The first of its kind affordable insurance product covering risks against life, health, and property, is set to be rolled out in the first quarter of the next financial year, reported Business Line.
The proposed all-in-one product will be known as ‘Bima Vistaar’.
“The product design and other key aspects for rolling out Bima Vistaar are almost complete. We need a technology platform to launch the product, which is being looked into by the Life and General Insurance Councils,” a senior official of the Insurance Regulatory and Development Authority of India (IRDAI) told businessline on Friday.
“In all probability, the product will be rolled out in the first quarter of FY25,” the official said, adding that the ecosystem required for the launch of the product is being put in place.”
The launch of Bima Vistaar is significant because it is part of the “Insurance Trinity,” along with Bima Sugam, a one stop digital platform; and Bima Vahak, a woman led field distribution force. These are all major components of IRDAI’s vision to achieve insurance for all by 2047 while bridging the existing gaps in product design, pricing, and distribution, among others.
“It is noteworthy that the insurance industry is also looking forward to the launch of the product and is bullish on it. The regulator is not in favour of imposing any policies or decisions on the insurers, and everything is being done in a consultative manner,’‘ the official said.
Women Power
The launch of Bima Vistaar will also bring Bima Vahak, the women-led insurance distribution channel. The guidelines for putting the channel in place have already been issued, and the regulator said the Bima Vahak guidelines will come into effect with the rollout of Bima Vistaar.
IRDAI believes that women ‘Vahaks’ will be better positioned to convince women members of rural households of the need for affordable social security and take cover through Bima Vistaar.
On Bima Sugam, the official said there has been ‘great interest’ in the mega digital platform not only from the domestic insurers but also from those abroad. “The first task is to develop relatively small platforms to launch Bima Vistaar and Vahak effectively. Later, these can be integrated into the larger platform of Bima Sugam,” he said.
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Published: 25 Dec 2023, 10:23 AM IST