News From Press Irdai permit insurers to introduce tech-enabled add-ons in motor insurance plans

Irdai permit insurers to introduce tech-enabled add-ons in motor insurance plans

Source: Mint Jul 7, 2022

To keep pace with new developments in the insurance market, the Insurance Regulatory and Development Authority of India (Irdai) has permitted general insurers to introduce the Pay As You Drive, Pay How You Drive and floater policy for vehicles belonging to the same individual owner for two-wheelers and private cars as add-ons in a motor insurance policy. These tech-enabled concepts for the Motor Own Damage (OD) cover can be sold on an annual basis.

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