In India, driving without motor insurance is a legal offense under Motor Vehicle Act 1988 and Third Party Insurance is a statutory requirement.
Motor insurance will help and protect the vehicle owner against damage to his/her vehicle and pays for legal liability in case of any injury or damage to any Third party life or property caused by the use of vehicle in a public place.
e-Vahan Bima is an electronic motor insurance policy. It is a policy issued in digital form.
Now as a part of Digital India, Electronic Motor policies are launched in the stated of Telengana. Where the policy holder or new customer can buy the policy online.
This will be cost efficient, faster delivery of insurance policies and arresting fraud.
The major highlights of the e-motor insurance
1. An eIA electronic insurance account will be provided if your policy is issued by the Insurer through Insurance Repository. You can also create an eIA with any of the registered Insurance Repository.
2. Once a digital policy is issued, an SMS is sent to the policyholder. In due course, it is also proposed to issue a unique code by which the policy details can be obtained online.
3. A mobile app will also be soon provided which can be downloaded with ease on your windows, android and apple phones wherein too, the policy details are available along with a QR Code.
4. Quick Response Code (QR code) is a type of bar code that contains information about the item, in the instant case, the Motor Insurance Policy details.
5. Individuals can carry a print out of the policy and also paste a copy of the QR image on the vehicle.
6. KYC check is also exempted from the e-Insurance Accounts for the purpose of holding electronic motor insurance policies. However, if other policies are to be held through eIA, KYC would be necessary.
7. Having an electronic insurance will remove the difficulty of carrying the physical copy of the motor insurance policy.