Law Of Insurance PDF

Law Of Insurance MISSION VISION CORE VALUES CHRIST is a nurturing ground for an individual’s Excellence and Service Faith in God | Moral Uprightness holistic development to make effective contribution to...

Law Of Insurance MISSION VISION CORE VALUES CHRIST is a nurturing ground for an individual’s Excellence and Service Faith in God | Moral Uprightness holistic development to make effective contribution to Love of Fellow Beings the society in a dynamic environment Social Responsibility | Pursuit of Excellence  CHRIST Deemed to be University Miscellaneous Insurance Excellence and Service  CHRIST Deemed to be University Social Insurance Social security includes ensuring minimum income, social insurance approach, assistance for people with particularly difficult circumstances by self secured capacity building for population, State subsidy, insurance system and voluntary contributions of organizations and individuals. In the social security policy system, social insurance is the main pillar, whose functions are minimizing risks, support to people in compensating or partially replacing for their income when they have to face the risks (illness, losing job or working capacity), reducing pressure on the social assistance system. Thus, increasing the social insurance coverage is the measure for countries to strengthen their competitiveness in the global market. All countries are trying to find solutions to facilitate their citizens in accessing and participating in social insurance. Excellence and Service  CHRIST Deemed to be University Features Social insurance coverage means effectiveness of the social insurance policy and program implementation; ensuring people’s participation, strengthen social security protection. The contributions of individuals is nominal and never goes beyond what they can afford The benefits, eligibility requirements and other aspects of the program are defined by statute; It is funded by taxes or premiums paid by (or on behalf of) participants (but additional sources of funding may be provided as well); and Universal: social security policy should aim to cover the entire working age population in order to ensure welfare right for all employees. Justice: social insurance policies has to ensure that all groups can participate and get equal benefit. Publicity and transparence: social insurance policies has to ensure the publicity and transparence of its policies, regulations, rights and responsibilities of entities regulated by the policy. Excellence and Service  CHRIST Deemed to be University Financial sustainability: social insurance development has to ensure the sustainability of the social insurance fund. The role of the Government: ensuring all citizens can participate in the social insurance system. There should be appropriate solutions for each specific target groups Participation in social insurance is compulsory. Social insurance is considered fair and socially responsible because it taps into the human desire of wanting to help individuals who face risks that are not their fault and neither are they in their control. The premiums required for the existence of social insurance policies come from workers who will ultimately be covered by the benefits, and this sense of accountability makes the program seem fair and its beneficiaries, deserving. Excellence and Service  CHRIST Deemed to be University Unemployment insurance: Provides temporary income to people who lose their jobs Accident insurance: Compensates people for health damage suffered while working National survivor benefits act: Protects survivors from financial difficulties after the death of a parent or partner Employee's compensation insurance: Protects employees from workplace injuries or illnesses Medicare: Provides health insurance to older and disabled people Provident Fund: A government scheme that encourages employees to save and provides them with a pension after retirement Social Security Disability Insurance: Benefits disabled people who are unable to work Excellence and Service  CHRIST Deemed to be University Social insurance is a form of social welfare that provides insurance against economic risks. The insurance may be provided publicly or through the subsidizing of private insurance. In contrast to other forms of social assistance, individuals' claims are partly dependent on their contributions, which can be considered insurance premiums to create a common fund out of which the individuals are then paid benefits in the future. Risks - Old age (pensions), Disability or unemployment, Sickness or medical expenses, Work-related injuries, Survivors' benefits (for dependents after the death of the insured), Maternity benefits Public health insurance Social Security Public Unemployment Insurance Universal parental leave Excellence and Service  CHRIST Deemed to be University In India, social security money comes from contributions made by employees, employers, and the government. Employees: Contribute 12% of their monthly salary Employers: Contribute a matching amount to the employee's provident fund Government: Contributes 1% of the employee's salary The Employees' Provident Fund Organization (EPFO) is the statutory body that administers social security regulations in India. The EPFO administers social security schemes for employees in establishments that employ 20 or more people, or that voluntarily register with the authorities. Excellence and Service  CHRIST Deemed to be University The Employees' State Insurance Act, 1948 (ESI Act) The Employees' Provident Fund & Miscellaneous Provisions Act, 1952 (EPF Act) The Maternity Benefit Act, 1961 The Payment of Gratuity Act, 1972 The Employees' Compensation Act, 1923 Pradhan Mantri Shram Yogi Maan-Dhan Yojana (PM-SYM) (Old Age Protection) Monthly contribution ranges from Rs.55 to Rs.200 depending upon the entry age of the beneficiary. Under this schemes, 50% monthly contribution is payable by the beneficiary and equal matching contribution is paid by the Central Government. Excellence and Service  CHRIST Deemed to be University At what age do you get 100% of your Social Security? Who is eligible for Social Security pension? Similarities and differences to private insurance Excellence and Service  CHRIST Deemed to be University Wide pooling of risks; Specific definitions of the benefits provided; Specific definitions of eligibility rules and the amount of coverage provided; Specific premium, contribution or tax rates required to meet the expected costs of the system. ---------------------------------------------------------------------------------------- ------- Private insurance programs are generally designed with greater emphasis on equity between individual purchasers of coverage, and social insurance programs generally place a greater emphasis on the social adequacy of benefits for all participants Participation in private insurance programs is often voluntary; if the purchase of insurance is mandatory, individuals usually have a choice of insurers. Participation in socialand Excellence insurance Service programs is generally  CHRIST Deemed to be University War Risk Insurance Excellence and Service  CHRIST Deemed to be University War risk insurance is an insurance policy that provides financial protection to the policyholder against losses from events such as invasions, insurrections, riots, strikes, revolutions, military coups, terrorism, Chemical, Biological, Radiological & Nuclear (CBRN) Auto/Motor, homeowners, renters, commercial property, fire, and life insurance policies often have war exclusions. With these exclusions, the policy will not pay for losses from war-related events. Because a standard insurance policy may specifically exclude war risk, it is sometimes possible to purchase a separate war risk insurance rider Excellence and Service  CHRIST Deemed to be University Features War risk insurance is offered as a separate policy as it is excluded from standard insurance policies due to the high risks involved. Businesses and individuals that operate in high-risk countries are good candidates for war risk insurance. Ex. companies operating in politically unstable parts of the world have exposure to an elevated risk of loss from acts of war. Those entities which have risk exposure to the possibility of sudden and violent political upheavals are good customers for war risk insurance War risk insurance is often excluded from standard policies because of the inability of insurance companies to accurately predict damages and therefore charge appropriate premiums. War risk insurance may cover perils such as kidnappings and ransom, sabotage, emergency evacuation, worker injury, long-term disability and loss or damage of property and cargo. Excellence and Service  CHRIST Deemed to be University Some policies may cover event cancellations due to war. There are war risk insurance policies that include acts of terrorism, but others consider terrorism and war to be two separate categories of peril. Some countries may require airlines to have war risk insurance before they can operate in their airspace or use their airports. Industries in the aviation and maritime spheres may have more specific war insurance options tailored to meet their particular needs. For example, war risk insurance may compensate a ship’s owner for the full cost of a vessel in cases where a government seizes the ship. If war activities force a ship into temporary detention, war risk insurance may cover that loss of time. The difficulty with war risk insurance is the inability of an insurance company to accurately assess the possible outcome of damages and therefore calculate appropriate premiums to charge. Furthermore, the damage from war or related activities can be so vast and unpredictable that even high premiums might not be enough to cover the damage that insurance companies are liable for. This makes war insurance an unknown quantity for insurance companies with a high risk that a war insurance policy could send them into insolvency. Excellence and Service  CHRIST Deemed to be University War risk insurance generally has two components: war risk liability, which covers people and items inside the craft and is calculated based on the indemnity amount; and war risk hull, which covers the craft itself and is calculated based on the value of the craft. The premium varies based on the expected stability of the countries to which the vessel will travel. Benefits and services provided under Policy - Certainty of stand-alone coverage Global insurance coverage for terrorism, war and political violence Primary, excess or quota share participation Global capability, with specialized underwriting and applicable Global Legislations Excellence and Service  CHRIST Deemed to be University War Risk Insurance in Marine, This policy covers loss of or damage to vessels plying in international waters caused by: (a) war, civil war, revolution rebellion, insurrection, or civil strife arising there from, or any hostile act by or against a belligerent power (b) capture seizure arrest restraint or detainment, arising from risks, and the consequences thereof or any attempt thereat (c) derelict mines torpedoes bombs or other derelict weapons of war. (d) any terrorist or any person acting maliciously or with a political motive AXA XL Marsh Chubb EFmarine Excellence and Service  CHRIST Deemed to be University Liability Insurance Liability insurance is an insurance product that provides protection against claims resulting from injuries and damage to other people or property. Liability insurance policies cover any legal costs and payouts an insured party is responsible for if they are found legally liable. Intentional damage and contractual liabilities are generally not covered in liability insurance policies. Liability insurance is a general term to describe different types of insurance coverage that helps protect you or your business if someone files a lawsuit or reports a claim against your company. Unlike other types of insurance, liability insurance policies pay third parties, and not policyholders. Excellence and Service  CHRIST Deemed to be University Liability insurance provides protection against claims resulting from injuries and damage to people and/or property. Liability insurance covers legal costs and payouts for which the insured party would be found liable. Provisions not covered include Intentional damage, contractual liabilities, and criminal prosecution. Liability insurance is often required for automotive insurance policies, product manufacturers, and anyone who practices medicine or law. Personal liability, workers' compensation, and commercial liability are types of liability insurance. Factors affecting Policy Cover - Your claims history, Your location, The type of business you have, How many years you’ve been in business. Excellence and Service  CHRIST Deemed to be University Business Liability Insurance General liability insurance to help cover claims alleging that your business caused bodily injury or property damage to someone else or their belongings. Professional liability insurance to help cover your legal costs and judgments made against you if a client sues your business for any mistakes made during professional services your business provides. This coverage is also known as errors and omissions insurance. Data breach insurance, which helps you respond to a breach if personally identifiable information is stolen from your business. Some insurers may refer to this coverage as cyber liability insurance. Commercial auto insurance to help protect you and your employees on the road if you drive a company-owned car for business. It can help cover someone else's property damage and injuries if you cause an accident. Excellence and Service  CHRIST Deemed to be University Personal Liability Insurance Personal liability insurance to help protect you if someone gets hurt while on your property. It can also help cover you if you’re responsible for damaging another person’s property. This coverage is part of your homeowners or renters insurance policy. Bodily injury liability insurance to help pay for medical expenses resulting from a car accident that you caused. Property damage liability coverage to help pay for repair damages from an accident you caused or that you’re found responsible for. Excellence and Service  CHRIST Deemed to be University Liability Insurance Exceptions Bodily injury liability coverage won’t help cover policyholder’s medical bills if he get hurt in a car accident that you caused. Property damage liability insurance won’t help pay to repair policyholder’s car if it’s damaged in an at-fault accident Liability policies don’t cover intentional acts or criminal actions. Excellence and Service  CHRIST Deemed to be University Role of Liability Insurance in Mitigating Financial Risks Liability insurance covers legal defense costs, settlements, and judgments, which can be significant. For example, a defective product lawsuit could result in multi-million-dollar settlements, potentially bankrupting a business without adequate insurance. By transferring the financial burden of potential liabilities to insurers, businesses can focus resources on growth and operations rather than on maintaining large reserves for contingencies. Many liability policies include risk management support, such as training and loss prevention strategies. Insurers may offer premium discounts for adopting robust safety protocols. Liability insurance is often a legal or contractual requirement, ensuring businesses can meet statutory and client-mandated coverage needs, such as professional indemnity. Excellence and Service  CHRIST Deemed to be University Influence on Corporate Behavior To minimize claims, businesses are incentivized to maintain high standards of safety, quality, and ethical practices. For instance, companies with general liability coverage often adopt stricter workplace safety protocols to reduce accidents. While liability insurance offers protection, it can sometimes lead to complacency or moral hazard, where businesses take undue risks, relying on insurance to cover potential losses. To secure coverage and lower premiums, businesses may be prompted to provide transparent reporting of risks and implement governance measures, fostering accountability. The underwriting process often includes a review of industry-specific risks. Insurers’ requirements for coverage can set de facto industry standards, influencing corporate operations broadly. With liability insurance, businesses are more likely to pursue mediation or arbitration to resolve disputes efficiently, as insurers often prefer avoiding protracted litigation. Excellence and Service  CHRIST Deemed to be University Burglary Insurance Burglary Insurance is an important asset-protection tool for individuals and businesses alike, providing financial security in the face of theft-related losses. As a key component of risk management, this policy offers coverage for property damage and loss caused by burglary or housebreaking, assuring policyholders of indemnity up to the specified sum insured. Burglary Insurance is a type of insurance that provides coverage for loss or damage to property caused by burglary or housebreaking. It also includes coverage for damages to premises or locks resulting from burglary attempts. The insurance company agrees to indemnify the insured for the value of the lost or damaged property, up to the specified sum insured. This type of insurance is particularly important for safeguarding against the financial impact of theft-related losses. It's like having a safety net for your property in case of unwanted intrusions. Excellence and Service  CHRIST Deemed to be University Theft- Taking someone's property without their consent, such as stealing from a shop, picking a pocket, or stealing a bicycle. The maximum sentence for theft is seven years Robbery- Taking someone's property through the use of force or the threat of force. For example, a person entering a store armed with a weapon and demanding money from the cashier. Dacoity - An aggravated form of robbery where five or more people work together to commit robbery using violence or the threat of violence. Dacoity is considered a more serious crime than robbery because it involves the use of weapons and a larger number of people. Burglary - Unlawfully entering a building or structure with the intent to commit a crime, often theft. Burglary doesn't necessarily involve direct confrontation with the victim Excellence and Service  CHRIST Deemed to be University Covered Loss or damage to the property belonging to the business of the insured due to theft, with the company indemnifying the amount of loss suffered. Coverage for any new items purchased by the insured within the insured premises. Coverage for damage caused to the premises/locks resulting from burglary and/or house-breaking. Excellence and Service  CHRIST Deemed to be University Not covered Loss or damage to specific valuable items unless specifically insured. Loss or damage where any member of the insured’s household or business staff is involved in the theft or damage to any of the articles or premises. Loss or damage directly or indirectly caused by or arising out of certain specific events such as riot and strike, civil commotion, earthquake, war, nuclear weapons materials, terrorism, and sabotage activities. Consequential loss, legal liability of any kind, and any damage caused by ionising radiation or contamination by radioactivity from any source. Excellence and Service  CHRIST Deemed to be University Individual Homeowners: Protecting your home and personal belongings from theft is crucial. Homeowners looking to safeguard their property and personal belongings in the event of a burglary should consider purchasing Burglary Insurance. Business Owners: Businesses, especially those with physical storefronts, offices, or valuable inventory, should invest in Burglary Insurance to mitigate the financial impact of theft and property damage. Retailers and Merchants: Retail businesses, including stores and shops, face the risk of burglary and theft of stock, cash, and equipment. Burglary Insurance provides financial protection in such scenarios. Financial Institutions: Banks, credit unions, and other financial institutions that handle large amounts of cash and valuable assets need to guard against the threat of burglary. Burglary Insurance is essential to mitigate potential losses. Warehousing and Storage Companies: Entities involved in the storage of valuable goodsExcellence and materials should consider Burglary and Service  CHRIST Deemed to be University Procedure for Settling a Burglary Insurance Claim Intimation to Insurer: The insured must notify the insurer about the burglary immediately after discovering it, typically within the time frame specified in the policy (e.g., 24–48 hours). Failure to do so might result in denial of the claim. Filing an FIR (First Information Report):The insured must file a police report to document the incident officially. A copy of the FIR is usually required as part of the claim documentation. Preliminary Assessment by the Insurer: The insurer may appoint a surveyor or adjuster to assess the nature of the burglary and verify the circumstances. Excellence and Service  CHRIST Deemed to be University Documentation Submission: The insured must submit all necessary documents, including: Duly filled claim form. FIR copy. Proof of ownership (invoices, receipts, or photographs of the stolen/damaged items). Valuation reports or bills for the stolen or damaged items. Repair estimates for damaged property (if applicable). Surveyor’s Investigation: A licensed surveyor investigates the incident, inspects the site, and prepares a loss assessment report detailing the damages or losses incurred. Excellence and Service  CHRIST Deemed to be University Loss Valuation: Based on the surveyor's findings, the insurer calculates the loss value Settlement Offer: If the claim is valid, the insurer makes a settlement offer based on the calculated loss value. The insured may accept or dispute this offer if there are discrepancies. Claim Payment: Once the insured accepts the settlement offer, the insurer processes the claim and pays the amount. Claim Closure: After payment, the insurer closes the claim file and updates the record. Excellence and Service  CHRIST Deemed to be University Loss Value Calculation The insurer ensures that the insured had ownership and insurable interest in the stolen or damaged items. The current market value of stolen or damaged items is determined by considering depreciation (if applicable) or by consulting the valuation reports provided. The total claim amount is capped at the sum insured specified in the policy. For example, if the total loss is INR 5 lakh, but the sum insured is INR 4 lakh, the claim payout will be limited to INR 4 lakh. The deductible or excess amount specified in the policy is subtracted from the total claim value. For instance, if the deductible is INR 10,000 and the loss is INR 1 lakh, the payout will be INR 90,000. Any items or losses excluded under the policy terms (e.g., cash, securities, or losses due to negligence) are deducted from the total claim value. Excellence and Service  CHRIST Deemed to be University Health Insurance Health insurance is recognized as one of the important elements of health care Insurance Laws (Amendment) Act 2015 has recognized health insurance as a separate class of business. Section 2 (6c) of the Act defines Health Insurance business as; "health insurance business" means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover.“ Health insurance is an insurance product which covers medical and surgical expenses of an insured individual. It reimburses the expenses incurred due to illness or injury or pays the care provider of the insured individual directly. Excellence and Service  CHRIST Deemed to be University Types of Health Insurance Individual Health Insurance Family Floater Health Insurance Senior Citizens Health Insurance Critical Illness Insurance Group Health Insurance Excellence and Service  CHRIST Deemed to be University Benefits of Health Insurance Helps Deal with Rising Medical Costs - People purchase health insurance policies to safeguard their finances against ever-rising medical costs. With a medical insurance plan, you enjoy cover for everything from ambulance charges to daycare procedures, making it easier for you to get the care you need to recover. Critical Illness Cover - You will be provided with a lump sum payout in case you are diagnosed with any of the covered critical illnesses. These issues are often very expensive to deal with and manage, so critical illness cover is another vital benefit of having health insurance. Added Protection Tax Savings Pre hospitalisation expenses, Post hospitalisation expenses, Hospital room rent, Ambulance cost, Surgery cost, Critical illness cover, Doctor’s consultancy fees, Medicines, ICU rent, Daycare cost Excellence and Service  CHRIST Deemed to be University Examples Health Insurance An individual is diagnosed with appendicitis and requires surgery. Application: The person’s health insurance covers the cost of surgery, hospital stay, and prescribed medications. A family opts for a health insurance plan that includes routine check-ups and vaccinations for their children. Application: The policy pays for preventive healthcare services. Excellence and Service  CHRIST Deemed to be University Claim Procedure There are primarily two ways: cashless and reimbursement. Cashless claim process in health insurance A cashless claim allows you to avail yourself of medical treatment at a network hospital within your insurer’s network without any upfront payment. The insurer directly settles the bill with the hospital. Reimbursement claim process in health insurance Suppose you choose a non-network hospital or incur medical expenses outside of hospitalisation. In that case, you must pay the bills and then file a medical insurance claim for reimbursement. The insurer will review your claim and reimburse you for the covered expenses per your health policy terms. Excellence and Service  CHRIST Deemed to be University The first step is to choose a hospital within your insurer’s network. A list of network hospitals is included in your mediclaim policy or on the insurer’s website. Inform your insurance company about your hospitalisation as soon as possible. Planned procedures should be done at least 3 days in advance. In case of emergencies, notify them within 24-48 hours of admission. Obtain the application form from the hospital or your insurance company. Fill it out accurately and submit it with proof of your ID and health e-card at the hospital. The insurance company will verify your claim and, upon approval, directly settle the bill with the hospital. Coordination is handled directly between the insurer and the hospital. Excellence and Service  CHRIST Deemed to be University Similar to cashless claims, notify your insurance company within 3 days of planned procedures or 24-48 hours for emergencies. Collect the claim settlement form from your insurance company or the TPA desk at the hospital. Once discharged, collect the discharge summary, bills, and receipts from the hospital. Fill out the claim form accurately and submit it to the insurance company with the required documents. The insured must pay the expenses first and later seek reimbursement from the insurer. Maintain a paper trail by collecting and keeping photocopies of all bills and receipts. Know the documents required for a health insurance claim and submit them within the timeframe specified in your policy to avoid delays. Carefully review your claim form for any errors or omissions before submission. Excellence and Service  CHRIST Deemed to be University Documents Required for Health Insurance Claim Duly filled claim form Your health e-card or your mediclaim policy Photo ID proof Proof of address Original discharge summary Doctor’s prescription recommending hospitalisation (if applicable) Doctor’s consultation slips and prescriptions for diagnostic tests Certificate from the attending doctor (if applicable) Prescription of medicines and original pharmacy bills Diagnosis reports (X-rays, blood tests, etc.) Other original receipts from the hospital Breakup of the hospital bill Ambulance receipt (if applicable) FIR (in case of an accident) Identity proof (e.g., Aadhaar Card, passport, voter ID) Excellence and Service  CHRIST Deemed to be University Motor Vehicle Insurance – Third Party Car Insurance is a contract you and your insurer enter into, to protect you from financial damages caused by unforeseeable circumstances like accidents, theft, etc. The Government of India has made it mandatory for all car and four wheeler owners to have a third-party car insurance policy. This policy covers the damages caused to life and property of individuals, other than you, affected by an accident your car unfortunately becomes a part of. Motor vehicle insurance is critical in addressing third-party risks, providing a framework to compensate victims of accidents caused by insured drivers. It balances the interests of vehicle owners, third-party victims, and insurers by defining liability and enabling claim settlements. Excellence and Service  CHRIST Deemed to be University Why Mandatory ? Protecting Third-Party Victims Compensation for Injuries and Damages. Social Responsibility - Mandating insurance ensures victims are compensated promptly, alleviating financial and emotional distress. Deterrence Against Negligence Shared Risk Mechanism Road Safety Penalty for Non-Compliance Driver Protection Reduction in Disputes resolution Excellence and Service  CHRIST Deemed to be University Documents required for Car Insurance Registration Certificate (RC) Pollution Under Control Certificate Identity Proof Address Proof Loan/Lease Agreement Driving License Vehicle Photographs Invoice/Proof of Purchase Vehicle No. Excellence and Service  CHRIST Deemed to be University Importance of Motor Vehicle Insurance in Addressing Third-Party Risks Motor vehicle insurance, particularly third-party liability insurance, ensures that victims of road accidents (pedestrians, passengers, or other drivers) are compensated for bodily injury, death, or property damage. It relieves victims from the burden of pursuing direct compensation from at-fault drivers, many of whom may lack the financial capacity to pay damages. Most jurisdictions, including India under the Motor Vehicles Act, 1988, mandate third-party insurance, making it illegal to operate vehicles without such coverage. This universal coverage ensures a safety net for accident victims. Insurance shifts the financial burden of compensating third parties from vehicle owners to insurers, safeguarding individuals from financial ruin due to claims. It promotes road safety awareness by tying financial consequences to negligent behavior. Enhanced premium rates/cancellation of policy for high-risk drivers act as a deterrent against Excellence reckless driving. and Service  CHRIST Deemed to be University Legal Regulations Legal regulations often prescribe minimum coverage requirements and lay out procedures for claim settlements. For instance, under the Motor Vehicles Act, 2019 (India), the compensation for "hit and run" cases is set at fixed amounts, providing predictability in claim resolution. Tribunals (e.g., Motor Accident Claims Tribunals (MACTs) in India) ensure access to justice and provide a specialized forum to address motor accident claims efficiently. Legal provisions impose duties on insurers to process claims within prescribed timelines, enhancing accountability and reducing delays. For instance, penalties may be levied for unreasonable denial of claims. Statutory caps on liability or specific exclusions in policies (e.g., intoxicated driving, unlicensed drivers) influence settlement amounts. Excellence and Service  CHRIST Deemed to be University Under Section 146 of the Motor Vehicles Act, 1988, it is mandatory for all motor vehicles operating on public roads to have at least a third-party insurance policy. As per the Motor Vehicles (Amendment) Act, 2019, driving without third-party insurance can result in a fine of ₹2,000 for the first offense and ₹4,000 for subsequent offenses, along with potential imprisonment of up to three months. Covers property damage to third parties, typically up to ₹7.5 lakh, as specified under IRDAI regulations. Third-party insurance premium rates are regulated by the IRDAI and are revised annually. Classification by Vehicle Type: Premium rates vary based on the vehicle type, engine capacity, and usage (e.g., private, commercial). Insurers cannot deny third-party insurance to any motor vehicle owner under Section 147. This ensures universal access to basic coverage. Excellence and Service  CHRIST Deemed to be University Cars: Engine capacity up to 1,000 cc: ₹2,094 annually Engine capacity between 1,000 cc and 1,500 cc: ₹3,416 annually Engine capacity above 1,500 cc: ₹7,897 annually Two-Wheelers: Engine capacity up to 75 cc: ₹538 annually Engine capacity between 75 cc and 150 cc: ₹714 annually Engine capacity between 150 cc and 350 cc: ₹1,366 annually Engine capacity above 350 cc: ₹2,804 annually Excellence and Service  CHRIST Deemed to be University Exclusions ? Excellence and Service  CHRIST Deemed to be University Excellence and Service