Standard Policies: Three standard policies for fire hazards .. IRDAI insures insurers

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Standard Policies: All general insurance companies are required to introduce at least three standard insurance policies that cover fire hazards and damage caused by them.

Standard Policies: The IRDAI has directed all general insurance companies to introduce at least three standard insurance policies that cover fire hazards and the damage they cause. The Insurance Regulatory and Development Agency (IRDAI) has directed India to replace the existing Standard and Special Perils (SFSP) policies with home defense, India micro movement security and India light movement security policies. However, from April 1, general insurers will be required to make these offers.

This policy, however, is intended for the coverage of household goods. 20% coverage is automatically available for home and household items. If there are almost no valuables in the house it is possible to get more coverage by mentioning them in the proposal document. India’s micro-movement security is unique to organizations. Risk cover up to Rs 5 crore has to be offered as part of this.

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