Insurance serves as a shield during expected adversities, providing financial assistance during tough times. People invest in insurance policies to secure their families, vehicles, and more. Insurance policies come in various types, including life, health, motor, travel, etc. The Insurance Regulatory and Development Authority of India (IRDAI) is preparing to introduce a policy that combines health, life, and property coverage into one.
The proposed policy, named “Bima Vistaar,” aims to provide multiple coverages simultaneously, eliminating the need for individuals to purchase separate insurance policies. The premium for this policy is expected to be Rs. 1500. The IRDAI, during the Insurance Summit, shared information about this all-in-one insurance policy. Discussions with insurance companies regarding this policy have also commenced.
Coverage under Bima Vistaar Policy
The Bima Vistaar policy will offer coverage across various segments. The settlement process for property coverage will be parametric-based. Agents will receive a commission of 10% for selling this policy.
Pricing of Bima Vistaar
The life coverage under Bima Vistaar will cost Rs. 820, health coverage Rs. 500, personal accident coverage Rs. 100, and property coverage Rs. 80. For a family policy on a floater basis, the cost will be Rs. 2420, with an additional charge of Rs. 900 for family members.
Sum Assured
The sum assured for life, personal accident, and property coverage will be Rs. 2 lakh each. For health coverage, the sum assured will be Rs. 5000 for a maximum payout, with no requirement for bills or documents for claims up to 10 days.
The introduction of the Bima Vistaar policy is expected to streamline insurance processes and provide comprehensive coverage to policyholders, making insurance more accessible and convenient.