Standard personal accident product

There is a wide variety of personal accident insurance products in the market at present. Each product has unique features, making it a challenge for the insured to choose the right product. To overcome this challenge, a standard product with common coverage and policy wordings across the industry is set to be introduced in 2021.

The IRDAI has decided to mandate all general and health insurers to offer a standard personal accident insurance product. This will be a standard personal accident product with common coverage and policy wordings across the industry, which every insurance customer should know, Neeraj Prakash, Managing Director, Shriram General Insurance, told.