Reloading motor insurance at Commercial Bank

"Motor insurance was a heavy burden on most vehicle owners, as insurance had to be purchased for the full year and the annual premium paid as a lump sum. Union Assurance (UA) has taken this burden away by introducing Union Motor Reload, allowing vehicle owners to purchase their motor insurance for periods ranging from a month to six months," said General Manager - Corporate, Union Assurance PLC Niranjan Nagendra.

Union Motor Reload customers could walk into any Commercial Bank branch and reload their motor insurance. In addition to the flexible coverage period that's easy on the wallet, the product retains features of a standard insurance policy. In the event of an accident, the claim will be paid similar to a standard motor policy. As the premium is fixed on an annual basis, if a customer obtains a one month, three month or six month insurance cover, the amount will not change during the balance period of up to 12 months. In addition, customers will also be entitled to earn UA's accelerated no claim bonuses after the 12 months are completed.

Union Assurance together with Commercial Bank PLC was the first to introduce a claim payment using mobile commerce. In the event of an accident, the customer is given the option of collecting the claim from the nearest Commercial Bank branch, and the policyholder will be sent an SMS with a secret code to collect the claim payment.