Floater motor policy which covers group health of friends

Motor insurance that covers all the vehicles that you own is like a family floater health insurance policy.

Insurance regulatory and development authority of India (Irdai) has permitted this policy under regulatory sandbox a workplace where technology-driven companies can innovate their financial products. Customization of new products may lead to making Insurance popular.

Irdai has asked the insurance companies to launch their products with a cap of 50,000 policies on a trial basis between February and July.

Motor Floater Policy

CEO and Executive director, Edelweiss general, said their product will cover any damage to customer’s vehicles according to usage. Premiums will be charged according to usage. There will be flexibility for the customers to add or remove the cover and it can be switched on or off according to their wish.

Friend Assurance

The policy will cover a group of 5 or 30 individuals. The policy will work only for those who are health conscious. There will be discounts according to the group size.