IRDAI has directed all third-party motor insurance providers to include compulsory personal accident cover for vehicle owner-drivers of all vehicles (two-wheelers, three-wheelers, passenger vehicles and commercial vehicles) for an additional annual premium of how much?

Introduction / Context:
The Insurance Regulatory and Development Authority of India (IRDAI) issues guidelines to protect policyholders and standardise insurance coverage. One important reform was the enhancement of compulsory personal accident cover for owner-drivers under motor insurance policies. Examinations often ask about the fixed additional premium that had to be charged for this increased protection.

Given Data / Assumptions:

• The directive applies to all third-party motor insurance policies.
• The cover is for owner-drivers of all types of vehicles including two-wheelers, three-wheelers, passenger cars and commercial vehicles.
• The question is about the extra premium payable for this compulsory personal accident cover.
• The period of cover is one policy year.

Concept / Approach:
IRDAI mandated a uniform compulsory personal accident cover of a higher sum insured for all owner-drivers so that, in case of accidental death or disability, there is a reasonable financial cushion. Instead of leaving the premium to individual insurers, the regulator prescribed a fixed amount. To answer, we recall that this amount was Rs 750 per annum for a personal accident sum insured of Rs 15 lakh for the owner-driver.

Step-by-Step Solution:
Step 1: Identify that the question refers to compulsory personal accident cover attached to third-party motor policies.Step 2: Recall the IRDAI guideline that enhanced the sum insured to Rs 15 lakh for owner-drivers.Step 3: Remember that IRDAI fixed the additional annual premium for this cover at Rs 750.Step 4: Compare Rs 750 with the given options: Rs 500, Rs 750, Rs 10,000 and Rs 1,000.Step 5: Conclude that Rs 750 is the correct premium amount.

Verification / Alternative check:
Regulatory circulars and banking awareness notes summarising IRDAI's decision clearly mention that the standard premium for compulsory personal accident cover for owner-drivers was set at Rs 750 per annum. This figure appears consistently in exam preparation material, confirming that Rs 750 is the intended answer.

Why Other Options Are Wrong:

• Rs 500: This amount is lower than the prescribed standard and relates to older, lower-cover structures.
• Rs 10,000: This is far too high for a standardised regulatory premium and is unrealistic for mass motor insurance.
• Rs 1,000: Although closer, IRDAI explicitly fixed the amount at Rs 750, not Rs 1,000.

Common Pitfalls:
Candidates sometimes confuse voluntary personal accident covers with compulsory ones. Voluntary covers may have different sums insured and premiums, which introduces multiple numbers into memory. There can also be confusion between one-time premiums for long-term policies and annual premiums. To avoid mistakes, it is useful to remember the specific trio: compulsory personal accident cover, sum insured of about Rs 15 lakh, and a fixed additional premium of Rs 750 per year.

Final Answer:
The additional premium for compulsory personal accident cover for owner-drivers under third-party motor insurance policies was Rs 750 per year.