IRDAI Raised Minimum Driver Insurance Cover To INR 15 Lakh

Insurance regulator IRDAI has raised the minimum insurance cover for owner-driver to Rs. 15 lakh for a premium of Rs. 750 per annum, a move to provide some succour to road accident victims. 

Currently, the capital sum insured (CSI) under this section for motorised two-wheelers and private cars/commercial vehicles is Rs. 1 lakh and Rs. 2 lakh, respectively. The owner-drivers also have the option of a cover over and above Rs. 15 lakh on payment of additional premium.

Source- The Hindu Business Line

Static/Current Takeaways Important for IBPS PO Exam 2018- 
  • IRDAI- Insurance Regulatory and Development Authority
  • IRDAI Chairman– Subhash Chandra Khuntia