Tata motors in association with IFFCO Tokio General Insurance Company announced the launch of unique insurance plan called Triple Benefit Insurance for commercial vehicles. This benefit is available under the Standard Motor Insurance policy with 3 add-on covers as under:
Depreciation wavier / zero depreciation coverage
New Vehicle replacement coverage
Loss of income / vehicle hire cost
The salient features of these plans are as under:
Depreciation wavier / zero deprecation coverage:- Under this feature the insurance company will not deduct any deprecation amount from the claim as against the standard process of deduction under Standard Policy Deduction and deprecation on changed parts, which ranges from 5 -50%.
New Vehicle Replacement Coverage:- As against the payment of Insurance Declared Value, in the event of loss of vehicle, which is less than the replacement cost, under this scheme replacement cost of the vehicle is paid. The customer will be paid ex-showroom price of the replacement vehicle of a similar make / model. In addition to this, company will also pay current cost of insurance and registration subject to adjustments of refunds.
Loss of income / vehicle hire cost:- Under this scheme reimbursement of income will be paid to the customers. As per company’s belief a commercial vehicle is a source of livelihood for the operator and any awkward incident is a loss of revenue to the person. This scheme compensates for the loss of income.
Mr. Ravi Pisharody, Executive Director – Tata Motors said that company, which is pioneer in introducing these schemes, aims at providing quality services to its customers thereby providing greater value to them. Mr. Yogesh Lohiya – Managing Director and CEO – IFFCO Tokio Life Insurance said that the company along with Tata Motors has developed a first of its kind comprehensive insurance package which is revolutionary and complete value of money.
