HYDERABAD: In a bid to simplify travel insurance and expand its reach in the country, regulator Irdai on Monday issued guidelines for insurers to come up with standard travel policies to be offered from April 1, 2021. These covers will have common benefits and wordings across products launched by different insurance players.
According to the exposure draft, insurers will be allowed to launch five standard travel insurance plan variants under domestic travel and four plan variants under overseas category. The exposure draft spells out the coverage and exclusions under domestic and overseas travel insurance.
The insurance regulator has invited suggestions on the exposure draft from stakeholders till January 6, 2021.
Meanwhile, to simplify family floater health insurance covers for policyholders, Irdai has also asked insurers to spell out clearly the benefits and sum insured for each family member covered to make clear the distinction between availability of coverage under family floater basis and on an individual basis vis-a-vis the premium payable.