 "Irdai launches standard personal accident cover, maximum Rs 1 cr assured")
The insurance regulator has come out with a standard personal accident cover, which the general and standalone health insurers have to mandatorily offer from April 1 this year. The product, named Saral Suraksha Bima, will have a maximum sum assured of Rs 1 crore and minimum Rs 2.5 lakh.
“Beyond the range specified, insurers can offer (sum assured) on their own and can use the same name for the product if all terms and conditions remain the same,” the Insurance Regulatory and Development Authority of India (Irdai) said in its final draft.
The product will have a basic cover under which the
