama!ed parts and the labour char!es' In case of replacement of any dama!ed part

depreciation char!es for the replaced parts as per the insurance policy will be borned by the

insured person' In addition the e8cessK deductibles as mentioned in the policy will be borne by

the insured person' 1he cost of removal of the vehicle from the accident place to the nearest

!ara!e or the repair shop is also reimbursed as per the specified limit'


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>ne very important to be noted here is that irrespective of any dama!e caused to the

vehicle or not the insured person should never fail to inform about the accident to the

insurance company' In case of an accident with third party injuries or dama!es 4I@ needs to

be furnished alon! with other claim documents'

Claims also can be lod!ed after e8piry Krenewal of a policy provided the incident

happened within the policy period' Any claim falls outside the policy period will not be

entertained'

SBI Car I!&%ra!c R!)al

State Bank of India car insurance renewal policy is e8tremely smooth 2uick and user friendly'

Eou can renew your car insurance with just a couple of clicks on the banks website' Select

/otor ?rivate Car Insurance (on the /otor Insurance pa!e and click on the @enew >nline

option' 4ew mandatory details re2uired are O your car insurance policy number chassis

numberKen!ine numberK re!istration number' If you dont have your policy number you can fill in

your customer id and !o ahead with the renewal' @enewin! your car insurance is essential to

protect your car from various unforeseen circumstances like accidents and thefts'


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Bo!%& a!d Di&co%!t o! SBI car I!&%ra!c Policy

+o Claim Bonus

If you do not make a claim durin! the ?olicy period a +o Claim Bonus (+CB is offered

on renewals' 1his discount can !o as hi!h as *$' (+CB will only be allowed provided the

?olicy is renewed within 6* days of the e8piry date of the previous policy' 1ransfer of +CBH

Eou can transfer full benefits of +o Claim Bonus when you shift your motor insurance policy

from another company'

>ther 5iscounts

oluntary =8cess discountH A further discount on the premium is available if you opt for a

oluntary =8cess in addition to the Compulsory =8cess' (All ?olicies carry Compulsory

=8cess amount which is deducted from the claim amount payable

7 Tractor a!d Ot*r Farm "*icl I!&%ra!c

India is an a!riculture based country' A!riculture and farmin! are the main occupations of the

majority of the population of our country outside bi! cities' At SBI General we reco!nise the

pivotal role farmers like you are playin! in contributin! to the !rowth and development of the

country' -nfortunately you are also e8posed to the va!aries of the nature that can potentially

cripple you sometimes due to accidental dama!e to your 1ractor or other farmin! vehicles'


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Jith SBI Generalther 4arm ehicles Insurance ?olicy0 ?acka!e you can

safe!uard your 1ractor and other 4armin! ehicles as well as your dream'

1his policy provides protection to your all important farmin! companions such as tractors

harvesters reapers threshers chaff cutters salva!e corps vehicle Lawn movers etc in addition

to the personal accident cover to you and your other family members who may use the vehicle'

$y Fat%r

1his policy provides protection to your all important farmin! companions such as tractors

harvesters reapers threshers chaff cutters salva!e corps vehicle Lawn movers etc in

addition to the personal accident cover to you and your other family members who may

use the vehicle'

1his ?olicy is desi!ned to cover the compulsory 1hird ?arty Liability as re2uired by /otor

ehicles Act to!ether with loss or dama!e to the ehicle itself'1he ?olicy also provides cover

forH

?ersonal Accident for ?aid 5riverKcleaner'

4or an additional ?remium provides the followin!H

Additional Le!al Liabilities towards ?aid 5river and employee'

Bi0fuel .it'

=nhanced ?A cover to >wner 5river and ?aid 5river'

+o Claim Bonus ?rotection'


26/38

@eturn to Invoice'

Co/ra0


/otor ehicles Act to!ether with loss or dama!e to the ehicle itself'


vehicle towards third parties arisin! on bodily injury to K on death of a person and any

dama!e caused to third party property'


1he policy covers a!ainst any loss or dama!e caused to the vehicle or its accessories due to the

followin!H

4ire e8plosion self0i!nition accidental dama!e by e8ternal means'




Bur!lary theft riot strike malicious act terrorist activity'

?ersonal accident coverH


individual owners (available only if the owner of the vehicle holds a valid drivin!

license of the vehicle while drivin!' 1his is not applicable for a Company owned


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vehicle' >ccupants of vehicles can also be covered for ?ersonal Accident for a ma8imum

Capital Sum Insured of @s % lakh per person' Eou may also now opt for hi!her limits in

?ersonal Accident cover'

Additional Le!al liabilities H

1he followin! additional le!al liabilities may also be opted for at an additional premium'

?aid driverKCleaner employed in operation of vehicle'

=mployees travellin! inKdrivin! the vehicle other than paid driver'

Bo!%&

+o Claim Bonus(+CB ?rotection Cover'

>n payment of additional premium SBI General will maintain the +o Claim Bonus

(+CB subject to the followin!H

a 1he vehicle is renewed with us'

b 1here was only one sin!le such claim lod!ed in the entire ?olicy period'

c 1he insured vehicle is repaired in a Company authorised Gara!e'

d 1he rate of the +CB allowed at the time of renewal will be same that the insured was

enjoyin! prior to the loss'

@eturn to Invoice CoverH


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>n payment of the additional premium SBI General will pay the financial shortfall if

any between the amount Insured receives under section I of the ?olicy and the ?urchase

price of the vehicle as confirmed in the Invoice of Sale or current replacement price of

new vehicle whichever is less in the event the insured vehicle is a 1otal LossKC1L

followin! an accident or stolen durin! the period of insurance and not recovered' SBI

General will also reimburse the first time re!istration char!es and road ta8 which the

Insured had incurred on the insured vehicle' ?rovided that insured vehicle is not more

than % years old from date of invoiceKdate of re!istration whichever is earlier on the

commencement date of the ?olicy'

E8cl%&io!


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Any lossKdama!e to the vehicle andKor its accessories will not be covered if caused by the

followin!0

+ormal weartear and !eneral a!ein! of the vehicle'

5epreciation or any conse2uential loss'

/echanicalK electrical breakdown'

5ama!e caused by overloadin! or strain'

Loss of or dama!e to accessories by bur!lary' 7ousebreakin! or theft unless such insured

vehicle is stolen at the same time'

ehicle bein! used otherwise than in accordance with limitations as to use'

5ama!e to K by a person drivin! the vehicle without a valid license'

5ama!e to K by a person drivin! the vehicle under the influence of dru!s or li2uor'

Loss K dama!e due to war mutiny or nuclear risk'


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NOW THIS POLICY WITNESSETH3

1hat subject to the 1erms =8ceptions and Conditions contained herein or endorsed or e8pressed

hereonF

SECTION I 9 LOSS OF OR DAMAGE TO THE "EHICLE INSURED

)' 1he Company will indemnify the Insured a!ainst loss or dama!e to the vehicle insured

hereunder and K or its accessories whilst thereonH

i' by fire e8plosion self i!nition or li!htnin! Fii' by bur!lary housebreakin! or theft F

iii' by riot and strikeF

iv' by earth2uake (fire and shock dama!eF

v' by flood typhoon hurricane storm tempest inundation cyclone hailstorm frostFvi' by accidental e8ternal meansF

vii' by malicious actF

viii' by terrorist activityFi8' whilst in transit by road rail inland0waterway lift elevator or airF

8' by landslide rockslide'

Subject to a deduction for depreciation at the rates mentioned below in respect of parts replacedH

() 4or all rubberK nylon K plastic parts tires and tubes batteries and air ba!s 0 *$

(% 4or fiber !lass components O 9*$

(9 4or all parts made of !lass 0 +il

(# @ate of depreciation for all other parts includin! wooden parts will be as per the

followin! schedule'

AGE OF "EHICLE : OF DEPRECIATION

+ot e8ceedin! & months +IL

=8ceedin! & months but not e8ceedin! ) year $

=8ceedin! ) year but not e8ceedin! % year )*$


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=8ceedin! % year but not e8ceedin! 9 year )$

=8ceedin! 9 year but not e8ceedin! # year %$

=8ceedin! # year but not e8ceedin! year 9$

=8ceedin! year but not e8ceedin! )* year #*$

=8ceedin! )* years *$

( @ate of depreciation for paintin!H In the case of paintin! the depreciation rate of *$

shall be applied only on the material cost of total paintin! char!es'

In case of a consolidated bill for paintin! char!es the material component shall be

considered as %$ of total paintin! char!es for the purpose of applyin! the depreciation'

%' 1he company shall not be liable to make any payment in respect of

a conse2uential loss depreciation wear and tear mechanical or electrical breakdown

failures or breaka!es nor for dama!e caused by overloadin! or strain of the insured

vehicle nor for loss of or dama!e to accessories by bur!lary housebreakin! or theft

unless such insured vehicle is stolen at the same time'

b dama!e to 1yres and 1ubes unless the vehicle is dama!ed at the same time in which case

the liability of the Company shall be limited to *$ of the cost of replacement

c any accidental loss or dama!e suffered whilst the Insured or any person drivin! the

vehicle with the knowled!e and consent of the Insured is under the influence of

into8icatin! li2uor or dru!s'

9' In the event of the vehicle bein! disabled by reason of loss or dama!e covered under this

?olicy the Company will bear the reasonable cost of protection and removal to the nearest

repairer and re0delivery to the Insured but not e8ceedin! @s'"*K0 for three wheeled


32/38

vehicles @s')**K0 for ta8is and @s'%**K0 for other commercial vehicles in respect of

any one accident'

#' 1he Insured may authorise the repair of the vehicle necessitated by dama!e for which the

Company may be liable under this ?olicy provided thatH

a the estimated cost of such repair includin! replacements does not e8ceed @s'**K0

b the Company is furnished forthwith with a detailed estimate of the cost of repairsF andc the Insured shall !ive the Company every assistance to see that such repair is necessary

and the char!es are reasonable'

SECTION II 9 LIABILITY TO THIRD PARTIES

)' Subject to the limits of liability as laid down in the Schedule hereto the Company will

indemnify the Insured in the event of an accident caused by or arisin! out of the use of

the vehicle a!ainst all sums which the Insured shall become le!ally liable to pay in

respect of H0

i' death of or bodily injury to any person caused by or arisin! out of the use (includin! the

loadin! andKor unloadin! of the vehicle'

ii' dama!e to property caused by the use (includin! the loadin! andKor unloadin! of the

vehicle'

?rovided always thatH


33/38

a 1he Company shall not be liable in respect of death injury dama!e caused or arisin!

beyond the limits of any carria!e way or thorou!hfare in connection with the brin!in! of

the load to the insured vehicle for loadin! thereon or the takin! away of the load from the

insured vehicle after unloadin! there from'

b =8cept so far as is necessary to meet the re2uirements of the /otor ehicle Act the

Company shall not be liable in respect of death or bodily injury to any person in the

employment of the Insured arisin! out of and in the course of such employment'

c =8cept so far as is necessary to meet the re2uirements of the /otor ehicles Act in

relation to the liability under the Jorkmen


34/38

9' In terms of and subject to the limitations of the indemnity !ranted by this Section to the

Insured the Company will indemnify any driver who is drivin! the insured vehicle on the

Insured


35/38

SECTION III 9 PERSONAL ACCIDENT CO"ER FOR OWNER;DRI"ER

Subject otherwise to the terms e8ceptions conditions and limitations of this ?olicy the Company

undertakes to pay compensation as per the followin! scale for bodily injuryK death sustained by

the owner0driver of the vehicle in direct connection with the vehicle insured or whilst mountin!

intoKdismountin! from or travelin! in the insured vehicle as a co0driver caused by violent

accidental e8ternal and visible means which independent of any other cause shall within si8

calendar months of such injury result inH

NATURE OF INJURY SCALE OF COMPENSATION

i' 5eath )**$

ii' Loss of two limbs or si!ht of two eyes or one limb and

si!ht of one eye)**$

iii' Loss of one limb or si!ht of one eye *$

iv' ?ermanent total disablement from injuries other than

named above )**$

SECTION I" 9 E


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+ormal wear tear and !eneral a!ein! of the vehicle

5epreciation or any conse2uential loss

/echanicalK electrical breakdown

ehicle bein! used otherwise than in accordance with limitations as to use

5ama!e to K by a person drivin! the vehicle without a valid license

5ama!e to K by a person drivin! the vehicle under the influence of dru!s or li2uor

Loss K dama!e due to war mutiny or nuclear risk'


37/38

SECTION "I 9 CO"ER FOR "EHICLES IMPORTED WITHOUT CUSTOMS DUTY

+otwithstandin! anythin! to the contrary contained in this ?olicy it is hereby understood and

a!reed that in the event of loss or dama!e to the vehicle insured andKor

its accessories necessitatin! the supply of a part not obtainable from stocks held in the country in

which the vehicle insured is held for repair or in the event of the

Company e8ercisin! the option under PPP' Q to pay in cash the amount of the loss or dama!e

the liability of the Company in respect of any such part shall be

limited toH

(a (i the price 2uoted in the latest catalo!ue or the price list issued by the /anufacturer or his

A!ent for the country in which the vehicle insured is held for repair

less depreciation applicableF


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(ii if no such catalo!ue or price list e8ists the price list obtainin! at the /anufacturer

Documents

Sbi Vehicle Insurance1