The Insurance Regulatory and Development Authority of India (Irdai) has proposed pricing the Bima Vistaar policy at Rs 1,500 per policy. Addressed by Irdai chairman Debasish Panda at an insurance summit, Bima Vistaar is set to offer comprehensive coverage, including life insurance, health coverage, personal accident insurance, and property insurance. If purchased on a floater basis for the entire family, the cost of the policy would increase to Rs 2,420 with an additional Rs 900 for the remaining family members. Agents selling Bima Vistaar policies will earn a 10% commission, encouraging wider distribution and uptake.
The policy offers a sum assured of Rs 2 lakh each for life, personal accident, and property coverage, as well as a hospi cash health cover of Rs 500 per day for 10 days. The property component of Bima Vistaar will follow a parametric claim settlement process, allowing for quick disbursements based on the severity of an event. Narendra Bharindwal from the Insurance Brokers Association of India highlighted the importance of Bima Vistaar in safeguarding individuals and families and promoting financial inclusion.
Irdai has also introduced the Bima Trinity, which includes Bima Vistaar, the digital platform Bima Sugam, and Bima Vahak, a women-centric distribution channel aimed at reaching rural and underserved areas. Bima Vahak will ensure each gram sabha has at least one representative to visit every household and promote the Bima Vistaar product. The insurance regulator is expected to release official procedures for these initiatives soon.
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