According to its chairman Debasish Panda, the Insurance Regulatory and Development Authority of India (IRDAI) is planning to introduce a bundled product that will combine life, health, casualty, and property insurance coverage into a single insurance policy at a competitive price.
IRDAI is working on the product along with the General Insurance Council and Life Insurance Council, Panda said.
He said the ‘Bima Trinity’ will include Bima Sugam, the digital platform, Bima Vistaar, a comprehensive cover for the rural population on benefit based/parametric structure and Bima Vahak, a women-centric distribution channel to focus on reaching untapped/rural areas.
“Bima Sugam will be the protocol or the platform. Bima Vistar is a product where we are trying to design it in a manner which will be accessible to the common man. It will be a bundled product of life, health, causality and property,” Panda said at a CII event on May 25.
In October 2022, IRDAI had set up a committee to explore and recommend on how to bring about synergies in the working and operations of Bima Vahak, Bima Vistaar and the digital platform, Bima Sugam.
“We are trying to design it in a manner which will be a parametric trigger. So, you don’t need a surveyor or assessor to assess the loss. If there is a loss, the defined benefit immediately goes to the bank account of the policyholder,” he said