Insurance regulator, Insurance Regulatory and Development Authority (IRDAI), has raised the minimum insurance cover for owner-driver to Rs 15 lakh for a premium of Rs 750 per annum.
Currently, the capital sum insured (CSI) under this section for motorised two-wheelers and private cars/commercial vehicles is Rs 1 lakh and Rs 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.
The regulator directed all general insurers to provide a minimum CSI of Rs 15 lakh under Compulsory Personal Accident (CPA) cover for owner-driver under Liability Only to all classes of vehicles at the premium rate of Rs 750 per annum for annual policy.
So what are these new ground rules? How much more do you have to pay for motor insurance and what are your choices that you have as a policy buyer? That is what CNBC-TV18's Surabhi Upadhyay discusses with Rakesh Jain, executive director and chief executive officer of Reliance General Insurance; K.G. Krishnamoorthy Rao, managing director and chief executive officer of Future Generali India Insurance and Tarun Mathur, chief business officer at Policy Bazaar.