CR Document

Question 1

What product plans are in scope as per CR?

Answer 1

Name: Chola Long Term Private Car Package Policy; UIN: IRDAN123RPMT0030V01202425; Gencon product code: 3404, 5573, 3311

Question 2

Which vehicles is the policy applicable to?

Answer 2

Brand new Motor Private Cars registered with RTO

Question 3

What are the main coverages under the policy?

Answer 3

Section I - Own Damage (OD); Section II - Third Party (TP) Liability; Section III - Compulsory Personal Accident (CPA) for Owner-driver

Question 4

What does Section I - Own Damage (OD) cover?

Answer 4

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.

Question 5

What does Section II - Third Party (TP) Liability cover?

Answer 5

Covers legal liability to a third party for personal injuries or property damage arising out of an accident involving the insured vehicle.

Question 6

What does Section III - Compulsory Personal Accident (CPA) cover?

Answer 6

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.

Question 7

What is the period of insurance for each section?

Answer 7

Section I: 3 years; Section II: 3 years; Section III: 1/2/3 years

Question 8

What is the maximum liability under Section I?

Answer 8

IDV (Insured Declared Value) of the vehicle

Question 9

What is the maximum liability under Section II?

Answer 9

Personal injury – Court award; Property damage – ₹7.50 lakhs

Question 10

What is the maximum liability under Section III?

Answer 10

Up to ₹15 lakhs

Question 11

How is the OD premium calculated?

Answer 11

OD premium is a percentage of the IDV; based on age of the vehicle, cubic capacity (CC)/kilo watt (KW), and geographical zone

Question 12

How is the TP premium determined?

Answer 12

TP premium is a fixed amount based on CC or KW of the vehicle, following IRDAI guidelines

Question 13

Can customers carry forward No Claim Bonus (NCB) from an existing vehicle to a new one?

Answer 13

Yes, whatever NCB is at the beginning of the policy will continue during the course of the policy

Question 14

What are the NCB percentages available at inception?

Answer 14

0%, 20%, 25%, 35%, 45%, 50%, 55%, 65%

Question 15

What are some major exclusions of the policy?

Answer 15

As per policy wording attached (specific exclusions not listed)

Question 16

What are some of the add-on covers available?

Answer 16

• 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

Question 17

What is the UIN for the Waiver of Depreciation?

Answer 17

IRDAN123RPMT0030V01202425/A0031V01202425

Question 18

How is the OD premium for Zone A vehicles calculated?

Answer 18

Not exceeding 1000 CC: 4.952%; Exceeding 1000 CC but not exceeding 1500 CC: 5.199%; Exceeding 1500 CC: 5.448% of IDV

Question 19

How is the OD premium for Zone B vehicles calculated?

Answer 19

Not exceeding 1000 CC: 4.812%; Exceeding 1000 CC but not exceeding 1500 CC: 5.054%; Exceeding 1500 CC: 5.294% of IDV

Question 20

How is the OD premium booked over policy years?

Answer 20

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

Question 21

What is the discount for direct business?

Answer 21

15% discount on OD and CPA premium for direct channel policies

Question 22

What is the discount for voluntary deductible?

Answer 22

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

Question 23

What is the discount for anti-theft devices?

Answer 23

2.5% discount up to a maximum of ₹500 on OD premium

Question 24

What is the discount for Automobile Association Membership?

Answer 24

5% discount up to a maximum of ₹200 on OD premium

Question 25

What is the concession for specially designed/modified vehicles?

Answer 25

50% discount on OD premium for vehicles specially designed/modified for blind, handicapped, and mentally challenged persons

Question 26

What are the risk factors for Section I?

Answer 26

Vehicle make, fuel type, state, and vehicle segmentation

Question 27

What is the maximum loading and discount for Section I based on risk factors?

Answer 27

Maximum loading: 20%; Maximum discount: 20%

Question 28

What are the risk factors for Section III?

Answer 28

State, policyholder’s age, driving experience, educational background & profession, marital status, primary vehicle risk characteristics, own damage NCB

Question 29

What is the maximum loading and discount for Section III based on risk factors?

Answer 29

Maximum loading: 15%; Maximum discount: 15%

Question 30

What is the maximum discount and loading applicable to own damage coverage?

Answer 30

Maximum discount: 80%; Maximum loading: 50% (excluding discount on direct business)