New Delhi:
In a groundbreaking development, the insurance sector is poised to undergo a transformational shift, offering a single solution to address the diverse needs of individuals.
Gone are the days of juggling multiple insurance policies for health, property, and life.
Say hello to BIMA Vistaar, the all-in-one insurance policy set to streamline coverage for millions.
Insurance regulatory body IRDAI has initiated discussions with leading insurance providers to introduce the innovative BIMA Vistaar policy.
This revolutionary offering aims to alleviate the burden on consumers by providing comprehensive coverage under a single umbrella.
Premium Predictions: What Will It Cost?
Early estimations suggest that the premium for BIMA Vistaar could hover around Rs 1500 per policy,
making it an affordable option for individuals across various socio-economic strata.
With an emphasis on extending insurance access to rural populations,
BIMA Vistaar promises to democratize coverage like never before.
Coverage Breakdown: Life, Health, Property, and More
Under the BIMA Vistaar policy, individuals can expect a wide array of coverage options tailored to their needs.
Life, health, property, and personal accident cover will all be included, ensuring comprehensive protection against unforeseen circumstances.
Life Cover: An insurance cover of up to Rs 2 lakh is anticipated, with a premium of approximately Rs 800.
Health Cover: The policy will offer ‘Hospital Cash’ benefits, including cashless payments of up to Rs 5000 for medical bills, with a premium of around Rs 500.
Personal Accident Cover: Individuals can secure personal accident coverage for a nominal premium of Rs 100.
Property Insurance: A premium of Rs 100 is expected for property insurance, providing peace of mind against property-related risks.
Tailored Claim Settlement: Meeting Individual Needs
Claim settlement procedures under the BIMA Vistaar policy are expected to be flexible, catering to the unique requirements of each segment.
Insurance companies will have the autonomy to customize claim settlement processes, ensuring efficient and fair resolutions for policyholders.
In a bid to promote the adoption of BIMA Vistaar, insurance agents may be incentivized with a commission of up to 10 percent, encouraging widespread dissemination and accessibility of this revolutionary insurance solution.
