IRDA has sought comments from the stakeholders on its draft by January 6, 2021. This includes the Standard Terms of Use of the Customer Information Sheet and File Format. The draft details what will be covered and what will be outside the purview of travel insurance.
The Insurance Regulatory and Development Authority of India (IRDA) has proposed standard guidelines for travel insurance. Its objective is to ensure the insurance coverage during domestic as well as international travel, things beyond its scope and the conditions of coverage. The regulator on Monday released the draft ‘Guidelines on Standard Travel Insurance Policies’, saying these would provide standard travel insurance products. Under this, travel insurance coverage and terminology will be uniform across the industry.
IRDA has sought comments from the stakeholders on its draft by January 6, 2021. This includes the standard terms, customer information sheets and file formats used. The draft details what will be covered and what will be outside the purview of travel insurance. According to the draft, if the insured person is injured due to an accident abroad and he dies within 365 days of the accident due to this sole reason, then the insurance company will pay compensation equal to the sum insured to his family members.
If the accidental death was of a minor or a person below 18 years of age, the maximum liability on the insurance company would be 50 percent of the sum assured. In the context of domestic travel insurance, it states that if the common transport vehicle in which the insured is traveling is involved in an accident and the insured dies within 365 days of the accident, the sum assured will be paid to the insurance company. His family will have to do it. Travel insurance policy will also cover missed flight, missing check-in baggage, travel delay and loss of passport.
Health insurance gives coverage to policyholders and their families financially against uncertainties. The health insurance policy should be chosen according to the need. In order for the policy to be better, it is necessary to review it. It is important to review insurance portfolios, as their needs change through different periods of life. Know why to review your health insurance policy annually.
