Digit Insurance has unveiled an innovative solution tailored for the burgeoning electric vehicle (EV) market. The company, known for its digital prowess in the insurance realm, introduced the comprehensive EV Shield add-on cover. This addition comes under its Motor Own Damage policy, targeting both four-wheeler and two-wheeler electric and hybrid vehicles.
Unique Needs
In response to the escalating demand for EV insurance, Digit Insurance has rolled out a specialized add-on cover. The move aims to cater to the distinctive requirements of electric and hybrid vehicles, marking a significant stride in the insurance landscape.
What Does the EV Shield Cover?
The EV Shield add-on cover encompasses three optional additional protections. Firstly, it shields against any loss or damage to the electrical panel for the vehicle charging point.
Secondly, it extends coverage to the vehicle charger, including the charging cable. Moreover, the add-on offers dedicated roadside assistance services tailored specifically for EVs, ensuring comprehensive protection on the road.
Strategic Partnership
In another noteworthy development, Karnataka Bank and Clix Capital have forged a strategic digital co-lending partnership. Through the Yubi Co.Lend Platform, the collaboration aims to provide financial support to the Indian Micro, Small, and Medium Enterprises (MSMEs) sector.
Empowering MSMEs
This partnership aligns with the Reserve Bank of India’s guidelines on co-lending by banks and NBFCs to priority sectors, particularly the MSME segment. By leveraging Karnataka Bank’s cost-efficient funds and digital capabilities alongside Clix Capital’s robust lending technology and due diligence, the collaboration seeks to offer seamless financing solutions to the MSMEs.
Driving Growth
The partnership highlights a mutual dedication to promoting growth and facilitating economic empowerment. Through leveraging their respective strengths, Karnataka Bank and Clix Capital aim to cater to the underserved market segments, thereby making a valuable contribution to India’s economic development and the generation of employment opportunities.
Conclusion
The introduction of the EV Shield add-on cover by Digit Insurance and the strategic alliance between Karnataka Bank and Clix Capital mark a significant transformation in the insurance and lending sectors. These endeavors not only cater to changing market demands but also foster inclusive growth and innovation within the financial services industry.
