IRDAI: Irdai asks health, general insurers to provide standard personal accident cover from April indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Product name Saral Suraksha Bima.
Minimum sum assured of Rs 2.5 lakh.
New Delhi: Insurance regulator Irdai has asked general and health insurance providers to provide standard personal accident cover products to their customers.
The Insurance Regulatory and Development Authority of India (Irdai) said the insurance market has a wide variety of personal accident insurance products.
Each product has unique features and the insuring public may find it a challenge to choose an appropriate product, Irdai said in its guidelines issued to the insurers for the standard accident cover. Therefore, with the objective of having a standard product with common coverage and policy wordings across the industry, the authority has decided to mandate all general and health insurers to offer the standard personal accident insurance product, it said.
As per the final guidelines issued by the IRDAI, the minimum sum insured will be Rs 2.5 lakh and maximum sum insured Rs 1 crore. Sum insured offered will be in multiples of Rs 50,000
Read more about Irdai asks insurers to bring standard accident cover from Apr on Business Standard. The insurance regulator has asked general and health insurance providers to provide standard personal accident cover products