What is IMT Full Form in Insurance?
The IMT full form in Insurance is the India Motor Tariff. IMT is a set of guidelines that the IRDAI has established to regulate motor insurance in the country. The India Motor Tariff plays a significant role in protecting the policyholders against financial losses and unforeseen events.
Significance of IMT:
IMT is also referred to as the Personal Accident Cover for the Owner or driver of the vehicle. It is thus an inherent part of the motor insurance in the country. According to the IRDAI regulations, all vehicle owners are required to hold a valid insurance policy with the IMT clause. This ensures that the owner-driver will be protected in the event of a road traffic accident, which might result in injuries or death.
What is covered under IMT?
The IMT in motor insurance covers personal accidents for the owner-driver of the vehicle and offers them financial compensation in the event of injuries or death. It also offers financial coverable for the permanent total disability of the owner-driver. The insurance clause covers their medical expenses as well, for the injuries sustained in the accident, and includes the cost of medical treatment, hospitalization cost, and rehabilitation expenses.