Decks have been cleared for the rollout of the much-awaited Bima Vistaar, the first-ever composite product covering death, personal accident, property and surgical hospitalisation at an affordable premium.
The Insurance Regulatory and Development Authority of India (IRDAI) and the industry captains have arrived at an agreement on the final model of the product which is to be rolled out probably from April, 2025.
According to the insurance regulator, “a compliant, simple, comprehensive and customer-friendly model has now been signed off by the top brass of the industry’‘ in dialoguewith the industry and the Bima Sugam team a couple of days ago.
An all-in-one insurance plan, Bima Vistaar is one of the key components of the ambitious project of the IRDAI popularly labelled as the Bima Trinity, comprising Bima Sugam, Bima Vahak, and Bima Vistaar.
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In view of the imminent launch of Bima Vistaar, the project operating mechanism with the necessary technology platform has also been upgraded to facilitate advanced digital management of the product.
Affordability
In line with the vision of IRDAI to achieve Insurance for all by 2047, Bima Vistaar assumes significance as it will be an affordable product for all sections of the society.
“The pricing has also been discussed which is yet to be announced by the regulator in the final roll-out of the product. While nothing can be said now, a broad range could be between ₹1500 to ₹2000 per individual for a sum assured of ₹2 lakh,’‘ an industry source told businessline.
The insurance trinity
The launch of Bima Vistar would be crucial for other components of the Trinity which are already being implemented in phases.
Bima Sugam, an Insurance Electronic Marketplace, is being established as a robust Digital Public Infrastructure enabling seamless integration with various services to facilitate purchase, sale, servicing of insurance policies, settlement of insurance claims and grievance redressal.
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Bima Sugam India Federation (BSIF), the entity set up to build and operate this platform, has also completed all its incorporation and is now ready to be capitalised by the enthused Industry participants.
The portal for Bima Vahak, the localised women-centric insurance field sales force, is near completion and gearing up for a soft launch for Vahak onboarding starting April 2025, according to the insurance regulator.