Hyundai EMI assurance - All you need to know

The COVID-19 outbreak has brought in a major global crisis and to revive the car buying sentiment, Hyundai has started a unique EMI Assurance program. It provides relief to new vehicle buyers under uncertainties such as employment loss in view of financial costs/acquisition/merger of the company or due to any other applicable laws. Here's all you need to know about it.

1. Eligibility and coverage

This program has been formulated specially for new Hyundai car owners working in private organisations. It is applicable to customers aged between 18-65, who are 'salaried in a private job' and have taken a car loan (Insured).

2. Duration of cover

This coverage term is only for a year from the date of Insured cover inception, and a claim can be made only once in the applicable period. However, no claim is allowed in the first three months of this cover inception.

3. Max and Min Loan EMI amount

The maximum allowed EMI Amount for the Insured is Rs 50,000 and minimum is Rs 2,000. The insurer will pay the claim amount to the respective Bank/NBFC as mentioned by the Insured on the cover document.

4. In case of any claim

Hyundai EMI Assurance cover is underwritten by 'Shriram General Insurance Company Limited'. Any claims can be directly made by an insurer to this insurance company directly either through its call centre (1800-100-3009/1800-300-30000) or through e-mail (chd@shriramgi.com with cc to nonmotorclaims@shriramgi.com). Do note that the claim needs to be intimated within 45 days from the date of termination of employment of the insurer.

5. Hyundai car models exempted

This EMI Assurance scheme covers all Hyundai customers owning a Santro to even a Verna, and all models in between these segments. However, it's not applicable on some models like the Creta, Tucson, Elantra and the Kona EV.