Question : On which date draft guidelines on standard personal accident insurance policies issued?
(a) 4 December 2020
(b) 2 December2020
(c) 29 November2020
(d) None of the above
Answer : (d)
Related facts
- IRDAI has recently (9December 2020) issued draft guidelines on standard personal accident insurance policies.
- All general and standalone health insurers will have to offer this product from April 1, 2021.
Entry age
- The minimum and maximum entry age has been kept at 18 years and 70 years, respectively.
Minimum & Maximum sum assured - Minimum & Maximum sum assured will be in range of 2.5 lakh rupees to rupees one crore respectively.
Objective
- IRDAI wants to to enforce a standard product with common coverage across the sector.
Benefit
- Irdai proposed a payout equal to 100% of the sum insured in case of death or permanent total disablement because of the accident.
- For permanent partial disablement, the payout percentage will vary according to the type of disablement.
- These will be mandatory insurance benefits.
- Insurers can offer optional covers along with the base plan, which will provide coverage for temporary total disablement and education grant for dependent children.
- The optional cover will also pay out up to 10% of the base sum insured for hospitalization for a minimum of 24 hours as the result of an accident.
By — Pankaj Pandey.