Updated By: LatestGKGS Desk
IRDAI increased insurance cover for owner-driver to 15 lakh
IRDAI increased insurance cover for owner-driver to 15 lakh: Details, Features, Highlights
The Insurance Regulatory and Development Authority (IRDAI) has increased the minimum insurance cover for owner-driver to Rs 15 lakh from Rs 1 lakh and Rs 2 lakh for a premium of Rs 750 per annum for motorised two-wheelers and private cars/commercial vehicles under capital sum insured (CSI).
All motor policies will now include personal accident protection that will cover the owner-driver for Rs 15 lakh in case of accidental death while driving.
The regulator directed all general insurers to provide a minimum CSl of Rs 15 lakh under Compulsory Personal Accident (CPA) cover for owner-driver under ‘Liability Only’ to all classes of vehicles at the premium rate of Rs 750 per annum for an annual policy.
This will be part of the mandatory insurance cover for the vehicle owners.
Insurance Regulatory and Development Authority (IRDAI)
Headquarters: Hyderabad, Telangana
Agency executive: Subhash Chandra Khuntia (Chairman)
IRDA is an apex statutory body that regulates and develops the insurance industry in India. It was constituted as per provisions of the Insurance Regulatory and Development Authority Act, 1999.
Functions of IRDA: IRDA protects rights of insurance policy holders, provides registration certification to life insurance companies and renew, modify, cancel or suspend this registration certificate as and when appropriate.
IRDA also promotes efficiency in the conduct of insurance business, promotes and regulates professional organisations connected with insurance and reinsurance business.
IEDA also regulates investment of funds by insurance companies, adjudicates disputes between insurers and intermediaries or insurance intermediaries.
