Minimum owner-driver insurance cover raised to ₹15 lakh

Insurance regulator IRDAI has raised the minimum personal accident cover for owner-drivers to ₹15 lakh and has fixed the premium for the cover at ₹750 per annum. Earlier, the mandatory cover was ₹2 lakh for cars and ₹1 lakh for two-wheelers. The owner-drivers also have the option of a cover over and above ₹15 lakh on payment of additional premium.