Standard personal accident insurance product in India

The insurance regulator IRDAI requires non-life and health insurers to offer a standard insurance product for the underwriters of individual accident policies.

The solution will come into force on 1 April 2021 and is valid for one year. Coverage includes death, permanent or temporary disability and hospitalization fees.

The decision was taken after the IRDAI noticed the increased diversification of personal accident insurance products on the Indian market, which makes it difficult for the insured to make a choice.