Chennai, 30th January 2023: The New India Assurance (NIA) launches the ‘PAY AS YOU DRIVE’ (PAYD) policy which is a revolutionary and feature-packed hassle-free product:
- The customer can save money on renewal premiums by availing of the applicable discount if the vehicle has not run beyond a specified number of kilometres. The discount will be applied on the basic own damage premium.
- If the vehicle has been driven beyond the kilometre threshold limit, the coverage continues for the policy’s remaining duration. Customers can still avail a discount on the renewal, albeit at a lower applicable range.
- The policy can be enhanced by including other add-ons, such as Nil Depreciation, Engine Protection, Return to Invoice, Road Side Assistance, etc. These will be available on payment of additional premiums.
Commenting on the product’s launch, Mrs Neerja Kapur, Chairman cum Managing Director, said, “Our PAYD policy fulfils a long-standing demand of customers for simple and flexible products that consider different usage patterns. Our product is one of the few in the market to help the customer manage his outflows towards vehicle maintenance. We are confident that this product will herald a new age in vehicle insurance and promote better compliance thereby reducing the risks associated with uninsured and underinsured vehicles plying on the roads.”