Irdai seeks insurer’s comments on standard personal accident cover – ET BFSI

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Insurance Regulatory & Development Authority of India (IRDAI) has asked insurance companies for comments on its proposed guidelines on a standard personal accident cover after a standardised cover has been rolled out for health insurance and term life insurance. IRDAI has asked all stakeholders to share their comments by December 18, 2020.

While explaining the rationale behind the push for standardised product, the regulator said, “The insurance market is having 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.”

The terms and conditions could be identical while the insurers will be able to fix their own underwriting practices and price for the cover being provided. IRDAI said, “Stakeholders are also requested to suggest a suitable name for the product. The person whose suggested name is selected will be issued a certificate of appreciation by Chairman, IRDAI.”

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