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  • News From Press Irdai allows single personal accident cover for multiple vehicles

    Irdai allows single personal accident cover for multiple vehicles

    Source: Mint Dec 13, 2018

    Come January 1, customers will not have to purchase separate compulsory personal accident (CPA) cover for each new vehicle they buy, as per a notification of insurance regulator Irdai. Insurance regulator Irdai has decided to unbundle the compulsory personal accident (CPA) cover and allow the issuance of a standalone CPA cover for owner-driver.

    Currently, a vehicle buyer has to buy a CPA for every vehicle he or she purchase.

    In September this year, the Insurance Regulatory and Development Authority of India (Irdai) had raised the minimum insurance cover for owner-driver to Rs 15 lakh for an annual premium of Rs 750.

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