The Insurance Regulatory and Development Authority of India (IRDAI) has reportedly deliberated on the pricing and other details of Bima Vistaar, a key component of the Bima Trinity.
This unique insurance product aims to provide comprehensive coverage for life, health, and property at an affordable price. This scheme is serving as a basic social safety net.
Price Discussions
According to news sources, IRDAI has suggested pricing Bima Vistaar at Rs 1,500 per policy, following discussions at a summit of insurance CEOs chaired by IRDAI chairman Debasish Panda.
Insurance Price
As per the reports, Bima Vistaar will offer life cover priced at Rs 820, health cover at Rs 500. Under the scheme, one can get personal accident cover at Rs 100, and the property cover will cost around Rs 80.
Family Floater
For a family policy on a floater basis, the cost will be Rs 2,420, with an additional Rs 900 for other family members.
Sum Assured
If you are looking for sum assured benefit, will get Rs 2 lakh for life , personal accident, and property covers.
Hospi Cash
The health cover, known as hospi cash, provides a sum assured of Rs 500 for 10 days, with a maximum payout of Rs 5,000 without the need for bills or documents.
Agent Commission
Agents selling Bima Vistaar policies stand to earn a commission of 10 percent.
Claim Settlements Process
Regarding claim settlements, different procedures will apply across segments. Settlements for property coverage will be based on a parametric basis, ensuring prompt disbursements based on the severity of the event.
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