India is going big on digital money and cashless transactions. Nowadays from auto drivers, vegetable vendors to supermarkets, everywhere cashless payment method is available and it’s convenient as well. So why not in insurance services! Cashless mode of transaction was first introduced in Health Insurance sector. Customers in various sectors struggled with this mode of money transactions, but eventually it gained popularity after experiencing its benefits. Many hospitals, service shops, shopping malls, etc. in the country prefer cashless mode of transaction in case of emergencies or otherwise.
Many of us will not be equipped with emergency cash or financial backups, because all of us sometimes neglect the probability of any mishap or accidents or sudden mechanical breakdowns of our vehicle. But in few unfortunate times, this may not be true. In such situations cashless insurance policy is a savior. After the successful application in Health Insurance sector, cashless insurance service was implied in every other sector including two wheeler and car insurance.
There are two basic policies which all two wheeler owners must carry;
This policy provides an extensive coverage under various situations for the policyholder. This plan covers third-party liabilities due to body injuries, accidental death, property damage, own liabilities arising out of personal losses, property damage from natural calamities or man-made calamities. The premium for this plan is high due to the extensive insurance coverage the plan provides. Insurers usually provide a number of add-ons that you can opt for under the comprehensive plan.
This is a mandatory policy that a two-wheeler owner should buy as regulated by law. This plan provides cover against all the legal liabilities that arises due to damages or injuries caused to a third-party person or property by the insured vehicle. Personal losses covered under this plan include accidental death, body injuries, permanent disability, etc. This insurance cover can be availed at a lower premium as it covers only third-party liabilities. This cover allows you to raise a claim under the ‘no-fault liability claims’ category. Here, you are allowed to raise the claim without having to provide proof that suggests your negligence caused the accident.
Most companies today offer cashless transactions facility with the insurance policy. As the name suggests, if the policyholder needs emergency vehicle service or he/she has been in an accident, they do not have to pay money either in the hospital or in the repair garage to avail the facility. Every insurance company will have a network of garages and hospitals across the country in various locations, where they can send help to policyholder’s location. The insurer will take care of all the repair work or medical facilities without the policyholder having to pay a single penny.