IDFC's PA cover for 35 Lakh sufficient for Compulsory Personal Accident?

I was about to renew insurance and every year I have this question in mind if I have 35 LPA insurance with IDFC first bank (VISA debit card) do I need to pay for PA cover while doing car/two wheeler insurance? I know IRDA Compulsory Personal Accident has been decoupled so I only have to buy either for car or two wheeler. The thing is two wheeler is another person's name and car is another person's name. Both family members are covered for 35 Lakhs by IDFC's PA cover.

As per my understanding of https://irdai.gov.in/document-detail?documentId... and https://www.idfcfirstbank.com/content/dam/idfcf... I should not need to renew PA cover from car/2 wheeler insurance provider. Please let me know.


ChatGPT's take on the matter:

This circular from the Insurance Regulatory and Development Authority of India (IRDAI) provides important guidelines regarding the Compulsory Personal Accident (CPA) cover for owner-drivers under motor insurance policies. Here are the key takeaways in relation to your situation:

1. Unbundling of CPA Cover:
   • The CPA cover, which was previously bundled with motor insurance policies, can now be issued as a stand-alone cover. This means that you do not necessarily have to buy a new CPA cover with each vehicle you own.
2. Existing PA Cover Consideration:
   • If an owner-driver already has a general personal accident (PA) cover that includes motor accident coverage for death and permanent disability, with a cover of at least ₹15 lakh, there is no need to purchase an additional CPA cover under the motor insurance policy.
   • Your existing ₹35 lakh PA cover from your IDFC Visa debit card appears to meet this criterion, as it should cover death and permanent disability from motor accidents.
3. Coverage Validity:
   • A stand-alone CPA cover, if chosen, will extend to all vehicles owned by the owner-driver. This means you only need one such policy to cover yourself while driving any of your vehicles.

Based on this circular, you likely do not need to purchase an additional CPA cover when renewing your bike insurance, as your existing ₹35 lakh PA cover from IDFC fulfills the requirement. However, it is essential to ensure that this existing cover explicitly includes motor accidents and meets the conditions laid out by the IRDAI.

You may still want to confirm this with IDFC, as you initially planned, to make sure all requirements are met.