DEATH CLAIM AT 2 PLACES
16 Feb, 2022 by LOKESH SHENOY
Recently while renewing my car insurance policy at TATA AIG ( earlier at Royal Sundaram) , came to know that , if the car owner has term insurance more than 15lakh cover , he no need to opt for life cover in car insurance , because , it can not be claimed at both places. claim can be taken from term insurance policy ( obviously higher amount ) . Is this right ? Is there any reference/guidelines from IRDAI on this .
Eventhough it is a matter of Rs.400 additional premium , what is the reality ?
Will be grateful to know this .
Dear Lokeh ji,
As per SC order one has to have a personal accident policy worth 15 Lacs. This could be a policy that you would have bought on your own or along with your vehicle insurance. A term policy is seprate and nothing to do with motor insurance.
You need not opt for this PA cover if
1) person in whose name the vehicle is registered does not hold a valid driving licence
2) the person in whose name the vehicle is registered also has any other vehicle registered in his/her name and the motor policy with it already has a PA cover.
I hope this clarifies your doubt.