CR Document Flashcards
(30 cards)
What product plans are in scope as per CR?
Name: Chola Long Term Private Car Package Policy; UIN: IRDAN123RPMT0030V01202425; Gencon product code: 3404, 5573, 3311
Which vehicles is the policy applicable to?
Brand new Motor Private Cars registered with RTO
What are the main coverages under the policy?
Section I - Own Damage (OD); Section II - Third Party (TP) Liability; Section III - Compulsory Personal Accident (CPA) for Owner-driver
What does Section I - Own Damage (OD) cover?
Protects insured’s financial burden for loss or damage to insured vehicle caused by Accident, Fire, self-ignition, explosion, riot, strike, terrorism, Flood, Earthquake, lightning etc.
What does Section II - Third Party (TP) Liability cover?
Covers legal liability to a third party for personal injuries or property damage arising out of an accident involving the insured vehicle.
What does Section III - Compulsory Personal Accident (CPA) cover?
Provides coverage for accidental death or disability of the registered owner while driving, traveling, or alighting into/out of the vehicle. Owner-driver should hold a valid driving license.
What is the period of insurance for each section?
Section I: 3 years; Section II: 3 years; Section III: 1/2/3 years
What is the maximum liability under Section I?
IDV (Insured Declared Value) of the vehicle
What is the maximum liability under Section II?
Personal injury – Court award; Property damage – ₹7.50 lakhs
What is the maximum liability under Section III?
Up to ₹15 lakhs
How is the OD premium calculated?
OD premium is a percentage of the IDV; based on age of the vehicle, cubic capacity (CC)/kilo watt (KW), and geographical zone
How is the TP premium determined?
TP premium is a fixed amount based on CC or KW of the vehicle, following IRDAI guidelines
Can customers carry forward No Claim Bonus (NCB) from an existing vehicle to a new one?
Yes, whatever NCB is at the beginning of the policy will continue during the course of the policy
What are the NCB percentages available at inception?
0%, 20%, 25%, 35%, 45%, 50%, 55%, 65%
What are some major exclusions of the policy?
As per policy wording attached (specific exclusions not listed)
What are some of the add-on covers available?
- Consumables Plus Cover
- Waiver of Depreciation
- Hydrostatic Lock Plus Cover
- Vehicle Replacement Advantage Cover
- Tyre Protect
- Rim Protect
- Loss of Key Cover
- Loss of Laptop and Mobile Phone
- Conveyance Allowance
- EMI Cover
- Pay As You Use
- Personal Belongings
- Battery Protect
What is the UIN for the Waiver of Depreciation?
IRDAN123RPMT0030V01202425/A0031V01202425
How is the OD premium for Zone A vehicles calculated?
Not exceeding 1000 CC: 4.952%; Exceeding 1000 CC but not exceeding 1500 CC: 5.199%; Exceeding 1500 CC: 5.448% of IDV
How is the OD premium for Zone B vehicles calculated?
Not exceeding 1000 CC: 4.812%; Exceeding 1000 CC but not exceeding 1500 CC: 5.054%; Exceeding 1500 CC: 5.294% of IDV
How is the OD premium booked over policy years?
Premium is booked over policy years in the ratio: First Year: 33.33%; Second Year: 33.33%; Third Year: 33.33%; balance considered as advance premium
What is the discount for direct business?
15% discount on OD and CPA premium for direct channel policies
What is the discount for voluntary deductible?
Based on deductible amount: ₹2,500 (20% up to ₹2,250); ₹5,000 (25% up to ₹4,500); ₹7,500 (30% up to ₹6,000); ₹15,000 (35% up to ₹7,500) on OD premium
What is the discount for anti-theft devices?
2.5% discount up to a maximum of ₹500 on OD premium
What is the discount for Automobile Association Membership?
5% discount up to a maximum of ₹200 on OD premium
