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Vehicle Owners Can Choose Tenure of Accidental Insurance: IRDAI
October 30, 2018
Insurance regulator IRDAI said that bike and car owners are free to choose the tenure of the compulsory accidental insurance for their policy, and that the insurers cannot force them to buy insurance for a certain tenure.
Last month, the Insurance Regulatory and Development Authority of India (IRDAI) said that car and bike owners will now get a compulsory accidental insurance cover of 15 lakh INR. However, insurers raised concerns that higher coverage will add to the cost of the overall insurance policy.
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