From April 1, general and health insurers will have to offer Standard Personal Accident Insurance Product. As per the final guidelines issued by the Insurance Regulatory and Development Authority of India (IRDA), the minimum sum insured will be ₹2.5 lakh and maximum sum insured ₹1 crore. Sum insured offered will be in multiples of ₹50,000.

“Beyond the range specified above, insurers can offer on their own and can use the same name for the product if all terms and conditions remain the same,” said IRDAI in a circular issued on Thursday.

Benefit equivalent to 100 per cent of the sum insured shall be payable on death of the insured person due to injury sustained in an accident during the policy period, provided the insured person’s death occurs within 12 months from the date of the accident.

Benefit equivalent to 100 per cent of the sum insured shall be payable if an insured person suffers from permanent total disablement, solely and directly due to an accident during the policy period, provided the disablement occurs within 12 months from the date of the accident, as per the norms.

Hospitalisation expenses arising due to accident will be indemnified up to the limit of 10 per cent of base sum insured.

The hospitalisation expenses to be covered include room, boarding and nursing expenses as provided by the hospital or nursing home.

Expenses associated with surgeon, anaesthetist, medical practitioner, consultants, specialist fees whether paid directly to the treating doctor / surgeon or to the hospital, will also be covered under the policy, among others.

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