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Product Features
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Long Term Comprehensive Protection
In India, it is mandatory by law, to have a motor vehicle insured under a
“Third-party Insurance” cover before plying the vehicle on the roads. To help you
and your vehicle to be secured from any liabilities, Universal Sompo General Insurance
has launched a “Two Wheeler Long Term Package Policy”. By opting for a Two Wheeler Long
Term Package Policy, your two wheeler vehicle is secured & covered for a longer tenure from
Third-party Liabilities, as well as, Own Damages & instances of vehicle theft.
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Sum Insured and Insured
Declared Value
a) All vehicles are insured at a fixed value called the Insured's Declared Value
(IDV).
b) IDV is calculated on the basis of the manufacturer's listed selling price of
the vehicle
(plus the listed price of any accessories) after deducting the
depreciation for every year as per
the schedule provided by the Indian Motor Tariff.
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Additional Long Term
Discount
By purchasing the long term policy, you would get the following Additional discount:
Long Term Policy with Policy Term Additional:
a) 2 Year Discount 5%
b) 3 Year 10%
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No Claims Bonus (NCB)
No Claims Bonus (NCB) under the TWLTPP, you are eligible for two type of NCBs –
Normal NCB and Incremental NCB. The incremental NCB will be over and above the normal
NCB and will be applicable only in the case of the renewal of a Long Term Policy.
However, the total NCB (normal NCB plus incremental NCB) under all circumstances
will not exceed 50%. Normal NCB: Normal NCB, will be offered to you as per the following
table, which will be applicable for renewal of annual as well as Long term policy,
also same will be applicable for migrating from annual to Long-term as well as Long
term to annual policy
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Covers
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A Motor insurance policy is mandatory under the Motor Vehicle Act. Owning USGI’s
Two Wheeler
Long Term Package Policy (‘TWLTPP’) ensures that you are protected from financial
losses, caused by
damage or theft of the vehicle and third party liability.
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A. Key Benefits
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- Insure once and avoid hassles of yearly renewals
- Option to insure for two or three years at one-time
- Save on premium hike for Third Party Rates
- Get additional discount on your Motor Own Damage premium (Refer Section
E)
- Get additional NCB on renewal (Refer Section F)
- Transfer your NCB: You can transfer full benefits of No Claim Bonus
when you shift your motor
- insurance policy to another company*
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What is covered?
- Loss or Damage to your vehicle against Natural Calamities.
- Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon,
hurricane, storm, tempest,
- Inundation, cyclone, hailstorm, frost, landslide, rockslide.
- Loss or Damage to your vehicle against Man-made Calamities, Burglary,
theft, riot, strike,
- malicious act, accident by external means, terrorist activity, any damage
in transit by road, rail,
- Inland waterway, lift, elevator or air.
- Personal Accident Cover Coverage of Rs 1 Lakh for the individual owner/driver
of the vehicle
- While driving or travelling, mounting or dismounting from the two wheeler.
Optional personal
- Accident covers for co-passengers available.
- Third Party Legal Liability Protection against legal liability due to
accidental damages resulting
- In the permanent injury or death of a person, and damage caused to the
surrounding property.
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What is not covered?
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- Normal wear and tear and general ageing of the vehicle.
- Depreciation or any consequential loss.
- Mechanical/ electrical breakdown.
- Wear and tear of consumables like 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.
- Accidental loss or damage caused due to Wilful Negligence.
- Vehicles being used otherwise than in accordance with limitations as
to use.
- Damage to/ by a person driving any vehicles without a valid license.
- Damage to/ by a person driving the vehicle under the influence of drugs
or liquor.
- Loss/ damage due to war, mutiny or nuclear risk.
- Policy deductibles
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General Exception:
- Vehicles being used otherwise than in accordance with limitations as
to use.
- Damage to/ by a person driving any vehicles without a valid license.
- Damage to/ by a person driving the vehicle under the influence of drugs
or liquor.
- Loss/ damage due to war, mutiny or nuclear risk.
- Policy deductibles
- Being driven by or is for the purpose of being driven by him/her in
the charge of any person other than a Driver as stated in the Driver's Clause.
- (i) Any accidental loss or damage to any property whatsoever or any
loss or expense whatsoever resulting or arising there from or any consequential
loss
- (ii) any liability of whatsoever nature directly or indirectly caused
by or contributed to by or arising from ionising radiations or contamination by
radioactivity from any nuclear fuel or from any nuclear waste from the combustion
of nuclear fuel. For the purpose of this exception combustion shall include any
self-sustaining process of nuclear fission.
- Any accidental loss or damage or liability directly or indirectly caused
by or contributed to by or arising from nuclear weapons material.
- Any accidental loss damage and/or liability directly or indirectly or
proximately or remotely occasioned by contributed to by or traceable to or arising
out of or in connection with war, invasion, the act of foreign enemies, hostilities
or warlike operations (whether before or after declaration of war) civil war, mutiny
rebellion, military or usurped power or by any direct or indirect consequence of
any of the said occurrences and in the event of any claim hereunder the insured
shall prove that the accidental loss damage and/or liability arose independently
of and was in no way connected with or occasioned by or contributed to by or traceable
to any of the said occurrences or any consequences thereof and in default of such
proof, the Company shall not be liable to make any payment in respect of such a
claim.
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