All in one insurance plan: IRDAI may price Bima Vistar at around ₹1,500 per individual

Posted on by

The Insurance Regulatory and Development Authority of India (IRDAI) held deliberations on pricing and other modalities of the much awaited all in one affordable insurance product, Bima Vistar, with the captains of industry at the Two-day Bima Manthan concluded here on Friday. 

According to sources, the pricing of the product (premium) could be fixed around ₹1500 per individual to offer  comprehensive coverage across multiple insurance categories. The product includes Life cover, Health cover, personal accident and property cover with a family Floater.

The sum assured for Life, Personal Accident, and Property covers is proposed at ₹2 lakh each, while the Health cover, known as hospital cash, might offer a sum assured of ₹500 for 10 days, with a maximum amount of ₹5,000 available without producing bills or documents.

Claim settlements

The claim settlement is proposed to be done differently for different segments. For the property part of the combo solution will be on a parametric basis, ensuring timely payouts based on the magnitude of the event.

To popularise the product, agents selling Bima Vistaar policies are likely to earn a commission of 10 percent to incentivise wider distribution and adoption of the product. The insurance regulator is likely to formally announce the modalities soon. 

Comprehensive coverage

Discussion on Bima Sugam, a one stop digital platform, matters pertaining to changes in lower-charges and higher surrender value and progress of Lead insurer for states were other matters taken up during the in the meeting, say sources.

“Bima Vistaar is a commendable step towards increasing insurance accessibility and penetration. The affordable pricing reflects IRDAI’s commitment to providing financial security to a wider population segment,’‘ Narendra Bharindwal – Vice President, Insurance Brokers Association of India (IBAI), told Businessline.

The comprehensive coverage offered by the Bima Vistaar policy underscores its importance in safeguarding individuals and families against various risks and uncertainties. This initiative not only encourages more people to invest in insurance for their protection but also promotes financial inclusion. The competitive pricing of Bima Vistaar is expected to benefit many individuals and families by providing them with a reliable insurance solution, he added.