Source - Livemint.com

Yes, the no-claim benefits can be transferred to the new vehicle.
Scenario I: If you’ve bought a new vehicle and wish to transfer the no-claim benefits to the new car after having sold the old one, then you can avail the no-claim bonus discount.
Scenario II: If you retain the existing vehicle and purchase a new vehicle, then you should state your intention to transfer the no-claim bonus from the old vehicle to the new one, and the bonus allowed on the unexpired period of insurance of the old vehicle will be collected back from you in cash or cheque, as per the ‘Indian Motor Tariff’.


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