Limit of Sum Insured for general insurance including health insurance marke

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To • JI~ 11mfl~ ti.., f.lf.l~,""' ~ ffl 1ufuili,t•1 MitiM INSURANCE REGULATORY AND irJai DEVELOPMENT AUTHORITY OF INDIA IRDAl/ lnU CIR/ PSP/ I (Of 09/18 25th September, 2018 All CEO's of General and Stand-Alone Health Insurers All PO's of Insurance Intermediaries Re: Limit of Sum Insured for general insurance including health insurance marketed by POS 1. Reference is invited to IRDA Circular No. IRDA/ lnU GSL/ ORD/ 183/ 10/ 2015 dt. 26.10.2015 which stipulated simple over the counter products with a limit on the maximum sum insured to be marketed by POS. The products allowed included motor comprehensive, stand-alone motor third party, home insurance, travel insurance, personal accident insurance, etc. 2. Subsequently the list was expanded to include health insurance products, Government Schemes, Agricultural Pumpset, Livestock, etc. 3. As is well known the maximum limit of the sum insured on the POS product category is communicated to the insurers by the Authority at the time of taking on record the POS product. 4. As a result, the policyholders and other stakeholders may not be aware of the limits of sum insured for such POS products of general insurance. 5. In order to bring transparency, the Authority reiterates the following limits of maximum sum insured under various POS products in the general insurance category: ~ <r. 115/1, ~ ~. iiliiifi<.IJ1<j,:SI, ~-500 032, ~ l Survey No. 115/1, Financial District, Nanakramguda, Hyderabad-500 032, India 6) : +91-40-2020 4000 ~ : www.irdai.gov.in 6) : +91-40-2020 4000 Website : www.irdai.gov.in S.No. Product category Maximum Limit of Sum Insured for a general insurance product marketed by POS 1 Motor Package (2-wheeler, private Rs 50 lakhs per risk car and commercial vehicles) 2 Motor Third Party (2-wheeler, private No limit car and commercial vehicles) 3 Personal Accident Rs 50 lakhs per life 4 Travel Rs 3 crores per life/ risk or equivalent currency in foreign exchange 5 Home Rs 50 lakhs per risk 6 Fire & Allied Peril (Dwelling) Rs 50 lakhs per risk 7 Hospital Cash Rs 1 lakh per individual 8 Critical Illness Rs 3 lakh per individual 9 Health Indemnity Rs 5 lakh per individual 10 Cattle/ Livestock Rs 1.5 lakhs per risk 11 Agricultural Pump-set Rs 1.5 lakhs per risk 12 PMFBY/ WBCIS/ CPIS/ PMSBY/ Govt No limit Schemes 13 Crop Insurance other than Govt Rs 1 lakh per acre Schemes ' · ... ~ Sujay Banarji Member (Distn)