Page 40 - Insurance Times April 2019

Non-Life Insurance Plan

Commercial Comprehensive

Insurance Package

from Magma HDI General Insurance
Co Ltd

Scope Of Cover Age of the vehicle % of Depreciation
Third party liability:The policy protects you and your ve- Exceeding 3 years but not 40%
hicle against any legal liability arising out of the use of the exceeding 4 year
vehicle towards third parties leading to bodily injury to / Exceeding 4 years but not 50%
on death of a person and any damage caused to third party exceeding 5 year
property.
Loss or damage to the vehicle:The Commercial Motor However, if the price of any accessory in your vehicle is not
Policy also covers you against any loss or damage caused included in the manufacturer's listed selling price, then the
to your vehicle or its accessories due to the following natu- actual value (after depreciation) of it can be added to the
ral and / or manmade calamities. 'sum insured' over and above the IDV.
Y Natural calamities: Fire, explosion, self-ignition or light-
ning, earthquake, flood, typhoon, hurricane, storm, Additional Covers
tempest, inundation, cyclone, hailstorm, frost, land- You may also choose to add any of the following covers at
slide, rockslide. a nominal charge.
Y Man-made calamities: Burglary, theft, riot, strike, ma- 1. Personal Accident Cover:Compulsory personal acci-
licious act, accident by external means, terrorist activ- dent cover of Rs. 1 lakh, in case of two-wheelers and
ity, and any damage in transit by road, rail, inland Rs. 2 lakhs for other class of vehicles for *individual
waterway, lift, elevator or air together with loss or owners of the vehicle while driving. Please note, this
damage to the vehicle itself. is not applicable for a company owned vehicle.
Moreover, you and the other occupants of the vehicles
Sum Insured
can also be covered for 'personal accident' for a maxi-
At Magma HDI, we insure all vehicles at a fixed value, known mum capital sum Insured of Rs.1 lakh per person, in
as Insured's Declared Value (IDV). IDV is calculated on the
case of two-wheelers; and Rs. 2 lakh per person for
basis of your vehicle manufacturer's listed selling price (plus other class of vehicles. You may also opt for higher lim-
the listed price of any accessories) after deducting the de-
its in personal accident cover.
preciation for every year as per the following rates.
* Available only if the owner of the vehicle holds a valid
Age of the vehicle % of Depreciation driving license
Not exceeding 6 months 5%
Exceeding 6 months but not 15% 2. Additional Legal Liabilities:While applying for a Com-
exceeding 1 year mercial Motor Policy, you can also opt for the follow-
ing additional legal liabilities at an additional premium:
Exceeding 1 year but not 20%
Y Paid driver / conductor / cleaner employed in op-
exceeding 2 year
eration of vehicle.
Exceeding 2 years but not 30%
Y Employees traveling in / driving the vehicle other
exceeding 3 year
than paid driver.

40 The Insurance Times, April 2019