Insurers Agree on Customer-friendly Bima Vistaar Plan

Bima Vistaar is an affordable insurance plan introduced by IRDAI, offering comprehensive coverage for life, health, personal accident, and property. This article explores its benefits, features, and how it aims to enhance financial security for all.

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Context: India’s insurance companies have agreed on a simple, comprehensive and customer-friendly model for Bima Vistaar.

About Bima Vistaar

It is a simple, comprehensive and customer-friendly composite insurance product.
Initiated by: Insurance Regulatory and Development Authority of India (IRDAI).
Co-Insurance Model: Each type of risk is co-insured by all insurers dealing with that specific insurance line under an omnibus co-insurance arrangement.

Coverage Areas

Life insurance (death coverage)
Personal accident insurance
Property insurance
Surgical hospitalisation coverage

Bima Trinity : A Three-Pronged Approach to Insurance Expansion

This Bima Vistaar initiative aligns with IRDAI’s vision of “Insurance for All by 2047,” striving to make insurance more accessible, affordable, and efficient across India.

Key Features of Bima Vistaar

Coverage Scope: Offers protection across multiple domains, including life insurance, health insurance, personal accident, and property insurance, all under a single policy.
Premium Structure:
- Individual Policy: Annual premium of ₹1,500.
- Family Floater Policy: Annual premium of ₹2,420, covering the primary insured and immediate family members.
Sum Assured:
- Life Insurance: ₹2 lakh.
- Personal Accident: ₹2 lakh.
- Property Insurance: ₹2 lakh.
- Health Insurance (Hospi Cash): Daily benefit of ₹500 for up to 10 days of hospitalization, with a maximum payout of ₹5,000.
Distribution Model: Emphasizes a women-centric approach through the Bima Vahaak initiative, aiming to empower women as local insurance facilitators to enhance penetration in rural areas.