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Two-wheeler insurance is a type of insurance that is mandatory in India. Falling under the General insurance product category, it helps protect people against accidents that take place on the road. Active two wheeler insurance shields the vehicle owner from any unforeseen occurrences like the accident or any serious damage to the motor vehicle.
The amount of premium depends on the make and value of the car, state where the car is registered and the year of manufacture. This amount can be reduced by asking the insurer for a no claim bonus (NCB) if no claim is made for insurance in previous year. [34] Two wheeler insurance – covers accidental insurance for the driver of the vehicle.
Acko General Insurance is a private sector general insurance company in India. [ 1 ] [ 2 ] Founded in November 2016, the company received its license from the Insurance Regulatory and Development Authority of India (IRDAI) in September 2017.
While the long-term insurance policy is 3 years for four-wheelers, it is 5 years for two-wheelers. The following guidelines are issued to implement the Supreme Court guidelines via a circular issued to insurers under Section 14(2) of the Insurance Regulatory and Development Agency of India Act, 1999, effective September 1, 2018. [7]
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ICICI Lombard General Insurance is the largest private-sector general insurance company in India. [ 5 ] In a 2016 fiscal, ICICI Bank sold a 9.0% stake in ICICI General to its joint venture partner, Fairfax Financial Holdings, at a company valuation of ₹ 172.25 billion (equivalent to ₹ 250 billion or US$3.0 billion in 2023). [ 6 ]
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