Insurance Regulatory and Development Authority
Ref: IRDAI/HLT/REG/CIR/ 119/05/2021
5th May, 2021
|1.||Guidelines on Standard Domestic Travel Insurance Product||2|
|2.||Annexure-1:Policy Terms and Conditions of the Product||7|
|3.||Annexure-2: Format for Customer Information Sheet||44|
|4.||Annexure-3: Form for filing the Standard Domestic Travel Insurance Product||47|
All General and Health Insurers,
Re: Guidelines on Standard Domestic Travel Insurance Product
1. Indian travel market is one of the biggest markets in the world. As per reports, around 36% of Indian households undertake trips for one purpose or other both within and outside the country. It is desired that all travels undertaken should be safe. There is a need to make every trip financially secure by providing suitable protection cover against unknown contingent events. Though, there are a number of travel insurance products available in India, each product is distinct and the insuring public may find it difficult to choose an appropriate product. Therefore, a standard travel product is designed with uniform features of coverage, so as to make available the most common requirements of a common passenger.
2. Towards this, the following Guidelines on Standard Domestic Travel Insurance Product (SDTIP) are issued.
3. The standard product shall have the basic mandatory covers as specified in these Guidelines which shall be uniform across the market.
4. Only those optional covers as specified in these guidelines can be offered along with the standard product.
5. The insurer may determine the premium keeping in view the covers proposed to be offered subject to complying with the norms specified in the IRDAI (Health Insurance) Regulations, 2016 (HIR, 2016) and Guidelines notified there under.
6. The Standard Product shall comply with all the applicable provisions of IRDAI (Health Insurance) Regulations, 2016, Consolidated Guidelines on Product filing in Health Insurance Business (Ref: IRDAI/HLT/REG/CIR/194/07/2020 dated 22nd July, 2020), Master Circular on Standardization of Health Insurance Products (Ref: IRDAI/HLT/REG/CIR/193/07/2020 dated 22nd July, 2020) and other applicable Guidelines as amended from time to time.
7. Every General and Stand-alone Health Insurer, who has been issued a Certificate of Registration to transact General and/or Health Insurance Business, shall endeavour to offer this Standard Domestic Travel Insurance Product.
8. This product is allowed to be offered as a group product also.
Please refer to the attached file for details