HDFC Bank has announced the launch of instant renewal of insurance for cars and two-wheelers. This will be made available through an array of payment options such as SMS, Mobile Banking app, NetBanking, ATM, and PayZapp. Customers can opt for EMI payment of renewal premium as well via SMS, Netbanking or PayZapp.
Customers can now renew their vehicle insurance online instantly from the comfort of their homes or offices in 3 easy steps:
- HDFC Bank will send a notification to the customer when insurance is due for renewal
- Customers can renew instantly using HDFC Bank’s Mobile Banking App, Payment link received via SMS, Netbanking, ATM and PayZapp.
- EMI payment options available using SMS payment link, Net Banking and PayZapp. In case of instant renewal via Net Banking, the policy is renewed within 10 minutes.
HDFC Bank is the first bank in India to offer a bouquet of digital payment options for customers to renew their vehicle insurance in a few clicks. As per the prevailing regulations, all vehicle loan owners need to insure their vehicles. The insurance is valid for only one year and needs to be renewed annually. HDFC Bank has digitised the insurance renewal process end-to-end to offer customers convenience.
“We believe our offering has to be in sync with customers’ needs and expectations. Today, when time is at a premium for customers, we believe that the instant vehicle insurance renewal will benefit all our customers who seek to renew their vehicle insurance using an array of HDFC Bank’s digital banking platforms. By leveraging various touch points, we are making it not just convenient for our customers, but also providing them a differentiated experience,” Nitish Nagori, Head, Auto Loans and Insurance, HDFC Bank.
