Debasish Panda, chairman,IRDAI
Bima Vistaar will have a combined features of Life, Health, Personal accident and Property. For Life cover a premium of Rs 820 has to be paid while Health, Personal accident, Property have been priced at Rs 500, Rs 100 and Rs 80 respectively. If taken for the entire family on a floater basis the product will cost Rs 2420 per policy, as additional Rs 900 will be charged for the rest of the family members irrespective of size of the family
Hyderabad:
Insurance regulator IRDAI has unveiled a premium of Rs 1500 for its much awaited cover Bima Vistaar, a ground breaking all-Âin-Âone affordable mass product for the hinterland of India
A basic comprehensive social safety net solution, on the anvil for the last few months, Bima Vistaar has combined features of Life, Health, Personal accident and Property. It is now getting ready to be launched online by life, general and health insurers in near future through a specialised women led agency force called as Bima Vahak.
Each agent can earn 10 per cent as commission by selling a Bima Vistaar policy
For the Life cover, a premium of Rs 820 has to be paid while Health, Personal accident, Property components have been priced at Rs 500, Rs 100 and Rs 80 respectively for a policy holder.
If taken for the entire family on a floater basis, the product will cost Rs 2420 for a policy holfer, as additional 920 will be charged for the rest of the family members.
The sum assured for the Life cover, Personal accident and Property will be Rs 2 lakh each while for sum assured for Health, known as hospi cash will be Rs 5000(Rs 500 for 10 days of hospitalisation).
A policy holder can avail maximum amount of Rs 5000 under hospi Cash without producing any medical bills and documents.
The claim settlement for Property part of the combo solution will be on parametric basis, which means any payout is based on the magnitude of the event, rather than the magnitude of the losses. With 25 per cent of damage, 50 per cent of the sum assured will automatically be paid to the policy holder and with more than 40 per cent damages 100 per cent or Rs 2 lakh will be settled as claims. Â
Even as the combo product is getting ready, the pricing of the product has been unveiled at the first day of 2-day Bima Manthan, a summit meet of industry CEOs on Thursday addressed by IRDAI chairman Debasish Panda.
Today, Panda has addressed the CEOs of general insurance companies and tomorrow he will have a brain storming session with the CEOs of life insurers.
Bima Sugam, Bima Vistaar and Bima Vahak are part of `Bima Trinity’ conceived  by Panda after he assumed office in March 2022 to achieve Insurance for all by 2047 whereby every citizen would have appropriate life, health and property covers, and every enterprise would be supported by appropriate insurance cover.
Bima Vistaar can be sold in the game changing platform of Bima Sugam also after it starts functioning.
Insutech Zopper has been awarded the project by the Indian insurers, represented by both the councils- General Insurance Council and Life Insurance Council, to create a comprehensive technology platform that can be used by the insurance industry to enroll agents, mainly women, to sell Bima Vistaar and payment of any claims by the insurers.
It is envisaged that each of the life, non-life lead insurers in a state will collaborate to spearhead the sales of Bima Vistaar in that particular region.
Since, Bima Vistar is intended to be a mass product for increasing insurance penetration in the country , it is expected that unlike micro insurance products, it will generate a large sales volume. Now that the premium has been decided, it will be possible to do a cost benefit analysis of the product for its long term sustainability. It is also necessary to find a reinsurance solution the product, said industry analysts.
The IRDAI has already announced its regulations on Bima Vahak recently and special app .
There can be Corporate Bima Vahak, who are legal person registered in accordance with the respective laws of India and can be engaged by an insurer and Individual Bima Vahak, who can be individuals either appointed by an insurer or appointed by a Corporate Bima Vahak
A Bima Vahak can only sell and service the Bima Vistar, and such other insurance products specifically approved by the insurance regulator
A Bima Vahak can work with only one life insurer, one general insurer and one health insurer and additionally where permitted by the IRDAI, with the Agriculture Insurance Company
Issuing guidelines for a new set of insurance intermediaries in the country’s rural areas known, the IRDAI had asked the insurers to establish this dedicated distribution channel that is focused on enhancing insurance inclusion and creating awareness in every Gram Panchayat, thereby improving accessibility and availability of insurance in every nook and corner of the country.
Insurers have to Identify and develop resources locally who understand and appreciate local needs within every Gram Panchayat and village, especially encouraging, onboarding of women who can gain trust of locals as Bima Vahaks for distribution and servicing of insurance products.
Health insurance benefit portion is ambiguous in its attempted lucid explanation.
Rs500/- & Rs5000/- are figures for cash component reimbursement relating to hospital treatments!?
Good commendable step .pl bring out some policy for dental treatment , Opd treatment and tests
Already available
Rs 5000 cover for health, it has no worth. It is not increasing insurance penetration, it’s looting poor and lower middle class people and increase funds of IRDAI…
There are uneducated and lower middle class people to be misled …how much cost it will be if these people are admitted in private hospitals in emergency…
there is no need of such stupid plans…as central and few states government are providing health insurance facilities…looks like these people don’t have any work to do…
there is a 18% GST on term as well as on health insurance..govt is looting here also…
You are 100% correct Sir
Health insurance benefits in Bima Vistar may be increased to Rs 2000 & Rs 1 lakh. Nowadays Rs. 500 & 5000 is no use at the private hospitals.
You are correct.
There are existing policy options (rider) for OPD treatment, OPD treatment related tests and even medicines prescribed after such treatment/test. For details please whatsApp 9830109075
A bold and laudable step indeed. Parametric cover for property will be very much customer friendly. Hassle free. Health coverage will be possibly supplemental to PMJAY Scheme. It is expected that the authority has taken into consideration about distribution of products in more than 2.50 lakhs Gram Panchayats of our country. Physical presence with digital skill of these resources is required. In addition, arrangement of stipend to these Vima Vahak at the initial stages is of crying need.
IRDAI Chairman, CEOs of Insurance Companies are requested to inform the list of hospitals who shall admit patients on Rs. 500 HCB!
Is there any hospital which will admit patients under such Cash Benefits?
along with CEOs, they should invite some of the experienced agents for the meeting and discussion.
Because agents are pillars of insurance industry, they will give some relevant information as they are always in the field.
Please think over.
It would unique if the Health Insurance in Bima Vistaar could bring hearing aids sensor & dental technology with limits to help above 70,80 years old sr citizens in our poor country .
Let me know the procedure for Bima Vahak appointment. I am interested to become an agent.
Iam interested in becoming an agent of your company. Let me know the procedure please.
Welcome Gentle Lady
How many hours or days required to get the claim amount in Bima Vistar account and how many days required to settle or establish the event to confirm a claim confirmation?
Please give details to join as Bima.vahak
Wait for some time,till it comes out, and read all the necessary wordings ??? Don’t be in hurry ??
500 for 10 days,it is mentioned, totally 5000 ?? How it will be sufficient ?? 5000 will be charged for not even a day in hospital, including treatment cost ?? Strange ??
Service & administration is and will be a problem . The Insurance Industry ie Kotak Mahindra Life Insurance Co Ltd has a POS ( kol 1) & no administration.
I was missold 5 policies for ,in lieu of job Associate Partner salary Rs.3000/_ odd pm. When I realised ,ofcourse beyond the cooling period, I submitted my resignation and requested to refund the 1st premium Rss4lakhs odd as per company ‘s rule after surrendering the policies.
The POA holder Mr Harpreet Singh Anand is sitting on my request as above for 2 months and no remedial measures have been initiated.
So what shall I call them , Kol 1 ,as reported, has requested him Mr Singh but to no avail and with these soldiers , you want to take your plans ahead.
Sorry, for bringing the natter to you fir redressal.
Thanks
Ashish Bardhan
9748916901
Employee code 152696
Irdai, should bring one common policy for common people, “one nation (citizen)one policy to cover,life,health and personal accident.
Same thing is brought,, but 5000 for medical treatment is enough,?? That too 500 each day for 10 days seems ?? May be we have to pay to govt hospital for admission 😆😆😂,
I’m deeply impressed with the efforts carried out by the IRDAI Chairman. In addition to the mentioned clauses, I would like to see that the same is extended to the Children of all classes as they are the future of the country. Further I’m interested to take on the task of an Agent for a general Gen Insurance company.
Further the property Sum Insurance (SI) be increased to a greater amount if need can be calculated on pro rata premium… Thanks
Entire details not given, age limit, premium is for every month or year ?? Medical treatment costs not told clearly, they are saying 500 for each day for 10 days ?? What for this amount ??
All these insurance companies are cheating the public by announcing tempting attractive plans. But,at the time of claim settlement, these companies are trying to escape by showing trivial reasons& asking for documents that are irrelevant for settlement.
At the time of taking the insurance policy, all the people of that Company drag the person into a vicious whirlpool by painting a terrible picture of customer’ future if he or she won’t take their policies & the need for such policy and by elevating themselves as the only company settling the claims instantly and by showing fake ratings.
So beware of these Insurance companies.
These companies are making customers’ entry in to their companies in an easy way. They only disclose their true colours at the time of claim settlement.
You have to waste most of your days’valuable time to reach customer care people, yet you won’t get proper relevant answers, they simply divert you by giving a free suggestions to reach the company through e-mails,which are also of no use.
The relevant local branch people pretend that they don’t know any thing if we ask information about our claim settlement.
All these people (Local branch, Customer care, e-mails ) just waste your valuable time by making you roaming around their company branches&make you to do fruitless phone calls,e.mails.
Please remember that even the public is also dishonest and make false claims.No transaction is honest in our society. That is in our blood.
Yes. it is true in my case with M/s. Mediassist TPA. I am wondering whether the regulator accept all this customer unfavorable attitudes. Almost all the health insurance policies are against rural people because they are not having nearby network hospitals. In the form of admission in non network hospital and capping in expences simply they are cheating policy holders.
Well said,,true, I lost two health insurance policies premium,,very easily, as you mentioned,, but this new product details are not fully given,, amount of medical treatment is extremely low, , they are mentioned Rs 500 per day for 10 days,, what for?? They are not mentioned 😆😆,
IRDAI regulations on Health insurance premiums on retired personnels are not clarified sufficiently. Insurance companies are quoting different high premiums for aged Senior citizens. Considering that these categories have low incomers, there has to be an economic and affordable scheme for this category, which is not thought of yet.
Very well said, true, govt employees,bank employees,PSU employees, railway employees are extremely well covered with free health care facilities,, govt never bothered about senior citizens atleast all,, don’t know they will issue their policy to senior citizens or not ???
Great measures. Congratulations to the IRDAI.
However, mis-selling, deliberate obstruction, deliberate measures to tire out the claimant/ complainant, deliberate denial of claim and renewal of policies and other means of avoiding claim payments are extremely rampant today for retail buyers.
Exemplary and severe punishment for the companies, erring employees must be imposed.
Auditing process needs to be made more effective.
Your comments looks like ‘ wordings ‘ 😆😆😂, anyhow full details are not given, product details is required to know full ??
CONGRATULATIONS,
ITS MY HUMBLE REQUEST TO IRDAI TO LAUNCH BIMA VISTAAR SOON AND PROVIDE US MORE INFORMATION ON BIMA TRINITY, PL GUIDE US
THANKS
What about Ayushman Bharat health insurance policy for 5 lakhs and above for senior citizens, which PM Modi recently announced. Get it issued on priority
Best work done by the IRDAI.
What is the meaning of without documents 5000 cover for health. Every insured will claim for that. Then where is the profit?
You have to submit your admission and discharge certificate issued by hospital for claim even you have availed free treatment from mediclaim.
This is feature of hospi cash
IRDAI used to prepare dockets and announce schemes etc. but not able to understand the ground reality in the matter of Bima Vahak.
Previous 100% cashless scheme is not implemented yet, not a single customer availed that service till now.
What is the benefits of announcement of new scheme?
Similar products were launched during Covid,,Called covid policy.
But insurer like Future Generali did not pay any claim.
So make cost benefit analysis and then launch.
The Bima Vistar policy in the story a very vaguely worded one. I think we should wait for the actual Policy. However, if the benefits are as being told then this policy is rather highly priced especially considering the targetted group?
Govt and it’s agencies doing good publicity,, but actual ground condition is different 😆😆, they talk nicely,, take good names,?? We have to wait and watch ??
IRDAI and CEOs of Insurance Companies must focus on cutting their own exorbitant expenses to bring down premiums.
GST on Health, Vehicles and Life insurance is also illogically wrong.
GST can be levied on high end premiums above 50,000 yearly in Life Insurance, General and Health Insurance.
More public shall be able to buy insurance at lower premiums.
GST on health insurance policies are totally not acceptable for senior citizens,, most blunder is every renewal of policy we have to pay commission to the agents ?? Agent enjoy free money sitting in home ???
1.There is no mention of list of hospitals
2.is it a cashlesspolicy
3.what about claims how much percentage to share at the time of claim by patient by ins co
4. age not mentioned while taking policy
5.any broad restriction on age or age is no bar.
pl elaborate
This looks ridiculous.
Should think about the medical cost and medical inflation in india 🇮🇳
Such little amounts of coverage will not serve the purpose.