News From Press Irdai proposes lifelong renewability of personal accident insurance, time bound porting of policy

Irdai proposes lifelong renewability of personal accident insurance, time bound porting of policy

Source: ET Feb 21, 2022

The Irdai is planning to amend insurance rules so that insurers cannot deny lifelong renewal of a personal accident policy provided the policy has been earlier renewed without a break. . As per an exposure draft issued by the Insurance Regulatory and Development Authority of India (Irdai) on February 16, 2022, an insurer will not be able to deny lifelong renewal of a personal accident insurance policy on the grounds of age of policyholder.

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