Last year, the Insurance Regulatory and Development Authority of India (IRDAI) allowed insurers to come up with three types of motor insurance plans. These were bundled insurance, standalone long-term third-party policy and long-term comprehensive insurance plan. However, IRDAI did not make it clear on how one could renew these policies in coming years.
Now, from September 1, 2019, IRDAI has left it up to the discretion of insurers to come up with stand-alone annual own damage policy (i ..
