This is the mandatory cover required by law for any vehicle to ply in India. It covers the legal liability due to the below instances due to an Accident:
Loss of life of a Third party
Personal Injury to a Third Party
Damage to property owned by a Third Party
This cover excludes damage to the customer’s vehicle. The premiums are as regulated by IRDA and there are no discounts applicable. The premium depends on the cubic capacity of the vehicle.
Full premium must be paid in advance before the commencement of coverage. There are no continuity or renewal benefits for this type of Policy.
The beneficiary of this insurance is the affected third party and compensation will be as awarded by the court of law.
There is unlimited coverage to Third party loss of life & Third party property damage.
The coverage for Third party property damage is limited to Rs.7.5 Lacs.
Policies are available on Annual & Long term (3 Year).
“ On clicking the “BUY NOW” option, you will be re-directed to a third party web site. This is purely a referral service and is provided on a non-participation basis. Federal Bank is only facilitating access to the services of Insurer and the same is in no context a service offered by the Bank. By clicking the above link, you are accepting these terms and will be re-directed to the website of Insurer as per your request. Necessary fees may have to be paid by you to Insurer for availing the services. Please note that by clicking the “BUY NOW” option, you will be leaving Federal Bank's website and our policies, terms and conditions, disclaimers etc., will cease to apply once you leave our website. Federal Bank and its affiliates, subsidiaries, employees, officers, directors and agents shall not be responsible in any manner whatsoever for confidentiality of the data shared by you and for any loss, damage, costs & charges, direct or indirect incurred by you, arising out of or in connection with your access to the website of Insurer or for any deficiency in the services of Insurer or for the failure or disruption of the Insurer website. The use by you of any service, products or information hosted on the website of Insurer shall be at your sole risk and discretion. The information available on the said website is subject to change, updation, revision, verification and amendment without notice and such information may change materially. Grievances & concerns in this regard shall be reported to Insurer and settled accordingly, without recourse to the Bank.”