HDFC Bank on Thursday announced the launch of an instant renewal product for insurance for cars and two-wheelers.
The new service will be made available through an payment options such as SMS, Mobile Banking app, NetBanking, ATM, and PayZapp.
HDFC Bank said in a statement said that customers can opt for EMI payment of renewal premium as well via SMS, Netbanking or PayZapp,
"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.
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.