Acko General Insurance has offered a one month insurance extension to car and bike owners to help them amid the coronavirus (Covid-19) outbreak.
The customers who renew or are first time buyers of Acko’s auto insurance policy will now pay only for 12 months and will get a free one-month extension.
The initiative is aimed at providing customers some relief during the one month of lockdown where their vehicles are not used.
“Since most vehicles are parked and not in use during this period, we want to support our customers and do the right thing in a transparent manner by extending their insurance policy by a month for no additional cost.
“Given these challenging times, we all need to support each other and ease the burden in whatever small way possible,” Acko General Insurance Product Strategy head Animesh Das has been quoted saying by The Economic Times.
The Ministry of Finance previously announced a grace period for premium payments for third party policies till 21st April.
In addition to this, the company is offering free one month extension on tenure of third party and own damage policies.
The timeframe for the existing customers to avail the one month lockdown extension is from April 2, 2020 to 31 March 2021.
On renewing their policy, they will get a 13-month policy for the premium amount of 12-months.
New customers can avail the one month lockdown extension on auto insurance till the lockdown period i.e. 14th April, 2020, reported The Economic Times.
Meanwhile, Coronavirus cases in India have jumped to 4,908 with a death toll of 138.
The country is in lockdown since March 25 in a bid to curb the pandemic outbreak.