From the first day of the new year, there will be an accidental insurance cover of Rs 15 lakh for two-wheeler and car operators. The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory since 1 January 2019. First of all, on September 20, a circular was issued. However, the last circular was released on November 11.
Two-wheeler and car operators will have to pay the premium so that
from the first January, the drivers of the Accidental Insurance cover will be Rs. 15 lakhs ie i.e. accident insurance. A premium of Rs 750 has been fixed for this. This means that in order to get the accident insurance of Rs 15 lakh, the drivers will now be given an annual pay of Rs 750.
Up to 2 lakh rupees was received Accident Insurance
till December 31, 2018, the driver received a maximum insurance cover of up to 2 lakh rupees. For the two-wheelers, the amount was Rs. 1 lakh and the amount of accidental insurance for commercial or private cars was 2 lakh rupees.
In case of compulsory accident insurance expire, the policy has to be taken separately
according to IRDAI’s circular, if a compulsory accident of a person is expiring, then he can take compulsory accident insurance cover from any General Insurance Company. This cover will apply to all the vehicles / driving of that person. In other words, the compulsory accident insurance cover policy will be valid if the owner-driver runs the vehicle purchased in his name.