HDFC Bank launches instant vehicle insurance renewal

Private sector HDFC Bank Thursday 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, HDFC Bank said in a statement.

Customers can now renew their vehicle insurance online instantly from the comfort of their homes or offices in three easy steps, it said.

The bank claimed that it is the first one 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," it said.