IRDAI is working on the product along with the General Insurance Council and Life Insurance Council, Panda said.
The Insurance Regulatory and Development Authority of India (IRDAI) is collaborating with the General Insurance Council and Life Insurance Council to develop a new insurance product, according to Debasish Panda, the Chairman of IRDAI. The aim is to introduce a bundled policy that offers comprehensive coverage for life, health, casualty, and property in a single package at an affordable cost.
Panda revealed that the proposed product, called ‘Bima Trinity,’ will consist of three key components. The first component, Bima Sugam, will serve as the digital platform for the insurance policy. The second component, Bima Vistaar, will provide comprehensive coverage tailored for rural areas using a benefit-based or parametric structure. Lastly, Bima Vahak, a distribution channel specifically targeting women and underserved rural regions, will ensure wider accessibility.
During a CII event on May 25, Panda explained that Bima Vistar will be a bundled product encompassing life, health, casualty, and property coverage. The goal is to create a design that caters to the needs of the common man, making insurance more accessible to a broader population.
To facilitate the seamless integration and operation of Bima Vahak, Bima Vistaar, and Bima Sugam, IRDAI established a committee in October 2022. The committee’s mandate is to explore synergies among these entities and provide recommendations on their collaborative functioning.
Panda further elaborated that the new product will incorporate a parametric trigger, eliminating the need for loss assessment by a surveyor or assessor. In the event of a loss, the defined benefit will be directly transferred to the policyholder’s bank account, ensuring prompt compensation.
IRDAI’s efforts to develop the bundled insurance product demonstrate their commitment to enhancing insurance accessibility and convenience for individuals across India, particularly those residing in rural and underserved areas.
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