1.   Reference is invited to IRDA Circular No. IRDA/ Int/ GSL/ ORD/ 183/ 10/ 2015 dt. 26.10.2015 which stipulated simple over the counter products with a limit on the maximum sum insured to be marketed by POS. The products allowed included motor comprehensive, stand-alone motor third party, home insurance, travel insurance, personal accident insurance, etc.

2.   Subsequently the list was expanded to include health insurance products, Government Schemes, Agricultural Pumpset, Livestock, etc.

3.   As is well known the maximum limit of the sum insured on the POS product category is communicated to the insurers by the Authority at the time of taking on record the POS product.

4.   As a result, the policyholders and other stakeholders may not be aware of the limits of sum insured for such POS products of general insurance.

5.   In order to bring transparency, the Authority reiterates the following limits of maximum sum insured under various POS products in the general insurance category:

Sujay Banarji

Member (Distn)