The IRDAI is looking to launch a bundled product that will provide life, health, casualty, and property coverage in a single insurance policy at an affordable price, the chairman of the regulatory agency, Mr Debasish Panda, said.
IRDAI is working on the product with the General Insurance Council and Life Insurance Council, Mr Panda said.
He said the Bima ‘Trinity’ will include Bima Sugam, the digital platform; Bima Vistaar, a comprehensive cover for the rural population on a benefit-based parametric structure and Bima Vahak, a women-centric distribution channel to focus on reaching untapped/rural areas, reported The Indian Express.
“We are trying to design it in a manner that will have a parametric trigger. So, you don’t need a surveyor or assessor to assess the loss. If there is a loss, the defined benefit immediately goes to the bank account of the policyholder,” he said
“Bima Sugam will be the protocol or the platform. Bima Vistar is a product that we are trying to design in a manner that will be accessible to the common man. It will be a bundled product of life, health, casualty, and property,” Mr Panda said at an event last week.
In October 2022, IRDAI set up a committee to explore and recommend how to bring about synergies in the working and operations of Bima Vahak, Bima Vistaar, and the digital platform, Bima Sugam.
