- Insurance regulator 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.
- The regulator directed all general insurers to provide a minimum CSl 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.
Points to remember:
- New CPA limit for onwer-driver?
- Full form of CPA and CSI?