Irdai launches standard personal accident cover, max Rs 1 cr sum assured

General and standalone health insurers will have to offer product from April 1, full claim payable on death with 12 months of accident date, even after the end of policy period

The insurance regulator has come out with  a standard personal accident cover named “Saral Suraksha Bima”, which the general and standalone health insurers have to offer from April 1, 2021. The product will have a maximum sum assured of Rs 1 crore and a minimum of Rs 2.5 lakh.

“Beyond the range specified, insurers can offer on their own and can use the same name for the product if all terms and conditions remain the same,” the insurance regulator said in its final draft.

The standard personal accident product will have a basic cover under which the entire sum assured will be