The IRDAI plans to introduce Bima Vistaar, the first all-in-one affordable Insurance product of its kind which will provide various facilities such as coverage for health, life, and property.
According to a Senior IRDAI official, the discussions with the Life and General Insurance Councils and the industry, the product is in the final stages of design.
IRDAI Chairperson, Mr. Debashish Panda proposed this cover as an essential element out of a number of reforms that have been planned to showcase IRDAI's vision of ensuring everyone by 2047.
According to the official, the negotiations over the product's price are almost done and plans are being executed to include some riders as extra features.
The terms and conditions of Bima Vistaar will be easy and clear to understand. It will also fully utilize digitalization and include provisions that will allow the claims to be digitally verified. The compensation amount will also be automatically credited to the accounts of the concerned person.
Bima Vistaar will be using a distribution model that will completely focus on women in order to improve their financial inclusion. With a primary focus on underserved rural areas, this strategy will Appoint women, including members of self-help groups named as "Bima Vahaks."
The female "Vahaks" will be more effective in convincing the rural women that how the Bima Vistaar will be helpful to them, mentions IRDAI.
