The Insurance Regulatory and Development Authority of India (IRDAI) has reportedly fixed the pricing of ‘Bima Vistaar’ – a single insurance product that covers life, health, accidental damage and property. This all-in-one insurance product, designed for people living in rural areas of the country, is priced at Rs 1,500 per policy, various media reports suggest. These reports have cited industry officials who attended a two-day programme called ‘Bima Manthan’ held on April 25-26 in Hyderabad.

This edition of ‘Bima Manthan’ encapsulated the industry’s collective resolve to drive positive change and foster inclusivity in insurance, the IRDAI said in a release.

At the event, attended by many insurance company CEOs and IRDAI chairman Debasish Panda, the focus was on empowering the policyholders and providing ample choice, flexibility and transparency in insurance transactions. Through collaboration, innovation, and a shared vision of ‘Insurance for All’, the industry committed to realize meaningful progress in safeguarding the financial well-being of every citizen, the insurance sector regulator said.

‘Bima Vistaar’ is part of IRDAI’s ‘Trinity’ initiative, with online insurance marketplace Bima Sugam and insurance distribution channel Bima Vaahak being other two programmes to help in the mission of ‘Insurance For All’ by 2047.

IRDAI is yet to formally announce the modalities of the insurance plan.

Also Read: Got it all WRONG! IRDAI move doesn’t mean age cap of 65 for buying health insurance removed – Know why

Bima Vistaar

Launched with an aim to enhance insurance penetration in the country, Bima Vistaar – all-in-one insurance plan – gives policyholders coverage for life, health, personal accident and property risks.

Bima Vistaar Coverage

Bima Vistaar will give a coverage of Rs 2 lakh against for life, personal accident and property insurance. Health cover, known as hospi cash, will offer a daily benefit of Rs 500 for up to 10 dayss. The maximum payout for hospi cash is capped at Rs 5,000.

Agents Commission

The regulator has reportedly said that agents selling the product will get a 10% commission.

Bima Vistaar Premium

Regulator IRDAI has fixed the premium amount at Rs 1,500 for an individual individual. The product will give coverage for life, health, personal accident and property with a family floater. For family coverage on a floater basis, Bima Vistaar premium comes to Rs 2,420, with an additional Rs 900 for other family members.

Bima Vistaar Claim Settlements

The claim settlement for Bima Vistaar policy will be done separately for different segments. Property part of the combo solution will be on a parametric basis.