IRDAI
The Insurance Regulatory and Development Authority of India (IRDAI) conducted discussions on the pricing and other aspects of the eagerly anticipated all-in-one affordable insurance product, Bima Vistar, during the Two-day Bima Manthan event concluded on Friday. Industry leaders participated in these deliberations.
Sources suggest that the premium for the product could be set at around ₹1,500 per individual to provide comprehensive coverage across various insurance categories. This product encompasses Life cover, Health cover, personal accident, and property cover under a family floater scheme.
For Life, Personal Accident, and Property covers, a sum assured of ₹2 lakh each is proposed, while the Health cover, known as hospital cash, may offer a sum assured of ₹500 for 10 days, with a maximum amount of ₹5,000 available without the need for bills or documents.
The proposed claim settlement process varies across different segments. For the property aspect of the combo solution, payouts will be made on a parametric basis, ensuring timely disbursement based on the severity of the event.
To promote the product, agents selling Bima Vistar policies may receive a commission of 10 percent, aiming to encourage broader distribution and adoption. The insurance regulator is expected to formally announce the details soon.
