HDFC ERGO General Insurance Company Limited (HDFC ERGO GIC Ltd.) has been formed by the combined undertaking between Housing Development Financial Corporation Limited (HDFC) of India and Ergo International AG based in Munich. The former had been holding 73.634% stake whereas the latter had been holding 25.84% stake till the shares altered in June 2016.
As a consequence of the shareholders’ agreement, ERGO’s stake in HDFC ERGO increased from 25.84% to 48.742% whereas that of HDFC came down from 73.634% to 50.732%.
HDFC was promoted in October 1977 as a public limited company that specialised in providing housing finance mainly to individual households and corporates for the procuring and erection of residential housing. HDFC is India’s premier retail housing finance company and is presently one of the largest originators of housing loans in the entire country.
At September 30, 2015, HDFC had total loans of up to Rs 2,671 billion. Since foundation, HDFC has financed 5.2 million housing units. Over the years, HDFC has emerged as a powerful fiscal corporation with life, banking, and general insurance, venture capital, asset management, and education finance facilities.
ERGO is one of the major insurance group based in Germany and Europe. Globally the Group is represented in more than 30 countries and concentrates primarily on Europe and Asia. ERGO offers an extensive spectrum of insurance, provision and services. The
Group recorded a premium income of 18 billion euros. ERGO is a part of Munich Re, which is one of the world’s leading reinsurers and risk carriers.
HDFC ERGO General Insurance Company Limited offers an encompassing range of general insurance product such as Motor, Travel, Home, Health, and Personal Accident in the trade space and customised products like Property, Liability and Marine insurance in the commercial space. The Company is growing by leaps and bounds across the country and is currently present in 108 branches spread across 89 cities.
In the Auto Insurance in India, Private Car Insurance is the fastest growing sector as it is a must for all the new cars. The amount of premium varies on the basis of the cost and value of the car, the state where the car is registered and the year of manufacture.
The HDFC ERGO Car Insurance policy enables an individual to safeguard himself/herself against any loss or damage of his/her car in the circumstances like the uncertain risk of accident, theft or natural disasters. It also comprises of a third party liability, which covers claims by the third party when the insured car damages other’s property.
The HDFC ERGO Car Insurance is managed by a team of experienced and thorough professionals who have been catering to the needs and insurance requirements of the customers in any hour of emergency.
Under a number of circumstances, the policyholder is not eligible for claims, and these include:
Purchasing a car is something very similar to achieving a milestone in an individual’s life. Thus, not only is the car a very important property for us, but also its regular use makes it a part of our own family. A little scratch on the car makes our heart break. We all want the car insurance that we are opting for to provide us with an encompassing cover which in turn gifts us mental peace.
HDFC ERGO car insurance along with the facilities mentioned above intend to provide its customers with a number of Special Ad on and Discounts.
Age Discount: This particular discount is based on the age of the insured and is described in detail as follows.
Occupation Discount: The discount corresponds to 5% off on Own Damage section of the policy and is based on the occupation of the insured. This particular discount applies to-
The procedures to raise a claim on the HDFC ERGO car insurance policy are as follows: