The eagerly anticipated Bima Vistaar, India’s first cost-effective composite insurance plan that covers property, personal accident, death, and surgical hospitalization, is about to go on sale.
The product model, which is anticipated to be launched in April 2025, has been finalized by the Insurance Regulatory and Development Authority of India (IRDAI) and industry leaders.
Bima Vistaar: India’s First Cost-Effective Composite Insurance Plan
The Bima Sugam team and industry leaders collaborated to create the compliant, straightforward, all-inclusive, and user-friendly insurance plan known as Bima Vistaar, according to IRDAI.
Following talks with industry representatives and the Bima Sugam team, IRDAI declared that “a compliant, simple, comprehensive and customer-friendly model has now been signed off by the top brass of the industry.”
Along with Bima Sugam and Bima Vahak, Bima Vistaar is a component of IRDAI’s “Bima Trinity” initiative, which aims to transform the insurance industry.
The required technological platform has been updated for advanced digital product management in order to support the impending launch.
Bima Vistaar guarantees affordability for all societal segments, supporting IRDAI’s objective of “Insurance for all by 2047.”
Final Rates To be Declared Later
Although there have been discussions about prices, the final rates will be revealed later. For a sum assured of ₹2 lakh, the anticipated premium range is between ₹1,500 and ₹2,000 per person.
According to an industry source, “The pricing has also been discussed which is yet to be announced by the regulator in the final roll-out of the product… a broad range could be between ₹1500 to ₹2000 per individual for a sum assured of ₹2 lakh,”
Implementing the other two elements of the Bima Trinity depends on Bima Vistaar’s success.
A digital insurance marketplace called Bima Sugam is being developed as a comprehensive platform for policy purchases, sales, policy servicing, claims processing, and grievance resolution.
The organization in charge of running the platform, the Bima Sugam India Federation (BSIF), has finished incorporating and is ready for industry players to invest in it.
A soft launch to onboard agents is scheduled for April 2025 for Bima Vahak, a women-focused insurance field sales initiative that is currently in its final development stage.
