From January 1, policyholders will not have to purchase separate compulsory personal accident (CPA) cover for each new vehicle they buy, as per a notification issued by IRDAI.
Currently, a vehicle buyer has to buy a CPA for every vehicle purchased. In September this year, the IRDAI had raised the minimum insurance cover for owner-driver to Rs 15 lakh for an annual premium of Rs 750.
Earlier, the capital sum insured (CSI) for two-wheelers and private cars/commercial vehicles was Rs 1 lakh and Rs 2 lakh, respectively.
“Since a general personal accident cover also includes cover against motor accidents, if an owner-driver already has a 24 hour personal accident cover against Death and Permanent Disability (Total and Partial) for CSI of at least Rs 15 lakh, there is no need for a separate CPA cover to be taken,” said the notification of IRDAI.