IRDAI proposes a reduction in third party insurance cover

IRDAI – Insurance Regulatory Authority of India has proposed reduction in premium on insuring small private cars and certain types of two-wheelers. However, it has plans to raise the same for several categories of goods vehicles. The authority has released exposure draft on premium rates for motor third-party (TP) insurance covers for 2018-19 fiscal and has invited stakeholders comments till March 22. The draft proposes to increase the premium on e-rickshaw from the existing Rs 1,440 to Rs 1,685 in the next financial year starting April 1. The regulator has proposed to lower the premium for third-party insurance, which is mandatory, on cars with engine capacity of less than 1,000 cc to Rs 1,850 from the existing Rs 2,055.

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