Regulatory and Development Authority of India
Add-Ons to Motor - Own Damage policy
The Concept of Motor Insurance
is constantly evolving. The advent of technology has created a relentless pace
for the insurance fraternity to rise up to interesting yet challenging demands
of the millennials. The general insurance sector needs to keep pace with and
adapt to the changing needs of the policyholders.
In its perpetual endeavor to protect
the interest of the policyholders and increase the insurance penetration in
India, Insurance Regulatory and Development Authority of India (IRDAI) has been
seeking to facilitate the industry to move with the times. And as a step
towards facilitating technology enabled covers, IRDAI has permitted general
insurance companies to introduce the following tech-enabled concepts for the
Motor Own Damage (OD) cover:
as You Drive
How You Drive
policy for vehicles belonging to the same individual owner for two wheelers and
The above mentioned covers
will be provided as add-ons to the basic policy of Motor OD.
Introduction of the above
options will aid in giving the much needed fillip to Motor OD
Insurance in the country and increase its penetration.