{"id":3291,"date":"2021-03-15T05:58:31","date_gmt":"2021-03-15T05:58:31","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=3291"},"modified":"2021-03-15T05:58:35","modified_gmt":"2021-03-15T05:58:35","slug":"standard-personal-accident-insurance-product-issued-by-irdai","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/standard-personal-accident-insurance-product-issued-by-irdai\/","title":{"rendered":"IRDAI Issued Guidelines on the Standard Personal Accident Insurance Product"},"content":{"rendered":"\n<p class=\"has-drop-cap\">The Insurance Regulatory and Development\nAuthority of India or IRDAI, by way of Notification No IRDA\/ HLT\/ GDL\/ MISC\/\n036\/ 02\/ 2021, issued on 25.02.2021, has notified Guidelines on the Standard\nPersonal Accident Insurance Product. The said guidelines are divided into four\nparts, as follows:<\/p>\n\n\n\n<ul><li>Guidelines\non the Standard Personal Accident Insurance Product;<\/li><li>Annexure\n\u2013 1: Policy Terms and Conditions for the Insurance Product;<\/li><li>Annexure\n\u2013 2: Format for the Customer Information Sheet;<\/li><li>Annexure\n\u2013 3: Form for furnishing the Standard Personal Accident Insurance Product;<\/li><\/ul>\n\n\n\n<p>In this learning blog, we will talk\nabout the concept of IRDAI, together with the Guidelines on the Standard\nPersonal Accident Insurance Product.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3aa37c6633f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3aa37c6633f\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/blog\/standard-personal-accident-insurance-product-issued-by-irdai\/#Concept_of_IRDAI\" title=\"Concept of IRDAI\">Concept of IRDAI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/blog\/standard-personal-accident-insurance-product-issued-by-irdai\/#Reasons_for_Issuing_Guidelines_on_the_Standard_Personal_Accident_Insurance_Product\" title=\"Reasons for Issuing Guidelines on the Standard Personal\nAccident Insurance Product\">Reasons for Issuing Guidelines on the Standard Personal\nAccident Insurance Product<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/blog\/standard-personal-accident-insurance-product-issued-by-irdai\/#Mode_of_Determine_the_Pricing_for_Insurance_Product\" title=\"Mode of Determine the Pricing for Insurance Product\">Mode of Determine the Pricing for Insurance Product<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/blog\/standard-personal-accident-insurance-product-issued-by-irdai\/#Construction_of_Standard_Personal_Accident_Insurance_Product\" title=\"Construction of Standard Personal Accident Insurance\nProduct\">Construction of Standard Personal Accident Insurance\nProduct<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/blog\/standard-personal-accident-insurance-product-issued-by-irdai\/#Base_Covers\" title=\"Base Covers\">Base Covers<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/blog\/standard-personal-accident-insurance-product-issued-by-irdai\/#Death_Cover\" title=\"Death Cover\">Death Cover<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/blog\/standard-personal-accident-insurance-product-issued-by-irdai\/#Permanent_Total_Disablement\" title=\"Permanent Total Disablement\">Permanent Total Disablement<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/blog\/standard-personal-accident-insurance-product-issued-by-irdai\/#Permanent_Partial_Disablement\" title=\"Permanent Partial Disablement\">Permanent Partial Disablement<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/swaritadvisors.com\/blog\/standard-personal-accident-insurance-product-issued-by-irdai\/#Optional_Covers\" title=\"Optional Covers\">Optional Covers<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/swaritadvisors.com\/blog\/standard-personal-accident-insurance-product-issued-by-irdai\/#Temporary_Total_Disablement\" title=\"Temporary Total Disablement\">Temporary Total Disablement<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/swaritadvisors.com\/blog\/standard-personal-accident-insurance-product-issued-by-irdai\/#Hospitalisation_Expenses\" title=\"Hospitalisation Expenses\">Hospitalisation Expenses<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/swaritadvisors.com\/blog\/standard-personal-accident-insurance-product-issued-by-irdai\/#Education_Grant\" title=\"Education Grant\">Education Grant<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/swaritadvisors.com\/blog\/standard-personal-accident-insurance-product-issued-by-irdai\/#Terms_and_Conditions_of_Standard_Personal_Accident_Insurance_Product\" title=\"Terms and Conditions of Standard Personal Accident\nInsurance Product\">Terms and Conditions of Standard Personal Accident\nInsurance Product<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/swaritadvisors.com\/blog\/standard-personal-accident-insurance-product-issued-by-irdai\/#Miscellaneous_Provisions_of_Standard_Personal_Accident_Insurance_Product\" title=\"Miscellaneous Provisions of Standard Personal Accident\nInsurance Product\">Miscellaneous Provisions of Standard Personal Accident\nInsurance Product<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/swaritadvisors.com\/blog\/standard-personal-accident-insurance-product-issued-by-irdai\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Concept_of_IRDAI\"><\/span>Concept of IRDAI<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The IRDAI or Insurance Regulatory\nDevelopment Authority of India is the apex regulatory authority that governs\nthe operations of the Insurance Sector and administers the activities of both\nLife Insurance and General Insurance Companies.<\/p>\n\n\n\n<p>Further, the main objective of this\nauthority is to protect and safeguard the interests of the policyholder. Also,\nthe same aims to infuse transparency, accountability, and financial soundness\nin the Insurance sector. <\/p>\n\n\n\n<p>Moreover, it shall be noteworthy to take into consideration that not only insurance companies but all the insurance web aggregators and insurance brokers need to obtain a license from the IRDAI to commence their operations.<\/p>\n\n\n\n<p><strong>Also, Read: <\/strong><mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/different-formats-for-collection-of-insurance-rural-data-notified-by-irdai\/\">Different Formats for Collection of Insurance Rural Data Notified by IRDAI<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Reasons_for_Issuing_Guidelines_on_the_Standard_Personal_Accident_Insurance_Product\"><\/span>Reasons for Issuing Guidelines on the Standard Personal\nAccident Insurance Product<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Indian Insurance Sector is having a\nwide range of personal accident insurance products. However, it shall be noted\nthat each product has its unique features and benefits, which makes it\nchallenging for the insuring public to choose a suitable product matching their\nneeds.<\/p>\n\n\n\n<p>Thus, with the purpose of having a\nstandard product with common policy wordings and coverage across the industry,\nthe IRDAI has decided to obligate all the general and health insurers to\nprovide the standard personal accident insurance product.<\/p>\n\n\n\n<p>Further, it shall be noted that such\nguidelines are issued under the provisions of section 34 (1) (a) of the\nInsurance Act 1938.<\/p>\n\n\n\n<p>The standard insurance product shall\ninclude all the basic mandatory covers as mentioned in these Guidelines. The same\nwill be uniform across the market. However, the optional covers as prescribed\nwill only be offered, together with the standard insurance product.<\/p>\n\n\n\n<p>Moreover, every General &amp; Standalone\nHealth Insurer, who has been granted a Registration Certificate to transact\nGeneral and\/ or Health Insurance Business, will compulsorily need to offer\nstandard Individual Personal Accident product. Also, the said product is\npermitted to be offered as a group product as well.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Mode_of_Determine_the_Pricing_for_Insurance_Product\"><\/span>Mode of Determine the Pricing for Insurance Product<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An insurance company can determine the\nprice of an Insurance Product by considering the offers proposed and by\ncomplying with the norms and conditions prescribed by the IRDAI (Health\nInsurance) Regulations 2016 and the rules made thereunder. Further, it shall be\nnoted that such a standard product will remain valid for a period of one year.<\/p>\n\n\n\n<p>Also, the regulations that the standard\npersonal accident insurance product needs to comply with are as follows:<\/p>\n\n\n\n<ul><li>IRDAI\n(Health Insurance) Regulations 2016;<\/li><li>Consolidated\nGuidelines on Product filing in Health Insurance Business, Reference No: IRDAI\/\nHLT\/ REG\/ CIR\/ 194\/ 07\/ 2020, issued on 22.07.2020;<\/li><li>Master\nCircular on the Standardization of Health Insurance Products, Reference No:\nIRDAI\/ HLT\/ REG\/ CIR\/ 193\/ 07\/ 2020, issued on 22.07.2020;<\/li><li>Any\nother Guidelines as made applicable from time to time;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Construction_of_Standard_Personal_Accident_Insurance_Product\"><\/span>Construction of Standard Personal Accident Insurance\nProduct<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The covers offered by the Standard\nPersonal Accident Insurance Product are as follows: <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Base_Covers\"><\/span>Base Covers<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The different covers included under the\nheading Base Covers are as follows:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Death_Cover\"><\/span>Death Cover<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>This cover provides benefit up to 100%\nof the Sum Insured, which shall be payable on the demise of the insured person.\nThe term demise means an accident that happened due to which the insured\nsuffered an injury, and during the policy period. However, it shall be noted\nthat such death must happen within 12 months, starting from the date of\naccident.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Permanent_Total_Disablement\"><\/span>Permanent Total Disablement<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>This cover provides benefit up to 100%\nof the Sum Insured, which shall be payable if the insured suffers from\nPermanent Total Disablement due to an accident that happened during the policy\nperiod. However, it shall be noted that such Permanent Total Disablement must\nhappen within 12 months, starting from the date of the accident.<\/p>\n\n\n\n<p>Further, the term Permanent Total\nDisablement includes the factors as follows:<\/p>\n\n\n\n<ul><li>Total\nand Irrecoverable Sight Loss of both eyes, or;<\/li><li>Physical\nLoss of use or Separation of both hands or feet, or;<\/li><li>Physical\nLoss of use or Separation of one hand and one foot, or;<\/li><li>Sight\nLoss of one eye and Physical Loss of use or separation of hands or feet, or;<\/li><li>If\nsuch an Injury is as a direct consequence thereof, which permanently, and\ntotally, disables an insured person from carrying out activities in any\nemploymentor occupation of any nature or description whatsoever;<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Permanent_Partial_Disablement\"><\/span>Permanent Partial Disablement<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>The\nSum Insured mentioned below will be payable if in case the Insured Person\nsuffers a Permanent Partial Disablement of the nature prescribed below. The\nsame is solely and directly because of an accident that happened during the\nPolicy Period. However, it shall be noted that such Permanent Partial\nDisablement must happen within 12 months, starting from the date of the accident.<\/p>\n\n\n\n<table class=\"wp-block-table\"><tbody><tr><td>\n  <strong>S.no.<\/strong>\n  <\/td><td>\n  <strong>Loss\n  Covered<\/strong>\n  <\/td><td>\n  <strong>Percentage\n  of the Sum Insured<\/strong>\n  <\/td><\/tr><tr><td>\n  &nbsp;\n  <\/td><td>\n  Loss of Use or Physical\n  Separation:\n  one\n  entire hand;one\n  entire foot;loss\n  of sight of one eye;loss\n  of toes \u2013 all;great\n  both phalanges;great\n  \u2013 one phalanx;if\n  more than one toe is lost;\n  \n  \n  \n  \n  \n  \n  <\/td><td>\n  &nbsp;\n  50%\n  50%\n  50%\n  20%\n  5%\n  2%\n  1%\n  <\/td><\/tr><tr><td>\n  &nbsp;\n  <\/td><td>\n  Loss of use of both\n  ears;\n  <\/td><td>\n  50% \n  <\/td><\/tr><tr><td>\n  &nbsp;\n  <\/td><td>\n  Loss of use of one\n  ear;\n  <\/td><td>\n  20%\n  <\/td><\/tr><tr><td>\n  &nbsp;\n  <\/td><td>\n  Loss of thumb and four\n  fingers of one hand;\n  <\/td><td>\n  40%\n  <\/td><\/tr><tr><td>\n  &nbsp;\n  <\/td><td>\n  Loss of four fingers;\n  <\/td><td>\n  35%\n  <\/td><\/tr><tr><td>\n  &nbsp;\n  <\/td><td>\n  Loss of thumb:\n  &#8211; both phalanges;\n  &#8211; one phalanx;\n  <\/td><td>\n  &nbsp;\n  25%\n  10%\n  <\/td><\/tr><tr><td>\n  &nbsp;\n  <\/td><td>\n  Loss of Index finger:\n  three phalanges;\n  two phalanges;\n  one phalanx;\n  <\/td><td>\n  &nbsp;\n  10%\n  8%\n  4%\n  <\/td><\/tr><tr><td>\n  &nbsp;\n  <\/td><td>\n  Loss of middle\n  finger:\n  three phalanges;\n  two phalanges;\n  one phalanx;\n  <\/td><td>\n  &nbsp;\n  6%\n  4%\n  2%\n  <\/td><\/tr><tr><td>\n  &nbsp;\n  <\/td><td>\n  Loss of ring finger:\n  three phalanges;\n  two phalanges;\n  one phalanx;\n  <\/td><td>\n  &nbsp;\n  5%\n  4%\n  2%\n  <\/td><\/tr><tr><td>\n  &nbsp;\n  <\/td><td>\n  Loss of little\n  finger:\n  three phalanges;\n  two phalanges;\n  one phalanx;\n  <\/td><td>\n  &nbsp;\n  4%\n  3%\n  2%\n  <\/td><\/tr><tr><td>\n  &nbsp;\n  <\/td><td>\n  Loss of metacarpus:\n  first or second\n  (additional);\n  third, fourth, or\n  fifth (additional);\n  <\/td><td>\n  &nbsp;\n  3%\n  2%\n  <\/td><\/tr><tr><td>\n  &nbsp;\n  <\/td><td>\n  Any other form of\n  permanent partial disablement\n  <\/td><td>\n  Percentage of sum\n  assured as assessed by an independent Medical Practitioner\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Optional_Covers\"><\/span>Optional Covers<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The different covers included under the\nheading Optional Covers are as follows:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Temporary_Total_Disablement\"><\/span>Temporary Total Disablement<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>If in case an Insured Person suffers an\nInjury in an accident happened during the Policy Period, which completely\nincapacitates him\/ her from engaging in any sort of employment or occupation of\nany nature or description whatsoever which he\/ she was capable of performing at\nthe time of the accident (Temporary Total Disablement), then, in that case, compensation\nwill be payable, at the interest rate of 0.2% of the base sum insured per week.\nAlso, the same will be applied till the time the said person is able to return\nto his\/ her work, provided that:<\/p>\n\n\n\n<ul><li>Such a period of\ntemporary total disablement must exceed 4 weeks. However, it shall be noted\nthat the benefit will be payable for the whole duration of disablement;<\/li><li>The compensation\npayable for this benefit,as mentioned under section11 (a), must be payable only\nup to 100 weeks in regard to anyone injury determined from the date of the commencement\nof disablement. Also, it shall be noted that the same in no case shall exceed\nthe Sum Insured;<\/li><li>The\nTemporary Total Disablement must be certified in writing by the treating\nMedical Practitioner that the same has commenced within a period of 30 days\nfrom the date of the Accident;<\/li><li>The\ncompensation payable will be paid by the insurer at quarterly intervals, only\nafter determining the amount payable. However, if in case the period of\ntemporary total disablement is for less than three months or a quarter, then,\nin that case, the compensation may be paid after the completion of the\ndisablement period;<\/li><li>At\nthe time of making payment, the insurance company will have the right to call\nfor certification from an independent medical practitioner with regard to the\ncontinuity of the temporary total disability denoted under this section;<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hospitalisation_Expenses\"><\/span>Hospitalisation Expenses<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Hospitalisation expenses arising due to\nthe accident happened shall be reimbursed up to the limit of 10% of the base\nsum insured.<\/p>\n\n\n\n<p>However, it shall be noted that expenses\non Hospitalisation are only admissible after a minimum period of 24 hours.\nFurther, thesaid time limit of 24 hours will not be applicable when the\ntreatment does not need hospitalisation as prescribed in the terms and\nconditions of the policy contract. That means the treatment of the insured is\ntaken in the Hospital, and he\/ she is discharged on the very same day.<\/p>\n\n\n\n<p>Also, the following expenses that occurred\ndue to injury will be covered under the optional covers specified under the\nprovisions of section 11(b):<\/p>\n\n\n\n<ul><li>Dental\nTreatment;<\/li><li>Plastic\nSurgery;<\/li><li>All\nthe daycare treatments;<\/li><li>Expenses\nincurred on a road Ambulance subject to a maximum limit of Rs 2000\/- perhospitalization;<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Education_Grant\"><\/span>Education Grant<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Following an admissible insurance claim\nof an insured person under the policy in consequence of Death or Permanent\nTotal Disability of the said person, a one time Educational Grant of 10% of\nbase sum insured, per child, will be payable to all the dependent children of\nthe said Insured. However, it shall be noted that: <\/p>\n\n\n\n<ul><li>Such\nDependent Child or Children is\/ are pursuing a full time educational course as a\nstudent in an educational institution;<\/li><li>Age\nof the said child or children as the case will not be above 25 completed years;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Terms_and_Conditions_of_Standard_Personal_Accident_Insurance_Product\"><\/span>Terms and Conditions of Standard Personal Accident\nInsurance Product<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The different terms and conditions of\nthe Standard Personal Accident Insurance Product are as follows: <\/p>\n\n\n\n<ul><li>All\nthe Terms and Conditions of the Policy Standard Product will be in the format\nprescribed in Annexure \u2013 1. However, it shall be noted that an insurer can\nsuitably modify the definitions and clauses of the said policy contract\nprospectively on the basis of the Guidelines or Regulations that may be issued\nby the IRDAI from time to time;<\/li><li>The\nInsurers are permitted to use the name of the standard product for the group\npolicy just by adding the term \u201cgroup\u201d. However, it shall be noted that the\nbenefit structure of the said standard policy remains intact except the premium\nrate and of terms and conditions appropriate to group policy;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Miscellaneous_Provisions_of_Standard_Personal_Accident_Insurance_Product\"><\/span>Miscellaneous Provisions of Standard Personal Accident\nInsurance Product<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The miscellaneous provisions of the\nStandard Personal Accident Insurance Product are as follows: <\/p>\n\n\n\n<ul><li>The\nnomenclature of the insurance product will be \u201cSaralSurakshaBima\u201d, succeeded by the name of the insurance\ncompany. Also, it shall be noted thatno othername is permitted in any of the\ndocuments;<\/li><li>The\nProposal Form used for the insurance product must be subject to the terms and\nconditions prescribed under the \u201cConsolidated Guidelines on Insurance Product\nFiling in Health Insurance\u201d;<\/li><li>It\nshall be noted that all the Insurers will mandatorily issue \u201cCustomer\nInformation Sheet\u201d as per the format prescribed in Annexure \u2013 2;<\/li><li>The\nStandard Personal Accident Insurance Product will be launched without any prior\napproval from the Authority. However, the same will be subject to the\nconditions and stipulations as follows:<\/li><\/ul>\n\n\n\n<ol><li>The\ninsurance product will be approved by the PMC (Product Management Committee);<\/li><li>Insurers\nneed to obtain UIN (Unique Identification Number) for the standard personal\naccident insurance product. The same will be acquired by filing the pertinent\nparticulars in Form \u2013 <a href=\"https:\/\/www.irdai.gov.in\/\">IRDAI<\/a> \u2013 UNF- PASP\n(as prescribed in Annexure \u2013 3 of Guidelines on the Standard Personal Accident\nInsurance Product), together with a certificate from the Chief Compliance\nOfficer,stating that the said product filed is in compliance with the terms and\nnorms prescribed under these guidelines;<\/li><li>On\nreview of the filed application, the IRDAI may call for such further details or\ninformation as may be needed and may issue appropriate directions, which shall\nbe applied retrospectively in regard to all the contracts issued under this\nproduct;<\/li><li>All\nthe General and Health Insurers will offer this insurance product from\n01.04.2021 onwards;<\/li><li>Also,\nthe guidelines on the standard personal accident insurance product have the\napproval of IRDAI as well.<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In a nutshell, the Indian Insurance\nSector has a wide range of personal accident insurance\nproducts, each of them with its unique features and benefits, which makes it a challenging\ntask for the insuring public to select a suitable product matching their needs.\n<\/p>\n\n\n\n<p>Hence, with the purpose of having a standard product with common policy wordings and coverage across the industry, the IRDAI has decided to obligate all the general and health insurers to provide the standard personal accident insurance product.<\/p>\n\n\n\n<p><strong>Also, Read: <\/strong><a href=\"https:\/\/swaritadvisors.com\/blog\/irdai-mandates-communication-of-basic-information-to-policyholders\/\">IRDAI Mandates Communication of Basic Information to Policyholders<\/a><\/p>\n\n\n<a href=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/03\/Final-guidelines-on-standard-PA-product-25.02.2021.pdf\" class=\"pdfemb-viewer\" style=\"\" data-width=\"max\" data-height=\"max\"  data-toolbar=\"bottom\" data-toolbar-fixed=\"off\">Final-guidelines-on-standard-PA-product-25.02.2021<br\/><\/a>\n<p class=\"wp-block-pdfemb-pdf-embedder-viewer\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Insurance Regulatory and Development Authority of India or IRDAI, by way of Notification No IRDA\/ HLT\/ GDL\/ MISC\/ 036\/ 02\/ 2021, issued on 25.02.2021, has notified Guidelines on the Standard Personal Accident Insurance Product. The said guidelines are divided into four parts, as follows: Guidelines on the Standard Personal Accident Insurance Product; Annexure \u2013 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3294,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[43,50],"tags":[493],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/3291"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=3291"}],"version-history":[{"count":4,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/3291\/revisions"}],"predecessor-version":[{"id":3297,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/3291\/revisions\/3297"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/3294"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=3291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=3291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=3291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}