IRDAI may price Bima Vistar at
around ₹1,500 per individual
The
Insurance Regulatory and Development Authority of India (IRDAI) held
deliberations on pricing and other modalities of the much awaited all in one
affordable insurance product, Bima Vistar, with the captains of industry at the
Two-day Bima Manthan concluded here on Friday.
According
to sources, the pricing of the product (premium) could be fixed around
₹1500 per individual to offer comprehensive coverage across multiple
insurance categories. The product includes Life cover, Health cover, personal
accident and property cover with a family Floater.
The sum
assured for Life, Personal Accident, and Property covers is proposed at
₹2 lakh each, while the Health cover, known as hospital cash, might offer
a sum assured of ₹500 for 10 days, with a maximum amount of ₹5,000
available without producing bills or documents.
Claim
settlements
The claim
settlement is proposed to be done differently for different segments. For the
property part of the combo solution will be on a parametric basis, ensuring
timely payouts based on the magnitude of the event.
To
popularise the product, agents selling Bima Vistaar policies are likely to earn
a commission of 10 percent to incentivise wider distribution and adoption of the
product. The insurance regulator is likely to formally announce the modalities
soon.
Comprehensive
coverage
Discussion
on Bima Sugam, a one stop digital platform, matters pertaining to changes in
lower-charges and higher surrender value and progress of Lead insurer for
states were other matters taken up during the in the meeting, say sources.
"Bima
Vistaar is a commendable step towards increasing insurance accessibility and
penetration. The affordable pricing reflects IRDAI s commitment to providing financial
security to a wider population segment,"Narendra Bharindwal -Vice
President, Insurance Brokers Association of India (IBAI), told Businessline.
The
comprehensive coverage offered by the Bima Vistaar policy underscores its
importance in safeguarding individuals and families against various risks and
uncertainties. This initiative not only encourages more people to invest in
insurance for their protection but also promotes financial inclusion. The
competitive pricing of Bima Vistaar is expected to benefit many individuals and
families by providing them with a reliable insurance solution, he added.
www.thehindubusinessline.com
dt. 27.04.2024