Page 52 - Insurance Times December 2015 SAMPLE

IRDAI Circular

Motor Third Party Premium rates for e-carts gers for hire or rewards has not been provided. Therefore
[A3/A4], e-rickshaws [C1 (b) and Passenger pre- the following premium rates shall be applicable:
mium for Motorised two wheeler Carrying Pas-
sengers for Hire or Reward [C4] Motorized Two wheelers used for carrying

Ref: IRDA/NL/CIRI/MOTP/196/11/2015 passengers for hire or rewards
Date: 04-11-2015
IMT classification Basic Premium (per
The Motor Vehicles Amendment Act, 2015, as notified in the Premium licensed passenger)
Gazette of India on 20th March 2015, brings the e-carts and Rs. (A)* Rs. (B)*
e-rickshaws under its ambit. As per the amendment, e-carts
or e-rickshaws are special purpose battery powered vehicles C 4 Not exceeding 702/- 473/-
not exceeding 4000 watts, having three wheels for carry- 75 cc
ing goods or passengers, as the case may be, for hire or Exceeding 75 cc 702/-
reward. but not exceeding 702/-
150 cc 1615/-
In view of the said amendment, it is required to provide the Exceeding 150 cc
applicable third party premium rates for battery driven but not exceeding
three wheeled vehicles up to 4000 watt in respect of 350 cc
(i) Passengers carrying vehicles and Exceeding 350 cc

(ii) Goods carrying vehicles: (a) Private carriers & (b) Pub- * TP Premium is the total of a Basic Amount (A) plus an
lic carriers. amount derived by multiplying the licensed carrying ca-
pacity by the amount in (B)

This has approval of the competent Authority

Battery powered (not exceeding 4000 watt ) (N M Behera)
e-carts and e-rickshaws Deputy Director

IMT Classification Premium Issues pertaining to issuance of Electronic Mo-
tor Policies
C1(b) Three Wheeler Rs 1,066/- + (Rs. 510/- per
(Passenger) up to 6 passenger X Total no. of Ref: IRDA/INT/CIRC/INSRE/197/11/2015
passengers passengers the vehicle is Date: 06-11-2015
licensed to carry)
1. Electronic Motor Insurance Policies: As a part of their
A3 Three Wheeler Rs. 3,760/- digital initiative, the Govt of Telangana is agreeable to rec-
ognize the electronic version of Motor Insurance policies as
(Goods-Public Carrier) evidence of insurance of vehicles. Issuance of electronic
Motor policies can be seen in the light of cost efficiency,
A4 Three Wheeler Rs. 3,257/- faster delivery of insurance policies and arresting fraud. It

(Goods-Private Carrier)

In the meantime, it is noticed that the Passenger Premium
Rate for Motorized Two wheelers used for carrying passen-

48 The Insurance Times, December 2015

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