The Insurance Regulatory and Development Authority of India vide its notification dated 25th February 2021 has issued Guidelines on Standard Personal Accident Insurance Product and Every General and Standalone Health Insurer, who has been issued a Certificate of Registration to transact General and/or Health Insurance Business, shall mandatorily offer standard Individual Personal Accident product.
The Standard PA product shall be offered on an Individual basis. When offered as a family cover, the chosen sum insured shall apply to each family member separately.
The base covers of Standard PA product and the optional covers “temporary total disablement benefit” and “Education grant” shall be offered on benefit basis. The optional cover “Hospitalisation Expenses due to Accident” shall be offered on indemnity basis.
The individual standard PA product shall be offered with the policy tenure of one year and the Minimum entry age shall be 18 years and maximum age at entry shall be at least 70 for the insured members including principal insured. Insurers are permitted to fix the maximum age at entry beyond 70 years, subject to underwriting policy. Dependent Child / children shall be covered from the age of 3 months to 25 years subject to the definition of ‘Family’ and underwriting policy.
