The Insurance Regulatory and Development Authority of India (Irdai) on Monday proposed a standard travel insurance policy with common coverage and policy wordings across the industry. "The standard product shall have the basic mandatory covers as specified in draft guidelines which shall be uniform across the market. Though there are a number of travel insurance products available in India, the penetration of travel insurance is yet to take off. Coverage only for travel (onward and return)The nomenclature of the product shall be Standard Travel Insurance Policy, succeeded by the name of the insurance company. And, pricing in respect of overseas travel insurance is permitted based on the country or region of travel and stay.

Source: Mint December 29, 2020 05:17 UTC