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With heavy, torrential rains currently lashing south India, particularly Bangalore and Chennai, life in these metros has reached a complete standstill. While there is little you can do to control nature's ongoing fury, you can safeguard your precious two- and four-wheelers, which have little respite or protection from the ongoing vagaries of rains and floods. During heavy rains, the first in line of damage is your vehicle's engine, which could cost you a bomb! If the water enters the engine's cylinder, it can cause it to seize and leave it beyond repair. Another common damage your vehicles can face during such times is <keyword id="23605837" type="General" weightage="20" keywordseo="electrical-failure" source="keywords">electrical failure</keyword> since water seepage can cause shorting of the electrical components, including the battery, alternator, and wiring systems. Then there's moisture seepage, which can affect your vehicle's braking and fuel systems. <h2><keyword id="20224622" type="General" weightage="20" keywordseo="motor-insurance" source="keywords">Motor Insurance</keyword> to the Rescue</h2> While a comprehensive motor insurance policy might protect you against accidents, thefts, and other third-party liabilities, they might fall short when it comes to safeguarding your vehicles from damages caused by natural calamities like heavy rain. As such, you can opt for a few add-ons over and above your regular motor policy to ensure you don't end up spending a hefty amount from your pockets if your vehicles need repair. "In Chennai and Bangalore, the recent heavy rains have led to several challenges, causing multiple vehicles and home damage. Urban flooding is a phenomenon now being witnessed in most metropolitan cities. Cases of vehicles being swept away in floods have also been seen, leading to total loss" Vivek Chaturvedi, CMO and Head of Direct Sales, Go Digit General Insurance "While comprehensive motor insurance policies protect your vehicle against damage from natural disasters such as floods, cyclones, and heavy rains, you should consider add-on covers like engine protection, zero depreciation, <keyword id="22024865" type="General" weightage="20" keywordseo="roadside-assistance" source="keywords">roadside assistance</keyword>, return to invoice, and consumables. These options help cover the costs of repairing or replacing vehicle parts and any injuries or damage from accidents," he continues. Here's a ready reckoner of all add-ons you can consider: 1. <keyword id="23605835" type="General" weightage="20" keywordseo="engine-protection-cover" source="keywords">Engine Protection Cover</keyword>: This cover protects your wallet from costly repairs in case your vehicle's engine is severely damaged. 2. Zero Depreciation Cover/Bumper-to-Bumper Cover: While servicing your claims, insurers generally deduct depreciation or regular wear and tear on your vehicle. This add-on guarantees you a claim without any deduction for wears and tears. 3. Roadside Assistance Cover: You never know when your vehicle might be stalled. This cover offers repair at the site, towing, and alternative travel if one’s car is stuck on waterlogged roads. It can also include services like fuel delivery, battery replacement, or flat tire repair. 4. Tire Protection Cover: It offers repair or replacement of tires damaged due to cuts, bursts, or bulges during wet, hazardous conditions. Says Kalpesh Chavan, Senior Vice President &amp; Product Head of Elephant (Corporate Insurance Wing of Alliance Insurance Brokers), "EV owners should additionally also opt for battery protection cover and electric surge secure add-on. This add-on protects the electronic pieces and circuits of electric vehicles from any short circuits, electrical arcing, or leakage, especially through water entry." <h2>Don't crank up the engine. </h2>Got a vehicle that's flooded with water? Don't try to start it forcefully. If you do so, the insurance company can decline your claim for all the damage caused by attempting to start such a flooded engine. Your best bet in such cases is to wait till the water subsides and then try revving up the engine. Chavan adds that most car owners need to take into account how disaster-prone their area is and end up estimating the wrong coverage amount for their cars. Inadequate study of the terms and conditions of the policy may lead to claim rejections when most needed. But most importantly, if your vehicle's insurance is up for renewal, do not delay or procrastinate to do the same. Or else your car could become uninsured during the most critical periods. Maintaining up-to-date records and documentation is of the essence; missing documents may trigger unwarranted delays in the processing of claims.

Facing vehicle damage during heavy rains? Here's how motor insurance can come to your rescue

<ul><li><keyword id="6357886" type="General" weightage="20" keywordseo="phonepe" source="Orion">PhonePe</keyword> on Tuesday announced that it has sold over a million two-wheeler insurance policies.</li><li>About 75% of the overall insurance purchases came from Tier 2 and Tier 3 cities.</li><li>Four in five insurance policies were bought by users with expired covers, the company added.</li></ul>Digital payments platform PhonePe on Tuesday announced that it sold over a million two wheeler insurance policies since the launch of its product nine months ago. About 75% of the overall insurance purchases came from Tier 2 and Tier 3 cities, which according to PhonePe showcases the wide adoption of its offerings in non-metros cities and towns across India. Four in five insurance policies were bought by users with expired covers, the company added. “We aim to double down on this early momentum to drive insurance adoption in the country in line with the IRDAI’s [Insurance Regulatory and Development Authority of India] vision of insurance for all by 2047, while working closely with our insurance partners to make insurance products simple, affordable and accessible to all,” Prannay Batra, head of general insurance at PhonePe, said. PhonePe launched car and bike insurance — in partnership with Bajaj Allianz General Insurance — in October 2021. The company allows its users to avail insurance without the need for any documents to be uploaded before the purchase and also view their policy documents instantly on the app. PhonePe users can avail the policy through the ‘My Money’ section of the digital payments app available on Android and iOS. The insurance products are listed under the insurance section. The Walmart-owned fintech startup has over 385 million registered — representing nearly one in four Indians. PhonePe <a href="https://www.businessinsider.in/finance/news/whatsapp-carried-out-only-17-million-upi-transactions-and-phonepe-was-at-20-billion-in-india-in-2021-22/articleshow/90726109.cms">carried out 20.7 billion UPI transactions</a> in 2021-22 – every 1 out of 2 UPI transactions were carried out on PhonePe. PhonePe is the biggest UPI player in India in terms of transactions. However, it is not earning any money on it as the government of India does not allow payments players to charge on such transactions. The company has, therefore, been expanding its operations through different product lines such as loans, insurance, investments, among other things. SEE ALSO <a href="https://www.businessinsider.in/india/news/indias-richest-people-are-moving-to-uae-australia-and-singapore/articleshow/92181712.cms" style="">India’s richest are moving to UAE, Australia and Singapore — but there’s nothing to worry</a> <a href="https://www.businessinsider.in/business/corporates/news/nearly-four-lakh-fliers-are-thronging-airports-every-day-and-indigo-is-flying-half-of-them/articleshow/92179593.cms" style="">Nearly four lakh fliers are thronging airports every day and Indigo is flying half of them</a> <a href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-will-gain-the-most-from-economic-recovery-and-also-regain-lost-market-share-say-brokerages/articleshow/92171487.cms" style="">Maruti Suzuki will gain the most from economic recovery and also regain lost market share, say brokerages</a>

PhonePe sold a million two-wheeler insurance policies in less than 9 months

What is the right time to make a <keyword id="20224622" type="General" weightage="100" keywordseo="motor-insurance" source="keywords">motor insurance</keyword> claim? While there are no right answers, you generally make a claim if your car or bike has suffered serious damages in an accident, which will cost a bomb to repair! But did you know that you could also make a claim if your car or bike was damaged by, well, a coconut? Surprised? <keyword id="20081892" type="General" weightage="20" keywordseo="Digit-Insurance" source="keywords" meta.keywordsubtype="org" meta.entityname="Digit Insurance" meta.hostid="261" meta.entityid="Digit Insurance">Digit Insurance</keyword>, which is backed by ace Indian cricketer Virat Kohli, recently released some interesting data in this regard. Per the company, by the end of FY24, it had paid out almost Rs 1.68 crore in claims related to over 1,500 cases where the damage was caused by an innocuous coconut! <cmsannotation type="cmsannotation" annotationid="Monkeys go coconuts!" comment="subhead" text="Monkeys go coconuts!"><keyword id="20243262" type="General" weightage="20" keywordseo="monkeys" source="keywords">Monkeys</keyword> go coconuts!</cmsannotation> Well, if you don't believe a coconut can wreak this kind of havoc, think again. The company reported receiving more than 350 cases of <keyword id="19986918" type="General" weightage="20" keywordseo="vehicle-damage" source="keywords">vehicle damage</keyword> in just 2023, where the good old coconut was the culprit! The maximum claims stemmed from Maharashtra. The average claim amount was around Rs 10,000. If you’re away from the coast, you’ll have to battle your neighborhood's dogs and monkeys! Monkey’s seem to have a special liking for motorcycles, given that Digit reported setting over 1,200 claims worth Rs 40 lakh towards damage to 2-wheelers caused by monkeys in FY 2023-24. The cases saw a 40% jump on a YoY basis. Since Digit’s inception in 2017, the company has seen more than 85,000 claims where the primary cause of vehicle damage was an animal. Out of these, dogs were the main reason behind 7% of such claims in FY 2023-24, triggering payouts of over Rs 30 crore. <cmsannotation type="cmsannotation" annotationid="The mayhem of dogs and goats" comment="subhead" text="The mayhem of dogs and goats">The mayhem of dogs and goats</cmsannotation> As per the company’s internal claims data, Indira Nagar in Lucknow seems to be the epicentre of dogs unleashing damage on vehicles. The company reported paying more than Rs 6.7 lakh towards 110 claims received from this location. If, on an unfortunate day, your bike ever gets in an accident, how much do you imagine the damage payout would be? Well, in some cases, like of a luxury bike, which was damaged upon accident with a goat, the <keyword id="22121817" type="General" weightage="20" keywordseo="accidental-damage-payout" source="keywords">accidental damage payout</keyword> went as high as Rs 6.75 lakh. <cmsannotation type="cmsannotation" annotationid="Motor Insurance on the rise" comment="subhead" text="Motor Insurance on the rise">Motor Insurance on the rise</cmsannotation> As per data from the annual report of insurance regulator <keyword id="6361421" type="General" weightage="20" keywordseo="IRDA" source="Orion">IRDA</keyword>, the motor segment saw a YoY growth of about 15.4% in <keyword id="21608709" type="General" weightage="20" keywordseo="premium-collection" source="keywords">premium collection</keyword>, from Rs 70,433 crore in 2021-22 to Rs 81,280 crore in 2022-23. The average <keyword id="19989676" type="General" weightage="20" keywordseo="claim-settlement-ratio" source="keywords">claim settlement ratio</keyword> of India’s motor insurance industry has also been on a steady rise, going from 81.3% in 2021-22 to 84.48% in 2022-23. Additionally, the incurred claims ratio, or the proportion of claims paid as against premium received also noted a marginal rise, from 81.30% in 2021-22 to 84.48% in 2022-23. All in all, save your precious cars or bikes from the terror of monkeys, dogs, coconuts and more. If you are yet to get a comprehensive vehicle insurance for your two or four wheeler, do so at the earliest!

Dogs, coconuts and monkeys: Insure your vehicles from their mayhem right now!

<ul><li><keyword id="6381626" type="General" weightage="20" keywordseo="motor-insurance" source="Orion">Motor insurance</keyword> business sees modest growth in October as competitive intensity rises. </li><li>New-age insurers like Digit and Acko continued to display substantial growth rates of 35-38% in motor insurance <keyword id="11929654" type="General" weightage="20" keywordseo="premiums" source="Orion">premiums</keyword>. </li><li>Standalone health insurers demonstrated a faster growth pace, growing at 27%, surpassing the growth rate of private general insurers at 19%. </li></ul>In October 2023, <keyword id="6625143" type="General" weightage="20" keywordseo="non-life-insurance" source="Orion">non-life insurance</keyword> industry grew at a modest pace of 10% year-on-year. The industry’s muted growth was driven by the motor insurance business, which witnessed a mixed growth scenario despite the <keyword id="36208" type="General" weightage="20" keywordseo="festive-season" source="Orion">festive season</keyword> that tends to see higher car sales. Overall, the premium growth was modest, registering a 9% year-on-year (Y-oY) increase. According to analysis done by Kotak Institutional Equities, the health business fared better, with 23% in retail health, driven by standalone health insurers (up 27%) and private general insurers (up 19%). However, within the motor insurance landscape, there was a contrast between the performance of motor OD and third party (TP) premiums. The motor OD segment exhibited a growth of 12%, while motor TP experienced a decline of 7% Y-o-Y. This period coincided with robust volume growth in the domestic automobile industry, with passenger vehicles (PVs) witnessing a 17% Y-o-Y increase and two-wheelers (2W) showcasing a growth of 42%. The surge in vehicle sales in October 2023 contributed significantly to the overall motor insurance dynamics. According to Kotak, the growth patterns in the motor insurance sector seemed to be influenced by several factors. First, it is likely that general insurers might have adopted strategies involving lower tariffs or premiums for motor own damage (OD) policies, contributing to the uptick in its growth. Simultaneously, a probable decrease in renewals for motor third party (TP) policies could be linked to the culmination of the mandatory 5-year third party insurance for Two-Wheelers, implemented in September 2018, with the 5-year term expiring this month. New-age insurers like Digit and Acko continued to display substantial growth rates of 35-38% in motor OD premiums. However, the competition from these players might have led to lower ticket sizes, indicating a competitive environment within the industry. <cmsannotation type="cmsannotation" annotationid="Retail health picks up, while group health sees a decline" comment="Subhead" text="Retail health picks up, while group health sees a decline">Retail health picks up, while group health sees a decline</cmsannotation> The report also points out that in October 2023, there was a rise of 23% Y-oY in the retail segment of the <keyword id="6362363" type="General" weightage="20" keywordseo="health-insurance" source="Orion">health insurance</keyword> sector, marking an increase compared to the 18-20% growth observed in the preceding six months. Specifically, standalone health insurers (SAHIs) demonstrated a faster growth pace, growing at 27%, surpassing the growth rate of private general insurers (GIs) at 19%. Public sector undertaking (PSU) insurers also posted a growth, recording a growth of 17%, a big improvement from the 3-10% range seen in the past six months. This growth trend was further evident in the group health insurance sector, where SAHIs outpaced private GIs, showcasing a robust 41% Y-oY growth compared to the latter's 36% Y-o-Y increase. However, the overall performance of group health premiums experienced an 8% Y-o-Y decline, primarily due to the decline of 42% Y-oY in public sector undertaking (PSU) insurers' contributions, exerting a drag on the collective performance of the sector.

Motor insurance premiums register modest growth in October, while health sees a pick up

<ul><li><keyword id="6354742" type="General" weightage="80" keywordseo="flipkart" source="Orion">Flipkart</keyword> and <keyword id="6357886" type="General" weightage="100" keywordseo="phonepe" source="Orion">PhonePe</keyword> have announced that they are fully separated now, six years after the e-commerce giant acquired the latter. </li><li>The separation comes at a time when PhonePe is reportedly in talks to raise funds at a valuation of close to $13 billion. </li><li><keyword id="80487" type="General" weightage="20" keywordseo="Walmart" source="Orion">Walmart</keyword> will continue to be the largest shareholder of PhonePe and Flipkart, according to a joint statement by the companies. </li></ul>Flipkart and PhonePe have announced that they are fully separated now, six years after the e-commerce giant acquired the latter, the companies said in a joint statement on Friday. Post the completion of the separation, PhonePe is now a fully India-domiciled company. To recall, PhonePe moved its registered office from Singapore to India in October. “Setting up these businesses as separate entities will also provide value and create new opportunities for investors to participate in the Indian tech ecosystem – helping unlock and maximize enterprise value for shareholders of the two companies,” the companies said. The separation comes at a time when PhonePe is in talks to raise funds at a valuation of close to $13 billion, according to a <a href="https://www.bloomberg.com/news/articles/2022-12-08/walmart-s-payments-startup-phonepe-seeks-to-raise-1-billion">Bloomberg report</a>. If it succeeds, it would become the most-valued fintech startup in India. The company had raised $700 million in 2020, led by Walmart and existing investors, including Tiger Global, at a valuation of $5.5 billion. While media reports earlier suggested that PhonePe was planning an IPO, the company’s founder and CEO Sameer Nigam in June 2022 dismissed the reports, saying, “PhonePe is not planning an IPO right now. We are focusing on building our business, and will go public once our core businesses turn profitable and our new initiatives have achieved a good product-market fit and scale,” according to a PTI report. As part of the separation of the two companies, the existing shareholders of Flipkart Singapore and PhonePe Singapore, led by Walmart, have taken up equity directly in PhonePe India. Walmart will continue to be the largest shareholder of PhonePe and Flipkart, according to the statement. “We are looking forward to the next phase of our growth as we invest in new businesses – like insurance, wealth management and lending, while also enabling the next wave of growth for UPI payments in India. This will help propel our vision to provide billions of Indians with financial inclusion,” said Nigam in the statement. The separation of Flipkart and PhonePe could also have an impact on the former’s valuation – while the e-commerce giant is currently valued at $37.6 billion after a fundraise of $3.6 billion in 2021, it was <a href="https://www.businessinsider.in/business/corporates/news/flipkart-ipo-may-happen-in-2023-at-a-valuation-of-70-billion/articleshow/90703817.cms">reportedly</a> seeking a $60-70 billion valuation for its planned IPO in the US in 2023. <cmsannotation type="cmsannotation" annotationid="PhonePe is the current market leader in UPI payments in the country" comment="subhead" text="PhonePe is the current market leader in UPI payments in the country">PhonePe is the current market leader in UPI payments in the country</cmsannotation> PhonePe currently has over 400 million UPI users in the country, with a 46% market share in terms of payment volumes and a 49% share in terms of payment values, as of November, according to data from the National Payments Corporation of India (NPCI). Apart from this, the company also has 35 million merchants covering 99% of the pincodes in the country. It also has 1.1 million sellers on its platform, including small and medium businesses, artisans and craftsmen. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/indias-hiring-intent-rises-in-q4-led-by-positive-sentiment-in-ecommerce-telecom-and-educational-services-industries/articleshow/96424123.cms">India’s hiring intent rises in Q4 led by positive sentiment in ecommerce, telecom and educational services industries</a> <a href="https://www.businessinsider.in/business/corporates/news/reliance-retail-to-acquire-wholesaler-metro-cash-carry-for-2850-crore/articleshow/96415905.cms">Reliance Retail to acquire B2B wholesaler Metro Cash &amp; Carry for ₹2,850 crore</a> <a href="https://www.businessinsider.in/stock-market/news/fpis-load-up-on-realty-stocks-in-the-first-half-of-december-total-inflows-edge-up-to-9017-crore/articleshow/96393580.cms">FPIs load up on realty stocks in the first half of December, total inflows edge up to ₹9,017 crore</a>

Flipkart and PhonePe complete separation six years after acquisition

New Delhi, Mar 5 () Third-party insurance premium for cars, two-wheelers and transport vehicles may go up with regulator Irdai proposing substantial increase in premium rates from the next financial year starting April 1, 2020. The Insurance Regulatory and Development Authority of India (Irdai) has proposed to increase the third-party (TP) motor insurance premium rates for cars below 1,000 cc to Rs 2,182, up about 5.3 per cent from the existing Rs 2,072 during the financial year 2020-21. Similarly, for cars falling between 1,000 cc and 1,500 cc also, premium is being proposed to be increased to Rs 3,383 from the existing Rs 3,221. However, for luxury cars (with engine capacity of over 1,500 cc), no change in TP premium has been proposed from the existing Rs 7,890. Normally, the TP rates are revised from 1 April. The regulator has come out with a draft of new rates for TP premium for the next financial year. It has sought comments from stakeholders on the proposed rates till May 29. According to the draft, TP for two-wheelers below 75 cc is proposed at Rs 506, up from the existing Rs 482. Hike has also been proposed for those between 75 cc and 350 cc. The hike in bikes with engine capacity exceeding 350 cc has been proposed at Rs 2,571 from Rs 2,323. The Irdai also proposed to raise the TP rate for electric cars and two-wheelers. The three-year single TP premium may also be raised to Rs 5,167 from the existing Rs 4,493 for private electric cars not exceeding 30 kilowatts (KW). In case of two-wheelers (not exceeding 3 KW), the new TP premium may go up to Rs 1,040 from the current Rs 888. The rate increase has also been proposed for taxis, buses and trucks. NKD CS HRS

Irdai proposes to hike third-party motor insurance premium on cars, two-wheelers

The unabated deadly fires in the electric two-wheelers has shaken up the entire EV industry and its stakeholders, forcing the government to now press an emergency button and direct EV makers to immediately recall faulty batches that may trigger more such incidents. After Union Road Transport and Highways Minister <keyword id="26680" type="General" weightage="80" keywordseo="nitin-gadkari" source="Orion">Nitin Gadkari</keyword> said in a tweet thread that companies may take advance action to recall all defective batches of vehicles immediately, Hyderabad-based <keyword id="7583348" type="General" weightage="80" keywordseo="pure-ev" source="Orion">Pure EV</keyword> said it has initiated the recall of 2,000 e-scooters to check any faults in batteries and chargers. "In view of the recent fire incidents involving our vehicles in Nizamabad and Chennai, PURE EV has decided to recall 2,000 vehicles from the models <keyword id="13674828" type="General" weightage="80" keywordseo="etrance-plus" source="Orion">ETrance Plus</keyword> and EPluto7G of the concerned batches," the company said in a statement late on Thursday. An 80-year-old man was killed and two others injured when the battery of a Pure EV electric two-wheeler exploded in their house in Telangana's Nizamabad district. According to police, the incident occurred on the night of April 19 in a house where the battery was being charged. This was the fifth incident of a fire in a PURE EV scooter. Earlier, <keyword id="6361025" type="General" weightage="80" keywordseo="gadkari" source="Orion">Gadkari</keyword> warned EV makers that if any company is found negligent in their processes, "a heavy penalty will be imposed and a recall of all defective vehicles will also be ordered". "We have constituted an <keyword id="6722798" type="General" weightage="50" keywordseo="expert-committee" source="Orion">Expert Committee</keyword> to enquire into these incidents and make recommendations on remedial steps. Based on the reports, we will issue necessary orders on the defaulting companies," he said. After nearly six such EV fire incidents within a month, the government has asked all EV players to take firm steps to avoid such incidents. From Ola Electric to <keyword id="6077703" type="General" weightage="80" keywordseo="okinawa-autotech" source="Orion">Okinawa Autotech</keyword>, several EV makers are under the scanner for reported fires in their e-scooters. "We will soon issue quality-centric guidelines for Electric Vehicles," Gadkari said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-logs-over-2000-fresh-covid-19-cases-and-54-fatalities/articleshow/90995284.cms">India logs over 2,000 fresh COVID-19 cases and 54 fatalities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/rbi-guidelines-for-credit-cards-debit-cards-no-hidden-charges-insurance-on-credit-card-frauds-and-more/articleshow/90995780.cms">From no hidden charges to insurance on credit card frauds and lost cards, here are RBI's new guidelines for credit and debit cards</a>

Unabated electric two-wheeler fires force government to apply emergency brakes and order a recall of faulty batches

<ul><li>Insurance premiums are increasing from June 1st, after a draft proposal by the government proposed hikes in third-party cover was notified.</li><li>Now that the proposal has been passed, vehicle owners have to shell out up to 21% more for third-party insurance.</li><li>Insurance premium rates are usually revised annually, but the government had frozen rate hikes for two years.</li></ul><keyword id="10628936" type="General" weightage="20" keywordseo="vehicle-insurance-premiums" source="Orion">Vehicle insurance premiums</keyword> are all set to increase from June 1st, after the government’s proposal was accepted by the relevant stakeholders. According to the now-approved proposal by the Ministry of Road Transport, third-party <keyword id="6381626" type="General" weightage="20" keywordseo="motor-insurance" source="Orion">motor insurance</keyword> premiums have seen an increase of up to 21%, making it more expensive than ever to insure your car or two-wheeler. Insurance premiums have not been revised for two years, since the onset of the COVID-19 pandemic. The last revision was done in 2019-20, and this could be the justification behind the relatively steep hike proposed by the ministry. It is worth noting that third-party insurance premium rates are revised by the Insurance Regulatory and Development Authority of India (IRDAI) every year. Third-party insurance is mandated by law, which means the increase in insurance premium will be passed on to vehicle owners. Third-party insurance covers damage to others in a road accident, and is mandatory alongside cover for own damage. However, if you want to avoid this, you can renew your vehicle insurance policy before June 1, 2022. Interestingly enough, there is a 5% decrease in the premium for two wheelers with an engine capacity of 75-150cc. Premiums for private cars above the 1,500cc capacity also see a nominal increase of ₹7. <cmsannotation type="cmsannotation" annotationid="Proposed third-party insurance premium rates from 2022-23:" comment="subhead" text="Proposed third-party insurance premium rates from 2022-23:">Proposed third-party insurance premium rates from 2022-23:</cmsannotation> <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Old rate </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">New rate </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Cars 1000cc </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹2,072 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹2,094 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Cars 1000-1500cc </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹3,221 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹3,416 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Cars &gt;1500cc </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹7,890 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹7,897 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">0% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Two wheelers &lt;75cc </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹482 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹538 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">12% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Two wheelers 75-150cc </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹752 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹714 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-5% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Two wheelers 150-350cc </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹1,193 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹1,366 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Two wheelers &gt;350cc </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹2,323 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹2,804 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">21% </td></tr></tbody><tbody></tbody></table> Source: Insurance Regulatory and Development Authority of India <cmsannotation type="cmsannotation" annotationid="Government proposes a discount of 15% for electric vehicles" comment="subhead" text="Government proposes a discount of 15% for electric vehicles">Government proposes a discount of 15% for electric vehicles</cmsannotation> In order to further incentivise electric vehicle sales, the government has also proposed a discount of 15% on the premiums for electric cars and two wheelers. Apart from this, a 7.5% discount has been proposed for hybrid electric vehicles. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/ril-info-edge-nazara-technologies-and-other-hot-stocks-to-watch-out-for-on-march-7/slidelist/90041878.cms">RIL, Info Edge, Nazara Technologies and other hot stocks to watch out for on March 7</a> <a href="https://www.businessinsider.in/business/auto/news/this-electric-scooter-will-have-the-same-range-as-that-of-the-tata-nexon-ev/articleshow/89924450.cms">This electric scooter will have the same range as that of the Tata Nexon EV</a> <a href="https://www.businessinsider.in/business/auto/news/best-scooters-and-bikes-in-india-under-1-lakh/slidelist/89588060.cms">Best scooters and bikes in India under ₹1 lakh</a>

Vehicle insurance premiums to increase from June 1 – here’s how much the new premiums will cost you

Popular UPI and mobile wallet app PhonePe was launched in 2016 as the first app built on the Unified Payments Interface. Over two years ago, the company said that it will allow users to buy and sell 24 Karat gold through the app. PhonePe partnered with MMTC-PAMP for gold of 99.99% purity and Safegold with 99.50% purity versions. The rates are updated every five minutes by both the providers and the price displayed in inclusive of 3% GST. The gold that the user buys is stored in an insured locker facility. The users can get gold coins of up to 20 grams delivered to their home. In this post, we will explain how to buy and <keyword id="8623757" type="UNKNOWN" weightage="20" keywordseo="sell-gold-on-phonepe">sell gold on PhonePe</keyword>. How to <keyword id="8623759" type="UNKNOWN" weightage="20" keywordseo="buy-gold-on-phonepe">buy gold on PhonePe</keyword> <ul><li>Log in to the PhonePe app. </li><li>At the bottom, click on ‘My Money’. </li><li>Under the ‘Wealth Management’ section, click on ‘Gold’. </li><li>Now, choose from MMTC-PAMP and Safegold. </li><li>View the current buying price. </li><li>You can enter either the amount or weight of gold you want to buy. </li><li>Now, click on ‘Proceed to Payment’ and complete the payment process. </li></ul>How to view your gold balance <ul><li>Open the PhonePe app. </li><li>At the bottom, click on ‘My Money’. </li><li>Click on ‘Gold’ under the ‘Wealth Management’ section. </li><li>Now, click on the gold provider from whom you have purchased the gold earlier. </li><li>At the top, you will be able to see your gold’s weight and selling value. </li></ul><keyword id="8623755" type="UNKNOWN" weightage="20" keywordseo="how-to-sell-gold">How to sell gold</keyword> <ul><li>Open the PhonePe app. </li><li>At the bottom, click on ‘My Money’. </li><li>Click on ‘Gold’ under the ‘Wealth Management’ section. </li><li>Now, click on the gold provider from whom you have purchased the gold earlier. </li><li>Choose the amount or weight of gold you want to sell. </li><li>The amount will be credited in your bank account. </li></ul>How to get gold delivered <ul><li>Open the PhonePe app. </li><li>At the bottom, click on ‘My Money’. </li><li>Click on ‘Gold’ under the ‘Wealth Management’ section. </li><li>Now, click on the gold provider from whom you have purchased the gold earlier. </li><li>Click on ‘Deliver’. </li><li>Select the gold coin that you want to get. </li></ul>It is to be noted that you will have to pay additional charges for getting gold delivered. The charges vary depending on the provider and the coin selected. See also: <a href="https://www.businessinsider.in/business/news/jewellers-to-sell-only-14-18-22-carat-hallmarked-gold-jewellery-from-jan-2021-paswan/articleshow/73250251.cms">Jewellers to sell only 14, 18, 22 carat hallmarked gold jewellery from Jan 2021: Paswan</a> <a href="https://www.businessinsider.in/stock-market/news/goldman-sachs-says-gold-is-a-better-hedge-than-oil-as-trump-iran-tensions-heat-up/articleshow/73122500.cms">Goldman Sachs says 'gold is a better hedge than oil' as Trump-Iran tensions heat up</a>

How to buy and sell gold on PhonePe

<ul><li>According to investment bank Morgan Stanley, battery-powered two-wheelers are cheaper to own and run than petrol equivalents.</li><li>Although the fact that EVs are priced significantly higher than the vehicles running on fuel have kept people away from them. But once the infrastructure is in place, the cost really comes down.</li><li>The running cost of an electric two-wheeler is nearly 5% lower compared to a gasoline petrol vehicle, according to Morgan Stanlety.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/" style="">Business Insider</a>. </li></ul>The <keyword id="381751" type="ORGANIZATION" weightage="20" keywordseo="Electric-vehicle">electric vehicle</keyword> industry is booming, but the biggest drawback for the consumer is that they are priced much higher than the traditional fuel vehicles. However, at a time when filling-up a full tank of petrol scooters and motorcycles is fast becoming a dream for many, the alternative to it — electric two-wheelers — seems to offer better running price realisation in the long term. According to investment bank and financial services firm Morgan Stanley, battery-powered two-wheelers are cheaper to own and run than petrol and diesel equivalents. The running cost of electric vehicles is nearly 5% lower annually compared to a gasoline petrol vehicle, the report showed. READ ALSO: <a href="https://www.businessinsider.in/business/auto/news/a-mumbai-based-ev-startup-launched-the[…]t-electric-car-with-a-200-km-range/slidelist/81244293.cms" data-type="tilCustomLink">A Mumbai-based EV startup launched the cheapest electric car with a 200 km range</a> The maths of cheaper electric vehicles The petrol and diesel prices across the country continued their northward march taking its retail rates to unprecedented levels and burning bigger holes in the consumer's pockets. The electric vehicle as an option weighs heavy. Although the fact that EVs are priced significantly higher than the vehicles running on fuel have kept people away from them. But once the infrastructure is in place, the cost really comes down to the electricity unit price, which is much lower than the fuel rates. No matter what the price of crude oil is around the world, in India, the average fuel rates have always remained at ₹70 and ₹80 per litre for diesel and petrol, respectively. Under the bare minimum conditions, the math becomes even clearer — unit price of electricity multiplied by battery size is equivalent to the cost of running an EV. This also eradicates high fuel costs and provides cheaper maintenance and tax. Electric vehicles also hold their value for longer compared to fuel vehicles, according to a <a href="https://www.thetimes.co.uk/article/electric-cars-are-cheaper-in-long-run-study-finds-05592nw37">Europe-wide study by Leaseplan</a>. Here is how owning an electric two-wheeler can be much cheaper than a petrol two-wheeler <table style="border-width: initial; border-style: none;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Electric two-wheeler </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Petrol two-wheelers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vehicle price </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹115,000 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹83,893 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Life </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 years </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 years </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amortised annual cost </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹11,500 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8,389 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Annual electricity/fuel cost </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,127 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12,483 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Annual maintenance + insurance </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,000 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,300 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amortised annual battery cost </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹7,500 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹0 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total annual cost of operation </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹24,127 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹25,173 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total annual cost of operation (per KM) </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3.4/KM </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3.5/KM </td></tr></tbody></table>Source: Morgan Stanley SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/robinhoods-ipo-filing-could-reportedly-come-as-early-as-march/articleshow/81248135.cms">Robinhood's IPO filing could reportedly come as early as March</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/robinhoods-ipo-filing-could-reportedly-come-as-early-as-march/articleshow/81248135.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/wholesale-growth-expected-to-continue-for-tractors-passenger-vehicles-and-two-wheelers-says-equity-research-firm-emkay/articleshow/81245496.cms">Wholesale growth expected to continue for tractors, passenger vehicles and two-wheelers, says equity research firm Emkay</a>

Owning an electric two-wheeler is slightly cheaper than petrol and diesel at a time when fuel prices are at a record high

<ul><li>WhatsApp finally received the approval to operate <keyword id="3679109" type="PERSON" weightage="20" keywordseo="UPI-payments">UPI payments</keyword> from the National Payments Council of India.</li><li>WhatsApp’s payments feature has been rolled out in ten Indian regional language versions of WhatsApp. </li><li><keyword id="4878801" type="PERSON" weightage="20" keywordseo="whatsapp-pay">WhatsApp Pay</keyword>’s entry in payments also comes with a major blow to two of its biggest competitors – <keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword> and <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword> as NPCI has doled out a 30% cap for third party payment operators.</li><li>Amidst all of this, a beneficiary from WhatsApp Pay’s entry would be Mukesh Ambani’s JioMart.</li></ul>After a long wait, WhatsApp finally received the approval to operate the Unified Payments Interface (UPI) payments from the National Payments Council of India (NPCI). With this, WhatsApp Pay is set to roll out initially with a cap of 20 million users, to make payments ‘as easy as sending a message’. A day after securing the approval, WhatsApp is launching the payments feature in ten Indian regional languages. WhatsApp’s UPI entry begins with a partnership with five banks – ICICI Bank, HDFC Bank, Axis Bank, the State Bank of India, and Jio Payments Bank. “With UPI, India has created something truly special and is opening up a world of opportunities for micro and small businesses that are the backbone of the Indian economy. India is the first country to do anything like this. I’m glad we were able to support this effort and work together to help achieve a more digital India,” said Facebook CEO Mark Zuckerberg in a statement. But WhatsApp Pay’s entry in payments that was touted to be a <a href="https://www.businessinsider.in/business/news/google-pay-has-a-solid-lead-over-phonepe-paytm-and-amazon-pay-in-india-but-its-biggest-challenge-is-yet-to-come/articleshow/76542701.cms">death card</a> for many others has been accompanied by a major blow to two of its biggest competitors – Google Pay and Walmart-owned PhonePe. NPCI setback for Google Pay, Phone Pe According to the NPCI’s official statement, <keyword id="4052276" type="PERSON" weightage="20" keywordseo="UPI-transactions">UPI transactions</keyword> on third party payment apps cannot exceed 30% of the overall volume of transactions processed in UPI during the preceding three months. Both Google Pay and PhonePe which are third-party apps will be hit as they currently together hold 40% market share in the UPI segment which has recently crossed the 2 billion transaction count. <div type="image" title="UPI transactions final." msid="79076877" hostid="261"></div> " Digital payments in India is still in its infancy and any interventions at this point should be made with a view to accelerate consumer choice and innovation. A choice based and open model is key to drive this momentum. This announcement has come as a surprise and has implications for hundreds of millions of users who use UPI for their daily payments and could impact the further adoption of UPI and the end goal of financial inclusion," said Sajith Sivanandan, Business Head, Google Pay and Next Billion User initiatives, India on the NPCI cap issue. UPI transactions on PhonePe and Google Pay in October 2020 <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PhonePe </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">835 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Google Pay </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">820 million </td></tr></tbody></table>Source: <a href="https://economictimes.indiatimes.com/tech/technology/whatsapp-pay-gets-green-light-to-go-live-on-upi/articleshow/79066734.cms">media reports</a> While the cap will be effective from January 1, 2021, existing third party operators like Google Pay and PhonePe have been given until 2022 to comply with the new rules. UPI’s growth in India and its interoperability has left behind other players who focussed on mobile payments alone. “PPI’s (pre-paid instruments like mobile wallets) which were once expected to scale up rapidly in the retail digital payments industry have clearly not achieved the success that they were expected to achieve. While there could be several explanations for this, one of the main reasons we believe is due to strong competition from UPI,” said a report by JM Financial from September 2020. However, players like Paytm which isn’t a big shareholder in UPI, won’t be affected by the new capping as it is a PSP (Payment service provider). WhatsApp Pay’s potential India is the first country where Facebook had begun its tryst with payments back in 2018 when WhatsApp began beta testing payments in the country. Since then, the company had met with several regulatory hurdles relating to data localisation, which was followed by a promise of storing data locally and WhatsApp Pay submitting revised data localization compliance this year. However, even while it hadn’t officially rolled out, experts have been betting on its popularity because of its existing 400 million user base in India. Analysts at Bernstein (from a June 2020 report) expected WhatsApp Pay’s penetration to increase to 30% (from the current 10%) by FY25. Abhijit Bose, WhatsApp India head, had also shared plans for the company’s foray into financial services in India in July 2020. WhatsApp will soon be driving its financial inclusion push in India with its foray into lending, micro-insurance, and micro-pension products. WhatsApp is currently running pilot programs for the same. “Based on the results, we will co-invest and scale. Even a small conversion of the demand will translate into an infusion of significant savings into the financial system,” <a href="https://techcrunch.com/2020/07/22/whatsapp-to-pilot-projects-to-deliver-credit-insurance-and-pension-to-users-in-india/">said Bose</a> then. JioMart – the silent winner Amidst all of this, a beneficiary from WhatsApp Pay’s entry would be India’s richest man’s e-commerce bet – Mukesh Ambani’s JioMart. “Payments remains the missing link, the tie up could be a potential game changer with WhatsApp Pay integration with JioMart,” said the report by Bernstein. WhatsApp Pay’s UPI approval and potential tie-up with JioMart after Facebook pumped $5.7 billion in Reliance earlier this year, will see JioMart gain by offering easy ordering and payment facility to its users through WhatsApp. “RIL’s foray into the space leveraging its large ofﬂine distribution capabilities, and integration of ability to order groceries through WhatsApp, a platform with &gt;400 mn MAUs in India,” said a Goldman Sachs report. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/whatsapp-pay-upi-services-gets-the-green-signal-from-npci-but-rollout-will-be-in-a-graded-manner/articleshow/79068908.cms">WhatsApp Pay UPI services gets the green signal from NPCI, but rollout will be in a 'graded' manner</a>

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