SBI GENERAL INSURANCE

INTRODUCTION
SBI General Insurance Company Limited is a joint venture between the State Bank of India and
Insurance Australia Group (IAG) with SBI having a 74% of the total capital stake while IAG
holding the remaining 26%. State Bank of India enjoys the largest banking franchise in India.
Along with its 6 associate Banks, State Bank Group has an unparalleled strength of over 16,000
branches across the country, arguably one of the largest banking networks in the world. IAG on
the other hand is the largest non life insurance company in Australia with its operations spread
across Australia, New Zealand, the United Kingdom and Asia as well. SBI General started its
business operation in India during the late March 2010 in a limited way and is already working
towards a nationwide launch with a larger product portfolio. SBI General seeks to be a
technology driven company with the state-of-the-art IT systems. A multi-product and multisegment company, SBI General is in the process of setting up a unique multi-distribution model.
SBI General, in the course of time, has introduced innovative and well-diversified portfolio of
products at competitive prices.

INSURANCE IN INDIA
Insurance in India refers to the market for insurance in India which covers both the public and
private sector organizations. It is listed in the Constitution of India in the Seventh Schedule as
a Union List subject, meaning it can only be legislated by the central government.
The insurance sector has gone through a number of phases by allowing private companies to
solicit insurance and also allowing foreign direct investment. India allowed private companies in
insurance sector in 2000, setting a limit on FDI to 26%, which was increased to 49% in
2014.However, the largest life-insurance company in India, Life insurance Corporation of India
is still owned by the government and carries a sovereign guarantee for all insurance policies
issued by it.

POWERS AND FUNCTION

To promote and ensure orderly growth of insurance and re- insurance business

To issue a certificate of registration, renew, modify, withdraw, suspend or cancel such
registration of applicant, i.e. insurance company

To prepare a code of conduct for agents, surveyors and loss accesses and other
intermediaries who take part in insurance business

To exercise all powers and perform all functions of controller of Insurance under
Insurance Act, 1938

To protect interest of policy holders in matters concerning assignment of policy,
settlement of claims, terms and conditions of contract etc.

To promote efficiency in conduct of insurance business

To promote and regulate professional organizations connected with insurance business

To regulate investment of funds of insurance companies

To regulate maintenance of margin of solvency

To adjudicate disputes between insurers and intermediaries

To call for information from" undertake inspection and conduct enquiries and
investigations including audit of insurers, intermediaries etc.

To control and regulate rates', advantages, terms and conditions offered by Insurers in
respect of general insurance business riot so controlled by Tariff Advisory committee

To prescribe manner and forms in which books of accounts is to be maintained

To exercise other powers as such may be prescribed by central government.

because of the competition of the various insurance company and the customer satisfaction of the vehicle insurance policies which the insurance companies are providing and at the same time to solve the complaints of the customer and maintaining the sound relationship for the future and by this way to estimate the future growth of sbi general insurance service . To estimate the future growth of insurance policies. To ensure highsatisfaction level and reduce percentage of complaints of customer in   insurance sector.RESEARCH METHODOLOGY TITLE OF THE PROJECT “SBI VEHICLE INSURANCE” STATEMENT OF THE PROBLEM This project is on the sbi vehicle insurance. OBJECTIVES OF STUDY   To study the insurance various policies on vehicle insurance. . To suggest strategies for improvement in Customer Service.

 Secondary data collection. .  Primary data collection.The primary data was collected by means of survey. Books . bank websites. It was collected from different customers through questionnaire.This data was collected from Internet.DATA COLLECTION Data was collected from two sources-primary and secondary sources.

TYPES OF GENERAL INSURANCE In law and economics. An insurer is an institution or a company selling the insurance. an insured one policyholder is the person or entity who is buying the insurance policy. in exchange for payment. The general insurance rate is a factor used to determine the amount to be charged for a particular amount of insurance coverage. possibly bad loss. The insured receives a contract which is called the insurance policy that details the condition and circumstances under which the insured will be compensated or indemnified. the practice of appraising and controlling risk. General insurance is also defined as an equitable transfer of the risk of loss. has come out as a discrete of study and practice The transaction involves the clients assuming a guaranteed and known relatively very small loss in the from of money or payment to the insurer in exchange for the insurer’s promise to identify the insured in the case of a large . uncertain loss. called the premium risk management. general insurance is defined as a form of risk management basically used to hedge against the risk of a contingent. . from one entity to another.

These are the common TYPES OF GENERAL INSURANCE: .

SB VEHICLE INSURANCE HOME INSURANCE HOME INSURANCE SBI GENERAL INSURANC E TRAVEL INSURANCE FIRE INSURANCE I VEHICLE INSURANCE 1 COMMERCIAL MOTOR INSURANCE Life is one great balancing act. you do encounter life's little road blocks like accidents & thefts. The best way to handle them is to just move ahead and enjoy the journey rather than get bogged down. As you set to get the best out of life. you be in control no matter what the little road blocks that life throws at you. With SBI General's Commercial Vehicle Insurance Policy. Key Features  Sum insured limits applicable to property types .

. self-ignition. together with loss or damage to the Vehicle itself.  Additional Legal Liabilities towards Paid Driver and employee  Bi-fuel Kit  Enhanced PA cover to Owner Driver and Paid Driver Scope  Third party liability: Protects against any legal liability arising out of the use of the vehicle.  Loss or damage to the vehicle:  The policy covers against any loss or damage caused to the vehicle or its accessories due to the following:  Fire. provides the following:. accidental damage by external means  Any damage in transit by road. inland waterway. elevator or air. explosion. rail. towards third parties arising on bodily injury to / on death of a person and any damage caused to third party property. The Policy also provides cover for: Personal Accident for Paid Driver/cleaner/conductor  For an additional Premium. This Policy is designed to cover the compulsory Third Party Liability as required by Motor Vehicles Act. lift.

flood. malicious act & terrorist activity  Personal accident cover:  The motor insurance provides compulsory personal accident cover of Rs. rockslide. You may also now opt for higher limits in Personal Accident cover. hurricane. tempest.  Burglary. 2 lakhs for individual owners (available only if the owner of the vehicle holds a valid driving license) of the vehicle while driving. Lightning. Paid driver. typhoon. riot. strike. storm. landslide. inundation. earthquake. frost.  Non-fare paying passengers . cyclone. theft.  Additional Legal liabilities :  The following additional legal liabilities may also be opted for at an additional premium  Paid driver/Conductor/Cleaner employed in operation of vehicle.  Employees travelling in/driving the vehicle other than paid driver. hailstorm. cleaner and conductor employed in operation of vehicles can also be covered for Personal Accident for a maximum Capital Sum Insured of Rs 2 lakh per person. This is not applicable for a Company owned vehicle.

health insurance. personal accident insurance and home insurance for individuals. construction & engineering insurance. travel insurance.5 crore Saving Accountholders of the State Bank of India with a Group Personal Accident Insurance cover. package insurance. a No Claim Bonus (NCB) is offered on renewals. marine insurance. (NCB will only be allowed provided the Policy is renewed within 90 days of the expiry date of the previous policy. 2 Two Wheeler Insurance SBI Two Wheeler Insurance by SBI general Insurance Company is a joint venture between two companies namely the State Bank of India and Insurance Australia Group (IAG). The year of 2013-14 was the fourth year of operation of the company where the company registered a growth of 54% by writing a Gross Premium of 1188 crores. group . In the same year the company in association with State Bank of India covered over 1. SBI General insurance company offers different categories of insurance plans including motor insurance.Bonus   No Claim Bonus If you do not make a claim during the Policy period. This discount can go as high as 50%. Other specialized insurance plans include aviation insurance. fire insurance. State Bank of India owns 74% of the company while the Insurance Australia Group owns the remaining 26%. liability insurance.) Transfer of NCB: You can transfer full benefits of No Claim Bonus when you shift your motor insurance policy from another company.

1 lakh to any amount by paying a small additional premium. group personal accident insurance and miscellaneous insurance plans for businesses. The plan also has inbuilt as well as additional optional covers which can be availed by an  individual for a more comprehensive scope of coverage under the plan. Personal accident for owner driver or registered driver. Individuals aged between 25-55 years can also avail a discount in the rate of premium  charged. The pillion rider may be included in the Personal Accident Cover of up to a maximum of  Rs. The plan comes with a profile based customized pricing policy wherein the premium  varies from individual to individual. Man made calamities like theft. If the vehicle is continuously insured with the company without any break. Another optional cover is the increment of the Personal Accident cover on the own driver which can be increased from Rs. Individual owners of the two-wheeler enjoy a compulsory Personal Accident coverage  which is built-in under the plan up to Rs.1 lakh by paying an extra premium. there is an  additional discount in the rate of premium charged by the company.health insurance. damages or loss arising out of the following     causes is covered: Natural calamities like earthquake. Features & benefits of SBI General Bike Insurance  It is a package policy which covers the compulsory Third Party Liability and also damage  or loss to own vehicle Under the third party liability coverage the plan covers any bodily injury or death caused to the third party due to the use of the two-wheeler and also any loss or injury to the  property of the third party due to the use of the two-wheeler Under the own vehicle damage or loss. .1 lakh.

there is a discount in premium which can go as high as 50%. landslide. rail. flood. self-ignition. storm. tempest. typhoon. . there is also a provision of transferring the complete benefits of No Claim Bonus when porting the two-wheeler insurance plan from other insurance companies.  Third party liability: Protects against any legal liability arising out of the use of the vehicle. Coverage  This Policy is designed to cover the compulsory Third Party Liability as required by Motor Vehicles Act. elevator or air. together with loss or damage to the Vehicle itself. hailstorm. hurricane. rockslide. cyclone.  Fire. Moreover. inland waterway.  Loss or damage to the vehicle: covers against any loss or damage caused to the vehicle or its accessories due to the following. explosion. accidental damage by external means  Any damage in transit by road. earthquake. The No Claim Bonus is applicable only if the plan is renewed within 90 days from the date of expiry of the previous policy. inundation. frost. towards third parties arising on bodily injury to / on death of a person and any damage caused to third party property.  Lightning. There is a provision of No claim Bonus under the plan wherein if there has been no claims in a policy year. lift.

malicious act and terrorist activity  Following are the additional opt-in covers  SBI General's Two Wheeler Package Policy provides compulsory personal accident cover of Rs.)  Transfer of NCB: You can transfer full benefits of No Claim Bonus when you shift your motor insurance policy from another company. This discount can go as high as 50%. Bonus  No Claim Bonus: If you do not make a claim during the Policy period. You may also opt for higher limits in Personal Accident cover.  Pillion Rider of the two wheeler can also be covered for Personal Accident for a maximum Capital Sum Insured of Rs. . riot. 1 lakh. theft. (NCB will only be allowed provided the Policy is renewed within 90 days of the expiry date of the previous policy. strike. a No Claim Bonus (NCB) is offered on renewals. Burglary. This is not applicable for a Company owned vehicle. 1 lakh for individual owners (holding a valid driving license) of the vehicle while driving.

the claim handling team of the company is efficient and manages to treat the customer’s claim quickly and fairly.Why SBI General Two Wheeler Plan? Any customer wanting to buy an insurance plan always wants to have a smooth claim processing and handling experience from the insurer. The team strives to provide a fast and fair claim settlement experience so that the customer does not have to undergo useless hassles.  With all these efforts. the claim handling team of the company strives to do the following things:  They try to provide assistance in situations which are emergent in nature  They help in relieving down the relevant stress associated whenever a claim arises by coordinating repair and replacement of the vehicle  They keep the customer informed about the progress of their claims  They also help the customers to access the company’s preferred local service providers who handle the damaged vehicle properly with a promise to service it in the most efficient possible way. Applying for a SBI General Two Wheeler Insurance The company offers a Package Two-Wheeler Plan application through multiple channels like: . To meet this objective. SBI General has a dedicated and an experienced team to handle the respective claims raised by individuals.

almost every individual needs their own mode of transportation in order to have a smooth and a independent life and hence car is a necessity. Therefore. The protection can be done against risks like natural calamities and other dangers like theft etc.  They can provide their name. Hence.in for any related queries.  The customers can also write to the company at their email id which is customer. Individuals desirous of availing any plan can simply call the helpline of the company at 1800 22 1111 or 1800 102 1111 and speak to the customer service representative. but third party damage or loss and legal proceedings also be taken care by the car insurance plans. SBI General Insurance has come up with tailor made car insurance plans which fits the necessities and provisions that an individual might needs for his or her vehicle. . In today’s busy world. its absolutely necessary that every car owner must have a car insurance plan and moreover the same has been mandated by law as well. protecting the car or his or her vehicle is of utmost important. Not only can this. 3 PERSONAL CAR INSURANCE Car is treated as the one of the important treasured possession in anybody’s life. mobile number and email id on the website of the company and request for a call back  Online Individual Personal Accident Plans can be simply applied to by clicking the ‘Buy Online’ tab mentioned on the plan page on the website of the company.care@sbigenera.

 Damage to vehicle due to natural calamities like storm.Accidents can happen at any point of time and so does the natural calamities. The occupants in the vehicle at the time of the accident are also covered under the plan to a maximum Sum Insured of Rs 2 lakhs per person. this is not applicable for company owned vehicle. No can predict either of these but can certainly protect the vehicles from the uncertainties and related loss or damage by availing insurance plans. SBI General Insurance provides a wide-ranging car insurance plans which shields vehicles from any risks. Moreover. theft or act of terrorism  It covers for the following things as well for an additional premium :  Additional legal liabilities towards Paid Driver and employee: This plan also covers the additional legal liabilities towards paid driver employed during the accident of the vehicle and also the employees travelling or driving the vehicle .  Third Party Liability: This policy provides for legal liability coverage for the third party as well which is mandated by the law. etc. its absolutely mandatory under the Motor Vehicles Act to have a car insurance plan. Hence. Features and Benefits of SBI Car Insurance Policy  Personal Accident: The Motor Insurance Plan provides a compulsory Personal Accident Plan of Rs 2 lakhs for individual owners which are available if the owner holds a valid driving license while driving. or any burglary. A good car insurance plan can shield or guard the vehicles and the insured individual not only from accidents and natural calamities but also from risks arises from the third party damages and loss. However. flood.

landslide. frost. strike. self-ignition. hailstorm. inland waterway. rail.  The rate of No Claim Bonus at the time of renewal will be at par with the time prior to the loss he has incurred. Coverage  This Policy is designed to cover the compulsory Third Party Liability as required by Motor Vehicles Act. rockslide. accidental damage by external means  Any damage in transit by road. earthquake. inundation. cyclone. (Other than the driver).  Lightning. lift.  Burglary. storm.  Loss or damage to the vehicle:  The policy covers against any loss or damage caused to the vehicle or its accessories due to the following:  Fire. together with loss or damage to the Vehicle itself. riot. malicious act and terrorist activity . theft. elevator or air.  Nil Depreciation: It ensures that one gets the full amount that he claims without any deduction of the depreciation value on parts of the car. tempest. explosion. typhoon.  Only one single claim was made during the policy tenure. hurricane. flood.  Bi-fuel kit: The plan also covers the CNG LPG Bi Fuel Kit.  No Claim Bonus Protection: The Company will sustain the No Claim Bonus on payment of additional premium provided :  The vehicle is renewed with the company.  The insured vehicle is repaired in a Garage which is authorized by the Company.

2 lakhs for individual owners (available only if the owner of the vehicle holds a valid driving license) of the vehicle while driving.  Employees travelling in/driving the vehicle other than paid driver.  NCB Protection:  On payment of additional premium Company will maintain the No Claim Bonus (NCB) subject to following:  a) The vehicle is renewed with us.  b) There was only one single such claim lodged in the entire Policy period.  c) The insured vehicle is repaired in a Company Authorized Garage. Occupants of vehicles can also be covered for Personal Accident for a maximum Capital Sum Insured of Rs 2 lakh per person. This is not applicable for a Company owned vehicle..  Additional Legal liabilities:  The following additional legal liabilities may also be opted for at an additional premium  Paid driver employed in operation of vehicle. Personal accident cover:  The motor insurance provides compulsory personal accident cover of Rs. You may also now opt for higher limits in Personal Accident cover. .  Nil Depreciation:  On payment of additional premium Company will indemnify the Insured without deduction for depreciation on parts in respect of approved partial loss.  Bifuel-Kit:  The CNG-LPG bifuel kit can also be covered by paying additional premium.

Company will pay the financial shortfall. . Provided that.  e) Each such replacement claim shall be subject to 10% co-share of the total cost of replacement subject to a minimum of Rs 500/.  Cover for Key Replacement:  On payment of additional premium Company will reimburse the cost of replacing the vehicle keys subject to following:  a) In case of lost or stolen keys.  Return to Invoice:  On payment of the additional premium. whichever is less. d) The rate of NCB allowed at the time of renewal will be same that he was enjoying prior to the loss. by the Insured. between the amount Insured receives under section I of the Policy and the purchase price of the vehicle as confirmed in the Invoice of Sale or current replacement price of new vehicle. all other duplicates of the lost or stolen keys are to be deposited with the Company  b) In case the vehicle lock is broken at the time of burglary or attempted burglary.. insured vehicle is not more than 2 years old from date of invoice/date of registration whichever is earlier on the commencement date of the Policy. The Company will also reimburse the first time registration charges and road tax which the Insured had incurred on the insured vehicle. the entire set of old keys are to be deposited with the Company  c) The Company is provided with a copy of FIR lodged with Police by the Insured confirming the date and time of the incident  d) The replacement should be carried out in a Company Authorized Garage. in the event the insured vehicle is a Total Loss/CTL following an accident or stolen during the period of insurance and not recovered. if any.

quantity.during the Policy period. Laptop. quality.  g) The Reimbursement under this endorsement will be allowed only once during the Policy period.  d) Any claim under this Section is subject to the precondition that there is a valid own damage or Key replacement claim in respect of the insured vehicle already admitted by the Company under the Policy  The maximum amount payable under this Policy is Rs 50.000/. Audio/Video tapes. travel tickets.  Loss of Personal Belongings:  On payment of additional premium Company will make an allowance to the Insured for loss of personal belonging of Insured caused by perils as per Policy wordings and subject to following:  a) This Endorsement covers the personal belongings of the insured only  b) Personal Belonging for the purpose of this Endorsement means. but excludes money. bank drafts. or standard as the ones which were lost. and/or used or carried by him like Mobile. securities.for the rest.  c) The Company is to be provided with a copy of FIR lodged with Police by you confirming the date and time of the incident and the articles lost. stolen or replaced. items such as clothes and other articles of personal nature likely to be worn by the Insured including jewelleries.for Laptop and Jewelleries and Rs 2500/for Mobiles and Rs 500/. cheques. will be of the same type. Claim Process for SBI Car Insurance: . f) Any items replaced under this Endorsement. paintings. curios and items of similar nature. debit or credit cards. CD's. Each claim is subject to a deductible of Rs 5000/.

the company will for repair and/or the replacement charges of the damaged parts and the labour charges.  “i-claim” form can also be downloaded and after filling up. deductibles/ excess as per the policy.  In case of accident.  The Surveyor will monitor the repair work in every stage. one might have to pay the respective proportion of the loss towards depreciation. The claim reference number will be given and the process will be explained. depreciation charges for the replaced parts as per the insurance policy will be borned by the insured person.  A Surveyor is appointed to assess the loss of the insured vehicle and inspection of the same.  Self attested legible copy of Driving License of the driver at the time of accident. And in case where the repair is done in any garage. In case of cashless claims. .  Details of the third party injury/ damage. The cost of removal of the vehicle from the accident place to the nearest garage or the repair shop is also reimbursed as per the specified limit.in email id. the same can be forwarded to claims@sbigeneral. charges towards the repairs authorized by one and take the delivery of the vehicle. the insured will be required to pay bills to the garage and then submit the bills in originals to the SBI General local office with the relevant documents for reimbursement. Post which the approval is given and the insured is intimated about the claim status. In addition the excess/ deductibles as mentioned in the policy will be borne by the insured person.  Attested copy of FIR in case of third party injury/ damage.  One can also download the claim form and submit the following documents:  Self attested legible copy of the Registration Certificate. In case of replacement of any damaged part.

. Select Motor Private Car Insurance (on the Motor Insurance page). the insured person should never fail to inform about the accident to the insurance company. and go ahead with the renewal. In case of an accident with third party injuries or damages. You can renew your car insurance. Renewing your car insurance is essential to protect your car from various unforeseen circumstances like accidents and thefts. on the bank’s website. One very important to be noted here is that irrespective of any damage caused to the vehicle or not. Few mandatory details required are – your car insurance policy number. quick and user friendly. and click on the Renew Online option. with just a couple of clicks. chassis number/engine number/ registration number. Any claim falls outside the policy period will not be entertained. FIR needs to be furnished along with other claim documents.  Claims also can be lodged after expiry /renewal of a policy provided the incident happened within the policy period. If you don’t have your policy number you can fill in your customer id. SBI Car Insurance Renewal State Bank of India car insurance renewal policy is extremely smooth.

we recognise the pivotal role farmers like you are playing in contributing to the growth and development of the country.  Other Discounts  Voluntary Excess discount: A further discount on the premium is available if you opt for a Voluntary Excess in addition to the Compulsory Excess. a No Claim Bonus (NCB) is offered on renewals. Unfortunately you are also exposed to the vagaries of the nature that can potentially cripple you sometimes due to accidental damage to your Tractor or other farming vehicles.Bonus and Discount on SBI car Insurance Policy  No Claim Bonus  If you do not make a claim during the Policy period. At SBI General.) Transfer of NCB: You can transfer full benefits of No Claim Bonus when you shift your motor insurance policy from another company. (All Policies carry Compulsory Excess amount which is deducted from the claim amount payable) 4 Tractor and Other Farm Vehicle Insurance India is an agriculture based country. . (NCB will only be allowed provided the Policy is renewed within 90 days of the expiry date of the previous policy. This discount can go as high as 50%. Agriculture and farming are the main occupations of the majority of the population of our country outside big cities.

in addition to the personal accident cover to you and your other family members who may use the vehicle.The Policy also provides cover for:  Personal Accident for Paid Driver/cleaner.  For an additional Premium. provides the following:  Additional Legal Liabilities towards Paid Driver and employee. chaff cutters. . Lawn movers etc. Lawn movers etc.  No Claim Bonus Protection.  Bi-fuel Kit. you can safeguard your Tractor and other Farming Vehicles as well as your dream. reapers. chaff cutters. threshers. in addition to the personal accident cover to you and your other family members who may use the vehicle. This Policy is designed to cover the compulsory Third Party Liability as required by Motor Vehicles Act. reapers. Key Feature  This policy provides protection to your all important farming companions such as tractors harvesters.With SBI General's Tractor and Other Farm Vehicles Insurance Policy. together with loss or damage to the Vehicle itself.  Enhanced PA cover to Owner Driver and Paid Driver. salvage corps vehicle. This policy provides protection to your all important farming companions such as tractors harvesters. salvage corps vehicle. threshers.Package.

inland waterway. typhoon.  Loss or damage to the vehicle: The policy covers against any loss or damage caused to the vehicle or its accessories due to the following:  Fire. self-ignition. explosion. inundation. rockslide. flood. rail. tempest. lift. accidental damage by external means. towards third parties arising on bodily injury to / on death of a person and any damage caused to third party property. riot. elevator or air. hailstorm. strike. This is not applicable for a Company owned . together with loss or damage to the Vehicle itself. landslide.  Lightning. frost.  Personal accident cover:  The motor insurance provides compulsory personal accident cover of Rs. 2 lakhs for individual owners (available only if the owner of the vehicle holds a valid driving license) of the vehicle while driving. earthquake. Return to Invoice. theft.  Burglary. storm. malicious act & terrorist activity. hurricane.  Any damage in transit by road. cyclone.  Third party liability: Protects against any legal liability arising out of the use of the vehicle. Coverage  This Policy is designed to cover the compulsory Third Party Liability as required by Motor Vehicles Act.

Bonus  No Claim Bonus(NCB) Protection Cover.  Paid driver/Cleaner employed in operation of vehicle.  Employees travelling in/driving the vehicle other than paid driver.  c) The insured vehicle is repaired in a Company authorised Garage.  On payment of additional premium.  Return to Invoice Cover: .  d) The rate of the NCB allowed at the time of renewal will be same that the insured was enjoying prior to the loss. Occupants of vehicles can also be covered for Personal Accident for a maximum Capital Sum Insured of Rs 2 lakh per person. SBI General will maintain the No Claim Bonus (NCB) subject to the following:  a) The vehicle is renewed with us.vehicle. You may also now opt for higher limits in Personal Accident cover.  Additional Legal liabilities : The following additional legal liabilities may also be opted for at an additional premium.  b) There was only one single such claim lodged in the entire Policy period.

Provided that. Exclusion . SBI General will also reimburse the first time registration charges and road tax which the Insured had incurred on the insured vehicle. whichever is less. insured vehicle is not more than 2 years old from date of invoice/date of registration whichever is earlier on the commencement date of the Policy. On payment of the additional premium. in the event. the insured vehicle is a Total Loss/CTL following an accident or stolen during the period of insurance and not recovered. SBI General will pay the financial shortfall. between the amount Insured receives under section I of the Policy and the Purchase price of the vehicle as confirmed in the Invoice of Sale or current replacement price of new vehicle. if any.

 Vehicle being used otherwise than in accordance with limitations as to use.  Damage caused by overloading or strain.  Loss of or damage to accessories by burglary.Any loss/damage to the vehicle and/or its accessories will not be covered if caused by the following Normal wear.tear and general ageing of the vehicle.  Mechanical/ electrical breakdown.  Damage to / by a person driving the vehicle under the influence of drugs or liquor.  Loss / damage due to war.  Damage to / by a person driving the vehicle without a valid license.  Depreciation or any consequential loss. . Housebreaking or theft unless such insured vehicle is stolen at the same time. mutiny or nuclear risk.

vi. by riot and strike. iv. tires and tubes. The Company will indemnify the Insured against loss or damage to the vehicle insured hereunder and / or its accessories whilst thereon: i. batteries and air bags . by terrorist activity. by accidental external means.Nil (4) Rate of depreciation for all other parts including wooden parts will be as per the following schedule. x. by earthquake (fire and shock damage). whilst in transit by road rail inland-waterway lift elevator or air. SECTION I – LOSS OF OR DAMAGE TO THE VEHICLE INSURED 1. by fire explosion self ignition or lightning . by malicious act. by flood typhoon hurricane storm tempest inundation cyclone hailstorm frost. vii. v.NOW THIS POLICY WITNESSETH: That subject to the Terms Exceptions and Conditions contained herein or endorsed or expressed hereon. Subject to a deduction for depreciation at the rates mentioned below in respect of parts replaced: (1) For all rubber/ nylon / plastic parts. by burglary housebreaking or theft . AGE OF VEHICLE % OF DEPRECIATION Not exceeding 6 months NIL Exceeding 6 months but not exceeding 1 year 5% Exceeding 1 year but not exceeding 2 year 10% . iii. by landslide rockslide.50% (2) For fiber glass components – 30% (3) For all parts made of glass . ix. viii. ii.

housebreaking or theft unless such insured vehicle is stolen at the same time.750/. b) damage to Tyres and Tubes unless the vehicle is damaged at the same time in which case the liability of the Company shall be limited to 50% of the cost of replacement c) any accidental loss or damage suffered whilst the Insured or any person driving the vehicle with the knowledge and consent of the Insured is under the influence of intoxicating liquor or drugs. The company shall not be liable to make any payment in respect of a) consequential loss. failures or breakages nor for damage caused by overloading or strain of the insured vehicle nor for loss of or damage to accessories by burglary. depreciation.Exceeding 2 year but not exceeding 3 year 15% Exceeding 3 year but not exceeding 4 year 25% Exceeding 4 year but not exceeding 5 year 35% Exceeding 5 year but not exceeding 10 year 40% Exceeding 10 years 50% (5) Rate of depreciation for painting: In the case of painting. wear and tear. 2. mechanical or electrical breakdown. the depreciation rate of 50% shall be applied only on the material cost of total painting charges. In the event of the vehicle being disabled by reason of loss or damage covered under this Policy the Company will bear the reasonable cost of protection and removal to the nearest repairer and re-delivery to the Insured but not exceeding Rs. 3.for three wheeled . In case of a consolidated bill for painting charges. the material component shall be considered as 25% of total painting charges for the purpose of applying the depreciation.

damage to property caused by the use (including the loading and/or unloading) of the vehicle.for taxis and Rs.vehicles. respect of :death of or bodily injury to any person caused by or arising out of the use (including the ii.for other commercial vehicles in respect of any one accident. 4. Rs. does not exceed Rs.2500/. Subject to the limits of liability as laid down in the Schedule hereto the Company will indemnify the Insured in the event of an accident caused by or arising out of the use of the vehicle against all sums which the Insured shall become legally liable to pay in i. The Insured may authorise the repair of the vehicle necessitated by damage for which the Company may be liable under this Policy provided that: a) the estimated cost of such repair including replacements. and c) the Insured shall give the Company every assistance to see that such repair is necessary and the charges are reasonable. loading and/or unloading) of the vehicle. SECTION II – LIABILITY TO THIRD PARTIES 1. Provided always that: .1500/.500/b) the Company is furnished forthwith with a detailed estimate of the cost of repairs.

b) Except so far as is necessary to meet the requirements of the Motor Vehicle Act the Company shall not be liable in respect of death or bodily injury to any person in the employment of the Insured arising out of and in the course of such employment. 2. e) The Company shall not be liable in respect of damage to any bridge and/or viaduct and/or to any road and/or anything beneath by vibration or by the weight of the insured vehicle and/or load carried by the insured vehicle. The Company will pay all costs and expenses incurred with its written consent. other than owner of the goods or representative of the owner of goods being carried in or upon or entering or mounting or alighting from the insured vehicle described in the Schedule of this Policy. . injury damage caused or arising beyond the limits of any carriage way or thoroughfare in connection with the bringing of the load to the insured vehicle for loading thereon or the taking away of the load from the insured vehicle after unloading there from. c) Except so far as is necessary to meet the requirements of the Motor Vehicles Act in relation to the liability under the Workmen's Compensation Act 1923 the Company shall not be liable in respect of death or bodily injury to any person (other than a passenger carried by reason of or in pursuance of a contract of employment) being carried in or upon entering or mounting or alighting from the insured vehicle at the time of occurrence of the event out of which any claim arises.a) The Company shall not be liable in respect of death. f) Except so far as is necessary to meet the requirements of the Motor Vehicles Act the Company shall not be liable in respect of death and/or bodily injury to any person(s) who is/are not employee(s) of the Insured and not being carried for hire or reward. d) The Company shall not be liable in respect of damage to property belonging to or held in trust by or in the custody of the Insured or a member of the Insured's household or being conveyed by the insured vehicle.

the Company will indemnify any driver who is driving the insured vehicle on the Insured's order or with Insured's permission provided that such driver shall as though he/she were the insured observe fulfill and be subject to the terms exceptions and conditions of this Policy in so far as they apply. 4.3. 5. In the event of the death of any person entitled to indemnity under this Policy the Company will in respect of the liability incurred by such person indemnify his/her personal representatives in terms of and subject to the limitations of this Policy provided that such personal representatives shall as though they were the insured observe fulfill and be subject to the terms exceptions and conditions of this Policy in so far as they apply. . The Company may at its own option a) Arrange for representation at any Inquest or Fatal Inquiry in respect of any death which may be the subject of indemnity under this section. In terms of and subject to the limitations of the indemnity granted by this Section to the Insured. b) Undertake the defence of proceedings in any Court of Law in respect of any act or alleged offence causing or relating to any event which may be the subject of indemnity under this section.

. Loss of one limb or sight of one eye 50% iv. caused by violent accidental external and visible means which independent of any other cause shall within six calendar months of such injury result in: NATURE OF INJURY SCALE OF COMPENSATION i. Loss of two limbs or sight of two eyes or one limb and sight of one eye 100% iii. Death 100% ii. the Company undertakes to pay compensation as per the following scale for bodily injury/ death sustained by the owner-driver of the vehicle in direct connection with the vehicle insured or whilst mounting into/dismounting from or traveling in the insured vehicle as a co-driver.SECTION III – PERSONAL ACCIDENT COVER FOR OWNER-DRIVER Subject otherwise to the terms exceptions conditions and limitations of this Policy. Permanent total disablement from injuries other than named above 100% SECTION IV – EXCLUSION OF VEHICLE INSURANCE  Any loss/damage to the vehicle and/or its accessories will be not be covered if caused by the following.

 Normal wear. mutiny or nuclear risk. . tear and general ageing of the vehicle  Depreciation or any consequential loss  Mechanical/ electrical breakdown  Vehicle being used otherwise than in accordance with limitations as to use  Damage to / by a person driving the vehicle without a valid license  Damage to / by a person driving the vehicle under the influence of drugs or liquor  Loss / damage due to war.

.SECTION VI – COVER FOR VEHICLES IMPORTED WITHOUT CUSTOMS DUTY  Notwithstanding anything to the contrary contained in this Policy it is hereby understood and agreed that in the event of loss or damage to the vehicle insured and/or  its accessories necessitating the supply of a part not obtainable from stocks held in the country in which the vehicle insured is held for repair or in the event of the  Company exercising the option under ……….. * to pay in cash the amount of the loss or damage the liability of the Company in respect of any such part shall be  limited to:  (a) (i) the price quoted in the latest catalogue or the price list issued by the Manufacturer or his Agent for the country in which the vehicle insured is held for repair  less depreciation applicable.

 (ii) if no such catalogue or price list exists the price list obtaining at the Manufacturer's Works plus the reasonable cost of transport otherwise than by air to the  country in which the vehicle insured is held for repair and the amount of the relative import duty less depreciation applicable under the Policy. and  (b) the reasonable cost of fitting such parts.  Subject otherwise to the terms conditions limitations and exceptions of this Policy. .