Speaking on the occasion, Bhargav Dasgupta, MD & CEO, ICICI Lombard General Insurance Company Ltd. said, We are excited to have achieved this milestone of 5 lakh policies in the first year of launch of the Long Term Two Wheeler Insurance product. I am sure that this innovative yet simple product backed by our distribution muscle and digital prowess will significantly address the issue of 60-70% two wheelers currently plying on roads without insurance. Being an industry leader, we shall continue to lead the curve in terms of introducing innovative solutions for the benefit of Indian consumers". Delving into the reasons why customers preferred a longer duration two wheeler policy, customer feedback showed that 71% customers had liked the one time premium payment feature that allowed them to stay worry free for two–three years. In fact, 77% customers had thought of renewing their two wheeler insurance given the risk of vehicle theft but were deterred by the hassle of annual renewal.