Bima Vistaar, a first of its kind all-in-one affordable insurance product offering life, health and property cover is likely to be launched soon.
“The product is in the final stages of design based on discussions with Life and General Insurance Councils and the industry,” a senior official of the IRDAI told.
This comprehensive, standardised cover was proposed by IRDAI Chairman Debashish Panda as part of a series of reforms aimed at realising the regulator’s vision of providing cover to everyone by 2047.
Discussions on the ‘affordable’ pricing of the product are on the last legs and the inclusion of some riders as added features are being worked out, the official said.
Bima Vistaar will have simple and easily understandable terms and conditions, besides taking complete advantage of digital advancements.
Bima Vistaarwill have simple and easily understandable terms and conditions. It will also take complete advantage of digital advancements and is likely to have a provision where the claim can be verified digitally and the settled amount can be credited to the beneficiaries’ account automatically.
Latest technological developments such as Artificial Intelligence (AI) and Machine Learning (ML) are being used to create a digital platform to reach the last mile in rural and hitherto uncovered areas to ramp up insurance penetration.
The rollout of Bima Vistaar will build upon the success of the Bank Mitra model, which played a pivotal role in achieving the Centre’s financial inclusion programme Pradhan Mantri Jan Dhan Yojana (PMJDY).