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IRDAI Introduced Standard Travel Insurance with Guidelines

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IRDAI introduces standard travel insurance policiesThe Insurance Regulatory and Development Authority of India (IRDAI), has issued guidelines on Bharat Yatra Suraksha, the Standard Domestic Travel Insurance Product (SDTIP) of India.

  • The standard product consists of five different plans under the standard travel insurance product and the coverage is both benefit and indemnity-based.

The five plans under SDTIP:

Plan type Mode of travel covered through Limit on distance Covered Journey Tenure
Plan-A Taxi Cab/bus  Within 100 km from the Place of Origin A single journey (Origin-Destination) Duration of journey
Plan-B Taxi Cab/Bus More than 100 km from the Place of Origin A single journey (Origin-Destination) Duration of journey
Plan- C Train Travel (Only for Reserved tickets) No restriction A single journey (Origin-Destination) Duration of journey
Plan-D Air travel No restriction A single journey (Origin-Destination) Duration of journey
Plan- E Domestic Trips through Taxi Cab, Bus, Train, Ship or Air travel (one or multiple) No restriction Coverage from Origin till return to Origin/Place of Residence Domestic trips with a maximum duration of up to 30 days.

About Health Coverage:

i.This product also will provide coverage for hospitalization expenses, death, permanent complete/partial disablement due to an accident

ii.The coverage provides indemnity-based payment for hospitalization expenses ranging from Rs1 lakh to Rs10 lakh and an accidental death benefit ranging from Rs1 lakh to Rs1 crore. It also has Rs 500 worth of deductibles.

iii.These policies (except Plan A) will come with a cover of Rs 20,000 to Rs 1 lakh for repatriation of mortal remains.

Note -An indemnity is a comprehensive form of insurance compensation (an exemption from liability) for damages or loss to a certain limit.

Recent Related News:

IRDAI, the insurance sector regulator has hiked the maximum cover under the standard health insurance plan – Arogya Sanjeevani Policy – from Rs 5 lakh to Rs 10 lakh and also has expanded the sum insured bands under the policy to between ₹50,000 and ₹10 lakh in multiples of ₹50,000 as against the previous range of Rs 1 lakh – Rs 5 lakh.

About Insurance Regulatory and Development Authority of India (IRDAI):

It is formed under the Insurance Regulatory and Development Authority Act, 1999 (IRDAI Act 1999) on the recommendations of the Malhotra Committee.

Establishment – 1999(incorporated- 1st April 2000)
Headquarters – Hyderabad, Telangana
Chairman – Subhash Chandra Khuntia