The Insurance Regulatory and Development Authority of India (IRDAI) is set to launch the first of its kind ‘all-in-one’ affordable insurance product – Bima Vistar – on January 1, 2024, sources told ET NOW’s Anurag Shah.
Read More: 7th Pay Commission: Govt Likely To Announce DA Hike on THIS Date
Bima Vistar, developed by the IRDAI along with the General Insurance Council and Life Insurance Council, is a bundled product that will provide life, health, casualty, and property cover in a single insurance policy at an affordable price.
Bima Vistar – ‘All-in-one’ insurance policy
From January next year, one can buy one insurance policy and get coverage for his/her life, health, accident, and property.
The policy will cover life, health, accident, and property of the buyer. IRDAI will spearhead the policy through a centralised portal for claim settlements.
Under the product, the insurer will get coverage of Rs 2 lakh each for life and accident, Rs 1 for property, and Rs 500 per day for hospitalisation will be between Rs 800 to 1,200 per annum, sources told ET NOW.
Read More: What are the recent changes related to e-invoicing in GST?
To increase coverage, one person can buy multiple policies in his/her name. Bima Vistar product will be managed by life, general, and standalone health insurers.
Premiums will be collected through the centralised portal and claims will be shared will all insurance companies as per their market share. The premium for Bima Vistar product may be exempted from GST.
Standard product is aimed at giving “all-in-one” insurance cover to every citizen. Bima Vistar will be sold by an agency called Bima Vahak of all insurance companies, the sources told ET NOW.
Earlier in May, IRDAI Chairman Debasish Panda said the insurance regulator was working on Bima Vistar along with the General Insurance Council and Life Insurance Council.
He said the ‘Bima Trinity’ will include Bima Sugam, the digital platform, Bima Vistar, a comprehensive cover for the rural population on benefit-based/parametric structure, and Bima Vahak, a women-centric distribution channel to focus on reaching untapped/rural areas.
Read More: Govt Retains Interest Rates on Most Small Savings Schemes For Oct-Dec 2023; 5-Year RDs See Hike
He further said that the Bima Sugam will be the protocol or the platform.
In October last, IRDAI had set up a committee to explore and recommend how to bring about synergies in the working and operations of Bima Vahak, Bima Vistar, and the digital platform, Bima Sugam.
