Bajaj Allianz General Insurance has launched additional auto insurance called pay-as-you-consume (PAYC). The company was the first to launch pay-as-you-go under the Irdai sandbox rule, and due to the overwhelming customer response, Bajaj Allianz General Insurance introduced this as a full-coverage auto insurance product.
Customers can choose additional pay-as-you-go coverage along with the base plan under bundled product, bundled, and standalone OD coverage. Customers can choose coverage based on their vehicle usage, in addition, the premium is calculated ie. kilometers traveled per year. Customers can also benefit from additional bonuses for their driving safety.
“Pay as you go gives customers the flexibility to choose their insurance premium based on how they want to use their vehicle and intends to extend benefits to them based on their telematics driving behavior. It will also encourage customers to drive safely, thus making our roads safer in the long run,” said Tappan Singhel, MD & CEO, Bajaj Allianz General Insurance.
This product offering allows consumers to make choices not only about premium, but also about coverage and offering the benefits of safer driving. The company will offer this modular product nationally through an omnichannel approach.