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Bima Vistaar is a composite insurance policy offering life, health, accident and property coverage, primarily targeted at rural India. Vistaar, along with Bima Sugam, the online insurance marketplace and Bima Vaahak, the distribution channel, could transform insurance in India.
Bima Vistaar will include life cover with a premium of Rs 820, health cover at Rs 500, personal accident cover at Rs 100 and property cover at Rs 80.
In the financial year 2022-23 (FY23), India’s overall insurance penetration was down at 4 per cent from the level of 4.2 per cent in FY22, according to a Swiss Re Sigma report.
The approval of 'Bima Sugam' by the Insurance Regulatory and Development Authority of India (IRDAI) has ignited a wave of optimism within the insurance industry.
The regulatory authority is already steering the sector toward Insurance 2.0 with initiatives like Bima Trinity, bringing about better accessibility and inclusivity to the insurance industry.