Irdai raises minimum driver insurance cover to ₹15 lakh1 min read 21 Sep 2018, 05:59 PM IST
Irdai directs all general insurers to provide a minimum capital sum insured of 15 lakh under compulsory personal accident cover for owner-driver under Liability Only to all classes of vehicles at the premium rate of 750 per annum for annual policy
New Delhi: Insurance regulator Irdai has raised the minimum insurance cover for owner-driver to ₹ 15 lakh for a premium of ₹ 750 per annum, a move to provide some succour to road accident victims. Currently, the capital sum insured (CSI) under this section for motorised two-wheelers and private cars/commercial vehicles is ₹ 1 lakh and ₹ 2 lakh, respectively. However, a few general insurers have been offering add-on covers under package policies with higher CSI over and above the stipulated on payment of additional premium.