IRDAI set to launch single policy covering life, health & property

IRDAIis looking to launch a bundled product which will provide life, health, casualty and property cover in a single insurance policy at an affordable price, its Chairman Debasish Panda said.

IRDAI is working on the product along with the General Insurance Council and Life Insurance Council, Panda said.

He said the ‘Bima Trinity’ will include Bima Sugam, the digital platform, Bima Vistaar, a comprehensive cover for the rural population on benefit based/parametric structure and Bima Vahak, a women-centric distribution channel to focus on reaching untapped/rural areas.

“Bima Sugam will be the protocol or the platform. Bima Vistar is a product where we are trying to design it in a manner which will be accessible to the common man. It will be a bundled product of life, health, causality and property,” Panda said.