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News Of Use

HIKE....

What are the changes

1. Impact on premium outflow : The net outflow will be more in the first year. Instead of making annual premium payments, the TP premium will have to be paid as an upfront-lumpsum payment. Saying that the premium has increased by a certain multiple may not be the right way. The third-party premium i.e. the tariff is fixed by IRDAI. In the new rule, only the outflow has increased in the first year, while no premium is to be paid in  2nd and 3rd year.

2. TP Tariff has gone up: For new cars, except for below 1000 cc segment, premium for all other car owners will be more. See new TP premium rates below.

Here are the new TP premium rates: ( September 1, 2018 to March 31,2019)

Not exceeding 1000 cc: This segment stands to gain. Instead of Rs 1,850 which totals Rs 5,550 for 3 years, the new long-term TP rate will now be Rs 5,286, a gain of about Rs 264.

Exceeding 1000 cc but not exceeding 1500 cc: This segment stands to lose. Instead of Rs 2,863 which totals Rs 8,589 for 3 years, the new long-term TP rate will now be  Rs 9,534 (almost 3.33 times more), an extra amount of about Rs 945.

Exceeding 1500 cc: This segment stands to lose. Instead of Rs 7,890 which totals Rs 23,670 for 3 years, the new long-term TP rate will now be Rs 24,305, an extra amount of about Rs 635

Looking at the current slab IRDAI has lowered the TP premium of the first slab (less than 1000cc) and increased the TP premium of other two slabs ( greater than 1000cc and greater than 1500cc) for the multi-year policies.

The new rates will be applicable from all policies purchased for new cars and bikes between September 1 and March 31 next year. After this, the regulator will revise rates depending on claims