Irdai to bring in standard personal accident cover, max sum assured Rs 1 cr

All general and standalone health insurers will have to offer it from April 1, 2021; hospitalisation costs up to 10% of base sum insured covered

After bringing in a standard health cover, covid cover, term cover, and a standard vector borne disease health policy, now the insurance regulator has released an exposure draft for a standard personal accident insurance cover. The product will have a maximum sum assured of Rs 1 crore and a minimum of Rs 2.5 lakh. All general and standalone  health insurers will have to offer it April 1, 2021 onwards.

“Beyond the range specified, insurers can offer on their own and can use the same name for the product if all terms and conditions remain the same,” Irdai said in its