IRDAI hikes accident covers to 15 lakh for vehicle owners
Now, Personal accident cover is mandatory for owner-driven vehicles. Under motor insurance policies PAC has been increased from Rs 2 lakh to Rs 15 lakh. IRDAI asked insurers to provide a minimum cover of 15 Lakh at a premium of Rs. 750 per annum.
IRDAI hikes accident covers to 15 lakh
Taken together with IRDAI’s new rules, premium is compulsorily paid for 3 & 5 years for car and bikes respectively. So the premium to be paid will go up by Rs.650 + GST in Cars and Rs.700 + GST for bikes when they renew their single year policy next time.