The upper middle class and the rich will be happy with the Insurance Regulatory and Development Authority of India’s (Irdai’s) latest announcement - the unbundling of compulsory personal accident (CPA) cover. Starting from January 1, 2019, vehicle owners will be able to purchase a standalone CPA cover.
The CPA cover will also be available with the third-party liability policy and the comprehensive policy (third party plus own damage), as it is today. However, customers who have bought a standalone CPA policy worth Rs 1.5 million or more will not have to buy it again when ...
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