IRDAI has suggested pricing Bima Vistaar at Rs 1,500 per insurance, according to press sources. Bima Vistaar will contain health insurance for 500 rupees, property insurance for 80 rupees, personal accident insurance for 100 rupees, and life insurance with a cost of Rs 820.
IRDAI Bima Vistaar
Bima Vistaar is an all-in-one insurance product designed by the Insurance Regulatory and Development Authority of India (IRDAI). Its purpose is to protect the common man against various risks and uncertainties.
It’s a significant step toward enhancing insurance inclusivity and protecting the interests of policyholders across India. In this article, you will explore many details regarding IRDAI Bima Vistaar.
Please note that Bima Vistaar is specifically designed to cater to the untapped geographies and rural population and is a component of the Bima Trinity, which has allegedly been discussed in terms of price and other aspects by the Insurance Regulatory and Development Authority of India (IRDAI).
Bima Vistaar is an innovative, cost-effective insurance solution that combines life, health, and property insurance into one package. The product’s combined features of life, health, personal accident, and property insurance are intended to offer a fundamental social safety net cover. The regulator has proposed pricing Bima Vistaar at Rs 1,500 per policy.
What’s included in IRDAI Bima Vistaar?
The IRDAI Bima Vistaar offers a comprehensive coverage package, combining features of life, health, personal accident, and property insurances. The Insurance Regulatory and Development Authority of India (IRDAI) has suggested charging Rs 1,500 per insurance for Bima Vistaar, an ambitious all-in-one cheap mass product targeted at the nation’s rural areas.
The health insurance, called hospi cash, gives a sum promised of Rs 500 for 10 days, with a maximum value of Rs 5,000 available without providing invoices or paperwork. The sum assured for life, personal accident, and property covers is Rs 2 lakh each.
Bima Vistaar policy agents are rewarded with a ten percent commission, which encourages the product’s broader distribution and uptake. The package costs Rs 820 for life insurance, Rs 500 for health insurance, Rs 100 for personal accident insurance, and Rs 80 for property insurance.
The cost of the insurance, if taken up on a floater basis for the complete family, is Rs 2,420, plus an extra Rs 900 for each additional family member. This program fosters financial inclusion as well as the purchase of insurance by more individuals as a means of protection.
What’s the purpose of IRDAI Bima Vistaar?
The IRDAI Bima Vistaar serves a crucial purpose in the realm of insurance by providing an all-in-one, comprehensive coverage solution. Let’s delve into its key objectives:
Holistic Coverage:
- Bima Vistaar integrates various insurance components, including life, health, personal accident, and property insurances, into a single policy.
- By bundling these coverages, it aims to offer a complete safety net for individuals and families.
Affordability and Accessibility:
- The product is designed to be affordable, with an annual premium ranging from Rs 800 to Rs 1,200.
- It aims to enhance accessibility by reaching every village and Gram Panchayat through a dedicated distribution channel, particularly focusing on women as insurance facilitators.
Empowering Women:
- Bima Vistaar’s women-centric approach aims to empower women by involving them in insurance distribution.
- By creating a network of women Bima Vahaks (facilitators), it not only promotes financial inclusion but also recognizes the pivotal role women play in community trust.
Simplified Process:
- The product streamlines insurance by combining multiple covers under one policy.
- It simplifies the process for consumers, making it easier to understand and manage their insurance needs.
In summary, IRDAI Bima Vistaar seeks to provide comprehensive coverage, affordability, and accessibility while empowering women as key stakeholders in insurance distribution.
About Claim Settlement of IRDAI Bima Vistaar
It has been suggested that separate portions would have distinct claim settlement procedures. As part of the integrated solution, settlements for the property component will be carried out on a parametric basis, enabling timely reimbursements based on the severity of the occurrence.
Agents that distribute Bima Vistaar policies are expected to get a commission rate of ten percent in an effort to increase the product’s market penetration. This reward is meant to promote the product’s wider adoption and distribution. The official announcement of these processes by the insurance regulator is expected to occur soon.
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