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Bima Vistaar : IRDAI

Bima Vistaar : IRDAI:

The Insurance Regulatory and Development Authority of India (IRDAI) has proposed to price Bima Vistaar, its ambitious all-in-one affordable insurance mass product aimed at the rural areas of the country, at Rs 1,500 per policy.

  • Bima Vistar, which is part of the Bima Trinity.
  • The first-of-its-kind all-in-one affordable insurance product, Bima Vistaar will offer life, health and property cover.
  • The product has been designed to provide a basic social safety net cover with combined features of life, health, personal accident and property insurance.
  • The product includes Life cover premium of Rs 820, Health cover Rs 500, Personal accident cover at Rs 100, and Property cover at Rs 80.
  • If taken for the entire family on a floater basis, the policy will cost Rs 2,420, with an additional Rs 900 charged for the rest of the family members.
  • The sum assured for life, personal accident, and property covers is Rs 2 lakh each, while the health cover (hospital cash) offers a sum assured of Rs 500 for 10 days, with a maximum amount of Rs 5,000 available without producing bills or documents.
  • Agents selling Bima Vistaar policies stand to earn a commission of 10%, incentivising wider distribution and adoption of the product.