NEWS – The Insurance Regulatory and Development Authority of India (IRDAI) proposes an all-in-one affordable mass insurance product called Bima Vistaar

HIGHLIGHTS

• Aimed at rural areas, Bima Vistaar combines life, health, personal accident, and property insurances into a single policy.
• Pricing and Coverage Details
  • Bima Vistaar priced at Rs 1,500 per policy, providing a basic social safety net.
  • Coverage includes life cover (Rs 820), health cover (Rs 500), personal accident cover (Rs 100), and property cover (Rs 80).
• Family Floater Option
  • Family coverage on a floater basis costs Rs 2,420, with an additional Rs 900 for other family members.
  • Sum assured for life, personal accident, and property covers is Rs 2 lakh each.
• Health Cover Details
  • Health cover, termed hospi cash, offers Rs 500 for 10 days, with a maximum of Rs 5,000 without producing bills.
  • Agents earn a 10% commission on selling Bima Vistaar policies.
• Claim Settlement and Innovative Solutions
  • Property claims settled on a parametric basis, with automatic payouts based on the magnitude of the event.
  • IRDAI working with industry councils to create a UPI-like moment in insurance, termed ‘Bima Trinity’.
• Future Initiatives and Distribution
  • Bima Vistaar part of IRDAI’s efforts for mass insurance penetration.
  • Collaboration with intermediaries like brokers, agents, and advisors to ensure wide distribution and reach.
  • Expected to generate large sales volume and undergo cost-benefit analysis for long-term sustainability.