In a significant move aimed at increasing insurance penetration in the country, the Insurance Regulatory and Development Authority of India (IRDAI) has cleared the decks for the launch of Bima Vistaar, a comprehensive and affordable insurance plan that covers death, personal accident, property, and surgical hospitalization. The product, which is part of the ambitious Bima Trinity project, is expected to be rolled out from April 2025.
According to sources, the IRDAI and industry captains have agreed on a final model for Bima Vistaar, which is designed to be a simple, comprehensive, and customer-friendly product. The plan is expected to be priced between ₹1500 to ₹2000 per individual for a sum assured of ₹2 lakh, making it an attractive option for all sections of society. The launch of Bima Vistaar is also expected to give a boost to the other components of the Bima Trinity project, including Bima Sugam, an insurance electronic marketplace, and Bima Vahak, a localized women-centric insurance field sales force.
The IRDAI has been working towards increasing insurance penetration in the country, with the aim of achieving “Insurance for all by 2047.” The launch of Bima Vistaar is seen as a significant step towards achieving this goal. The product’s operating mechanism has also been upgraded to facilitate advanced digital management, making it easier for customers to purchase and manage their policies.
The launch of Bima Vistaar is expected to have a significant impact on the insurance landscape in India, providing millions of people with access to affordable and comprehensive insurance coverage. With its simple and customer-friendly design, the product is likely to be a game-changer in the industry. As the IRDAI continues to work towards increasing insurance penetration, the launch of Bima Vistaar is a significant step towards achieving this goal.
Committee on Bima Vistar PDF
