Carrying Bike Papers becomes more convenient

Carrying all the documents of the vehicles during a ride won’t be a challenge anymore as Insurance Regulatory Authority of India has come up with a digital motor insurance initiative called as e-Vahan Bima. Telangana government has already started this initiative and other states are expected to come up with the same regulation in the coming time. So, here are the things you need to know about the new e-Vahan Bima scheme:

It’s a new motor policy issued by the insurer in which a digital form is used to generate a QR code which contains the details of the policy. Cops will scan the QR code/ Bar code to get all the information from the database of Insurance Information Bureau. The regulatory body has asked the insurance companies to start the process in Telangana from 1st December 2015 and it also includes the physical form.

It will be difficult to use the fraud insurance policy as the QR code will provide all the details of verification so if the someone is caught  riding without a third party insurance, it is a punishable offense. On renewal or purchase, the policyholder will be given a digital format that can be read on smartphones and all the details will be sent via SMS if the holder does not have e-mail facility

Sanjay Datta, Chief of Underwriting and claims at ICICI Lombard Insurance company said, “It will be convenient for the policyholders as they don't have to carry the insurance policy in physical form and it may result into some cost reduction eventually as the insurance companies will also save on the cost of sending the documents to the policyholders”. It will be beneficial for both insurance companies and the customers as the operational expenses of these companies will go down, this was stated by Neeraj Gupta, VP, PolicyBazaar.com.