IRDAI in a press release dated 4 January announced the introduction of a standard home insurance policy Bharat Griha Raksha: Irdai to launch standard home insurance policy | Photo Credit: BCCL
New Delhi: The Insurance Regulatory and Development Authority of India (IRDAI) announced a standard home insurance policy that will cover the risk of fire and allied perils for certain risks.
The Irdai had issued guidelines on 4 January, announcing that the Standard Fire and Special Perils (SFSP) Policy provided for in the erstwhile All India Fire Tariff (AIFT) 2001 will be replaced by the following standard products that shall be mandatorily offered by all general insurers carrying on fire and allied perils insurance business from 1 April.