IRDA plans to introduce long term insurance plans for vehicle owners. Currently, motor vehicle have to renew their insurance every year which is hassle for many not just because of the process of renewing but also due to pesky calls from insurance companies. The long term which could be plan for 5 years at one go could be cheaper as well compared to the current method. IRDA also aims to use this long-term policy cover to promote insurance, especially in rural areas. However we still don’t whether long term plans can be availed by new car owners only or for customers with different vehicle age also. Watch this space for latest updates.