Bima Vistaar likely to offer annual premium of ₹1,500 per policy — what more is on offer

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Insurance Regulatory and Development Authority of India (IRDAI) has proposed the pricing structure for Bima Vistaar, an innovative composite insurance product tailored for rural India.

According to industry officials who attended Bima Manthan, an event organised by the regulator on April 25 and 26, individuals will be able to secure coverage under Bima Vistaar for an annual premium of ₹1,500 per policy.

Alternatively, families may opt for a family floater policy priced at ₹2,420.

However, the insurance regulator is yet to issue any official circular on this.

As of now, the proposal outlines an all-in-one insurance solution aimed at providing a basic social safety net cover.

This initiative will offer a combination of insurance categories including life cover (₹820), health cover (₹500), personal accident cover (₹100), and property cover (₹80).

The sum assured for life, personal accident, and property covers will be fixed at ₹2 lakh each.

Additionally, the health cover, known as ‘hospi cash,’ will offer a sum assured of ₹500 for 10 days, with a maximum amount of ₹5,000 available without producing bills or documents.

Families will be able opt for a comprehensive coverage plan by choosing the family floater option, which will extend coverage to additional family members for an extra premium.

Claims under the property cover will be settled on a parametric basis, ensuring timely payouts based on the magnitude of the event.

Agents selling Bima Vistaar policies will receive a commission of 10%.

Sharad Mathur, Managing Director & Chief Executive Officer of Universal Sompo General Insurance, expressed optimism regarding Bima Vistaar’s potential to revolutionise insurance accessibility in India.

He emphasised the product’s affordability and comprehensive coverage, particularly targeting rural masses.

Mathur highlighted the integration of advanced technologies like artificial intelligence (AI) and the Bima Sugam digital portal, which is expected to streamline claims processing and enhance customer experience.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow