News
Thanks to Sunil Chellwani for the heads up.
Earlier this year, the Insurance Regulatory and Development Authority of India (IRDAI) raised the personal accident cover for vehicle owners from Rs. 1 lakh to Rs. 15 lakh, which raised the annual premium by Rs. 750.
The IRDAI has now announced that from January 1, 2019, unbundled compulsory personal accident (CPA) cover will be permitted, as it would reduce the cost of ownership of vehicles. Besides, many owner-drivers have existing general personal accident covers and may own multiple vehicles. In this case, the standalone CPA cover will be valid for all vehicles owned by the person.
Upon expiry of a bundled CPA cover, owners can get a standalone CPA policy from any registered general insurance company of their choice as it also includes cover against motor accidents. In case, the owner already has a 24-hour personal accident cover against death and permanent disability of at least Rs. 15 lakh, then a separate CPA cover will not be required. If a policyholder has a liability only policy or package policy and opts to take a standalone CPA cover, the CPA cover offered on the former will be deleted.
Source: Economic Times