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ICICI Lombard launches Motor Floater Insurance

Published on July 27, 2022
Current Context: ICICI Lombard launches innovative solutions Motor Floater Insurance, Pay-As-You-Use, Pay-How-You-Use.
ICICI Lombard launches Motor Floater Insurance
  • The Motor Floater Insurance is for those customers owning multiple vehicles to help them insure their vehicles under one policy with a single renewal date and comprehensive cover. Under motor floater, insurance customers will be provided a lower premium.
  • Under telematics add-ons, the base motor product can be converted into an 'Asset cum Usage' product. The premium charged for base motor vehicle insurance will depend partially on the usage.
  • Under telematics add-ons, customers can buy different plans like Pay-As-You-Use (PAYU), and Pay-How-You-Use (PHYU).
  • Under the Pay-As-You-Use plan, customers can choose from different Kilometres depending on their usage. Hence customers need to pay only the premium according to the extent vehicle is used.
  • Under the Pay-How-You-Use plan premium charged will depend on the driving behavior score. Customers with good driving behavior can get discounts on the base premium of the policy.
  • Static Knowledge:
    • ICICI Lombard MD and CEO - Bhargav Dasgupta
    • ICICI Lombard headquarters - Mumbai
    • ICICI Lombard was formed - in 2001


Q.1 Which Insurance company launched motor floater insurance?
a. Tata AIG insurance
b. ICICI Lombard general insurance
c. HDFC ERGO general insurance
d. Bharati AXA general insurance

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