Document Detail

Title: Exposure Draft
Reference No.: --
Date: 20/05/2019
Exposure Draft on Revisiting the product structure for Dwellings, Offices,

1.    Currently, the wordings, terms and conditions in respect of the basic policy for Fire and allied perils for all categories of risks are driven by the erstwhile All India Fire Tariff, 2001. However, insurers have been permitted to sell add-ons to the basic cover within the framework provided under the extant Product Filing Guidelines for General Insurance.


2.    Considering the occurrence of various catastrophic events that revealed the huge gap between economic losses and insured losses and also to reduce the protection gap that exists in the segments of Dwellings, Offices Hotels, Shops etc and Micro, Small and Medium Enterprises against Fire and allied perils, IRDAI had set up a Working Group to revisit the product structure in respect of these segments.


3.    The Working Group made various recommendations, after which it was decided to work on the product design and draw up the proposed policy wordings, including the terms and conditions in plain language, keeping the target segments in mind. Accordingly, three products have been designed and developed. The introduction of Key Feature Document for these segments has also been proposed and they have also been drawn up.


4.    We now place the Report of the IRDAI Working Group on Product Structure for Dwellings, Offices, Hotels, Shops etc and MSMEs for cover against Fire and Allied Perils as Part I and the proposed Key Feature Documents, Prospectus, Policy Wordings, Add-ons and Special Clauses as Part II of a comprehensive report on the subject.

We urge all stakeholders to offer their valuable comments on or before 7th June, 2019 in the attached format to the following e-mail ids:          



(Yegnapriya Bharath)

Chief General Manager (Non-life)






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