Insurers must offer a basic cover, strict claim deadlines

In motor insurance, the regulator has asked insurers to provide customers the towing and road assistance service. Every retail investor can avail roadside assistance offered by the insurer either on cashless or reimbursement basis as per the product design, said.

"The denotification of tariffs will empower insurers to offer tailored products, providing with more choices that fit their specific needs," said Narendra Bharindwal, vice president at . "Ensuring that no claim is rejected due to insufficient documentation shifts the burden of proof onto insurers during the underwriting process."

In terms of vehicle salvage, the burden of disposal no longer falls on the customer. Policyholders will receive the claim amount, and it will be the insurer's responsibility to collect the salvage from the customer.

For homeowners, IRDAI has introduced more flexible options in 'fire' policies. Customers can now choose add-on covers for risks such as floods, cyclones, earthquakes, landslides, rockslides, and terrorism, or opt out of comprehensive fire and allied peril policies, tailoring their coverage to their specific needs.