Answer- B
The 'Pay as You Drive' (PAYD) policy has been introduced by New India Assurance (NIA), offering a comprehensive motor insurance plan that calculates the premium based on vehicle usage.
The policy includes two segments: Third Party coverage and own-damage coverage.The New India Assurance Co. Ltd is a state-owned enterprise, owned by the Government of India's Ministry of Finance.
Headquartered in Mumbai, Maharashtra, it is the largest government-owned general insurance company in India, covering both domestic and foreign operations. Established in 1919 by Sir Dorabji Tata, the company was nationalized in 1973.