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In 2019, You Can Opt Out of Mandatory Personal Accident Cover
December 14, 2018
The Insurance Regulatory & Development Authority of India (IRDAI) announced that from January 1, 2019, onwards, vehicle owners can opt of the Compulsory Personal Accident (CPA) cover under motor third party insurance and get it as a standalone cover instead. So, customers won’t have to pay a higher premium for a bundled product when they can get a standalone CPA insurance only.
The insurance regulator also said that customers who already have a personal accident cover of ₹15 lakh don’t need to get another insurance product.
In September, IRDAI had announced that car and bike owners will get a CPA cover of ₹15 lakh under motor insurance products. The cover is currently sold as a bundle with comprehensive insurance policies.
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