The Insurance Regulatory and Development Authority of India (IRDAI) recently announced the launch of a new all-in-one insurance product named Bima Vistaar. This policy is part of the IRDAI’s vision to achieve all India insurance coverage by 2047. It’s an insurance policy mainly targeted toward rural areas.
Priced at Rs 1500 per policy, Bima Vistaar is designed to be affordable and accessible to a wide range of consumers. The product’s comprehensive coverage includes various types of insurance, making it a convenient and cost-effective solution for those seeking multiple insurance policies.
This insurance policy offers life, health, accident, and property covers at premiums of Rs 820, Rs 500, Rs 100, and Rs 80 respectively. The family policy on a floater basis costs Rs 2,420, plus Rs 900 for additional members.
There is a sum assured of Rs 2 lakh for life, personal accient and property covers. For health, the sum assured is Rs 500 for 10 days up to a maximum of Rs 5,000 to be available without producing bills or documents. Agents pf Bima Vistaar policy will earn a 10% commission.
The settlement of property part of the insurance would be on a parametric basis which means claims would be settled based on predefined event parameters rather than actual losses. With 25% damage, 50% of the sum assured is automatically paid, and over 40% damages result in a 100% settlement or Rs 2 lakh.
This policy is expected to be launched by the first quarter of the financial year 2025. With its affordable price and comprehensive coverage, it is expected to transform the whole insurance industry in India and bring us a step closer to the insurance-for-all goal by 2047.
Want to learn the art and science of managing your money? The 1% Club can help. Details here
