Date post: | 22-Feb-2018 |
Category: |
Documents |
Upload: | mohan-khamkar |
View: | 218 times |
Download: | 0 times |
of 38
7/24/2019 Sbi Vehicle Insurance1
1/38
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! %&$' State Bank of India enjoys the lar!est bankin! franchise in India'
Alon! with its & associate Banks State Bank Group has an unparalleled stren!th of over )&***
branches across the country ar!uably one of the lar!est bankin! networks in the world' IAG on
the other hand is the lar!est non life insurance company in Australia with its operations spread
across Australia +ew ,ealand the -nited .in!dom and Asia as well' SBI General started its
business operation in India durin! the late /arch %*)* in a limited way and is already workin!
towards a nationwide launch with a lar!er product portfolio' SBI General seeks to be a
technolo!y driven company with the state0of0the0art I1 systems' A multi0product and multi0
se!ment company SBI General is in the process of settin! up a uni2ue multi0distribution model'
SBI General in the course of time has introduced innovative and well0diversified portfolio of
products at competitive prices'
7/24/2019 Sbi Vehicle Insurance1
2/38
INSURANCE IN INDIA
Insurance in India refers to the market for insurance in Indiawhich covers both the public and
private sector or!ani3ations' It is listed in the Constitution of Indiain the Seventh Schedule as
a -nion Listsubject meanin! it can only be le!islated by the central !overnment'
1he insurance sector has !one throu!h a number of phases by allowin! private companies to
solicit insurance and also allowin! forei!n direct investment' India allowed private companies in
insurance sector in %*** settin! a limit on 45I to %&$ 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'
7/24/2019 Sbi Vehicle Insurance1
3/38
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
7/24/2019 Sbi Vehicle Insurance1
4/38
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'
7/24/2019 Sbi Vehicle Insurance1
5/38
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 '
7/24/2019 Sbi Vehicle Insurance1
6/38
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'
7/24/2019 Sbi Vehicle Insurance1
7/38
1hese are the common 1E?=S >4 G=+=@AL I+S-@A+C=H
7/24/2019 Sbi Vehicle Insurance1
8/38
SBI
GENERAL
INSURANC
E
"EHICLE
INSURANCE
7>/=
I+S-@A+C=
4I@=
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
7/24/2019 Sbi Vehicle Insurance1
9/38
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'
7/24/2019 Sbi Vehicle Insurance1
10/38
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
7/24/2019 Sbi Vehicle Insurance1
11/38
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
7/24/2019 Sbi Vehicle Insurance1
12/38
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'
7/24/2019 Sbi Vehicle Insurance1
13/38
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
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'
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 covers a!ainst any loss or dama!e caused to the vehicle or
its accessories due to the followin!
4ire e8plosion self0i!nition accidental dama!e by e8ternal means
Any dama!e in transit by road rail inland waterway lift elevator or air'
Li!htnin! earth2uake flood typhoon hurricane storm tempest inundation cyclone
hailstorm frost landslide rockslide'
7/24/2019 Sbi Vehicle Insurance1
14/38
Bur!lary theft riot strike malicious act and terrorist activity
4ollowin! are the additional opt0in covers
SBI General
7/24/2019 Sbi Vehicle Insurance1
15/38
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
7/24/2019 Sbi Vehicle Insurance1
16/38
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'
7/24/2019 Sbi Vehicle Insurance1
17/38
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
7/24/2019 Sbi Vehicle Insurance1
18/38
(>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'
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'
Li!htnin! earth2uake flood typhoon hurricane storm tempest inundation cyclone
hailstorm frost landslide rockslide'
Bur!lary theft riot strike malicious act and terrorist activity
7/24/2019 Sbi Vehicle Insurance1
19/38
Pr&o!al accid!t co/r3
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' >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'
7/24/2019 Sbi Vehicle Insurance1
20/38
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'
7/24/2019 Sbi Vehicle Insurance1
21/38
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
7/24/2019 Sbi Vehicle Insurance1
22/38
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'
7/24/2019 Sbi Vehicle Insurance1
23/38
>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'
7/24/2019 Sbi Vehicle Insurance1
24/38
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'
7/24/2019 Sbi Vehicle Insurance1
25/38
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'
7/24/2019 Sbi Vehicle Insurance1
26/38
@eturn to Invoice'
Co/ra0
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'
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'
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
7/24/2019 Sbi Vehicle Insurance1
27/38
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
7/24/2019 Sbi Vehicle Insurance1
28/38
>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!
7/24/2019 Sbi Vehicle Insurance1
29/38
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'
7/24/2019 Sbi Vehicle Insurance1
30/38
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 )*$
7/24/2019 Sbi Vehicle Insurance1
31/38
=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
7/24/2019 Sbi Vehicle Insurance1
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
7/24/2019 Sbi Vehicle Insurance1
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
7/24/2019 Sbi Vehicle Insurance1
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
7/24/2019 Sbi Vehicle Insurance1
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
7/24/2019 Sbi Vehicle Insurance1
36/38
+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'
7/24/2019 Sbi Vehicle Insurance1
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
7/24/2019 Sbi Vehicle Insurance1
38/38
(ii if no such catalo!ue or price list e8ists the price list obtainin! at the /anufacturer