General insurers must unbundle their vehicle coverage layers to help consumers make more informed purchasing decisions following a Supreme Court directive. The updated framework enforces distinct pricing transparency and standardised policy terms across the market. This regulatory shift ensures drivers only pay for the specific protections they select while maintaining required liability baselines. At the point of sale, providers are required to distribute uniform policy wordings along with a Customer Information Sheet and a mandatory customer option form.
Key points
Standalone health and specialised insurers are exempt from implementing the new motor pol…: Standalone health and specialised insurers are exempt from implementing the new motor policy wordings and distribution forms.
Vehicle owners holding active third-party policies can add occupant liability coverage mi…: Vehicle owners holding active third-party policies can add occupant liability coverage mid-term by paying an extra premium.
Occupant legal liability protection explicitly excludes the owner-insured as well as thei…: Occupant legal liability protection explicitly excludes the owner-insured as well as their immediate family members like spouses and children.
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The four layers comprise mandatory third-party liability cover, optional legal liability towards occupants and pillion riders, personal accident cover, and optional own-damage protection. Insurers must issue a mandatory customer option form and Customer Information Sheet, with premiums disclosed separately for each cover.
Existing third-party policyholders can add occupant liability cover by paying an additional premium without cancelling their existing policy. Irdai rolled out the changes after directions from the Supreme Court in the case of National Insurance Co versus Thungala Dhana Laxmi. The ruling sought a four-layer motor insurance policy structure to help vehicle owners make informed choices.
In a circular issued on Tuesday, the regulator said all general insurers, except standalone health insurers and specialised insurers, must adopt uniform policy wordings and issue a mandatory customer option form and Customer Information Sheet (CIS) at the point of sale. While third-party liability cover will remain mandatory, legal liability towards occupants, including pillion riders and employees of the insured, will be optional. This cover excludes the owner-insured and their immediate family members, including parents, spouse and children.
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