Guide to All-in-One Insurance Policy- Bima Vistaar

Guide to All-in-One Insurance Policy- Bima Vistaar

Bima Vistaar, a product of Bima Trinity, is an innovative insurance product that acts as a unique and comprehensive solution to offer affordable coverage for life, health, & property. This product has been thoroughly designed to provide individuals with a comprehensive safety net that combines the benefits of life insurance, health insurance, personal accident coverage, and property insurance.

Recently, it has been reported that the Insurance Regulatory and Development Authority of India (IRDAI) has determined the pricing for Bima Vistaar. This single insurance product is specifically designed to cater to those residing in rural areas and is available at an affordable price of Rs. 1500 per policy. The move aims to make the benefits of comprehensive insurance accessible to a wide population, which ensures that individuals in rural communities can protect themselves against life uncertainties. 

In this post, we’ll discuss Bima Vistaar’s new premium amounts for different elements, including life, health, accident, and property.

Features and Benefits of Bima Vistaar

Here is a list of the key features and benefits of Bima Vistaar. Let’s discuss them in detail! 

  • Credible Insurance Solution

One of the key features and benefits of Bima Vistaar is that it provides a credible insurance solution that ensures that individuals and families have access to financial protection against multiple risks and uncertainties. 

  • Cost-Effective 

Another major benefit of Bima Vistaar is that it offers insurance coverage at a reasonable cost, which makes it accessible to a wider population. This affordability aspect promotes financial inclusion by allowing more people to avail themselves of insurance benefits.

  • Comprehensive Coverage 

One of the biggest highlights of Bima Vistaar is that it provides complete coverage for different types of uncertainties, including but not limited to health issues, accidents, property damage, and natural disasters.

  • Reduced Protection Gap 

The fourth benefit of Bima Vistaar insurance is that it is specifically designed as a mass product to increase insurance penetration in the country. It aims to reach a large number of people, which ultimately enhances the overall insurance coverage and reduces the protection gap within the population.

  • Enhanced Sales Volume 

Last but not least, Bima Vistaar is expected to generate a large sales volume due to its broader appeal and comprehensive coverage. Unlike micro insurance products that typically cater to a specific target group with low premiums, Bima Vistaar is an all-in-one insurance product. Furthermore, it helps expand the customer base and increase the overall awareness and adoption of insurance.

How will Bima Vistaar Work?

Speaking of the functionality of Bima Vistaar, it works as a bundled or combined insurance product that combines life, health, accident, and property. The best part is that it will be made available via private and public insurance companies. The primary objective of the insurance is to address the crucial insurance protection requirements of India’s rural population by offering a single comprehensive product.

Furthermore, the insurance ensures that in the event of a covered occurrence, a predetermined sum insured will be paid out to the policyholder or their nominees. Once the payout is made, the policy will be terminated.

Through Bima Vistaar, the IRDAI strives to extend vital insurance protection to rural communities, which ensures that their critical needs are covered under a single and comprehensive product. With simplified access to insurance and addressing the unique requirements, Bima Vistaar contributes to the goal of enhancing insurance coverage and financial security for all individuals across India.

What are Bima Vistaar's Premium Details?

Here is a list of the premium details introduced by the Bima Vistaar recently. Let’s discuss them in points. 

  • Premium Structure 

The policy includes separate premiums for different covers. The life cover premium is Rs 820, the health cover premium is Rs 500, the personal accident cover premium is Rs 100, and the property cover premium is Rs 80.

  • Floater Policy for the Family 

Under this aspect, Bima Vistaar offers the option to cover the entire family on a floater basis. The policy cost for the entire family is Rs. 2, 420. Additionally, there will be an extra charge of Rs. 900 to cover the rest of the family members. 

  • Sum Assured (SA)

Speaking of the sum assured, the SA for the life cover, personal accident cover, and property cover is Rs 2 lakh each. The sum assured for the health cover (hospital cash) is Rs 500 for 10 days. The maximum amount available without producing bills or documents is Rs 5,000.

  • Commission for Agents 

Lastly, agents selling Bima Vistaar insurance are eligible for a commission of 10%. This commission serves as an incentive for agents to promote and distribute the product, fostering wider distribution and adoption.

List of Coverage Under Bima Vistaar

Here is a list of coverage options under Bima Vistaar Insurance along with their premium amount. Let’s take a quick look at the coverage available.

ParametersAmount (in Rs.)
Life CoverRs. 820
Health CoverRs. 500
Personal Accident CoverRs. 100
Property CoverRs. 80
Sum AssuredRs. 2 lakhs
Family Coverage (Floater Basis)Rs 2,420, with an additional Rs 900 for other family members.
Hospital CashRs. 500 (Daily Benefit) for up to 10 days ( maximum payout of Rs 5,000)

What can you expect from Bima Vistaar in the future?

In the future, Bima Vistaar is all set to make a significant impact, especially in rural India. Its main goal is to provide essential coverage against life’s major risks: death, illness, accidents, and property damage. It aims to bridge the gap in insurance accessibility and ensure more people have the protection they need.

As a mass-market product, it’s designed to attract a large number of customers, unlike micro-insurance offerings. It wouldn’t be wrong to say that it may significantly boost insurance penetration across the country.

With the premium now fixed, the next step involves conducting a cost-benefit analysis. This assessment will help determine the product’s long-term sustainability, ensuring that it continues to serve its purpose effectively.

Final Thoughts

So, that’s a wrap to everything you need to know about Bima Vistaar Insurance! Keep in mind that the Bima Vistaar policy’s extensive coverage plays a vital role in shielding individuals and families from a multitude of risks and uncertainties. This initiative not only advocates for increased participation in personal protection insurance but also champions financial inclusion.

Bima Vistaar’s competitive pricing is expected to benefit multiple individuals and families by ensuring that they have access to an affordable insurance solution. Overall, Bima Vistaar is all set to make a positive impact by enhancing financial security and resilience among policyholders.

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