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IRDAI plans to introduce a single life, health, and property insurance package

According to its chairman Debasish Panda, the Insurance Regulatory and Development Authority of India (IRDAI) is planning to introduce a bundled product that will include life, health, casualty, and property insurance coverage into a single insurance policy at a competitive price.

According to Panda, the General Insurance Council and the Life Insurance Council are also working on the product with IRDAI.
According to him, the “Bima Trinity” will consist of the digital platform Bima Sugam, Bima Vistaar, a complete insurance plan for rural residents with a benefit-based/parametric structure, and Bima Vahak, a distribution channel geared towards women that will target underserved and rural areas.

The platform or protocol will be Bima Sugam. In order to make Bima Vistar accessible to the average person, we tried to design it that way. At a CII event on May 25, Panda stated that it will be a bundled product of life, health, causation, and property.

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IRDAI established a committee in October 2022 to investigate and make recommendations on how to create synergies in the functioning and operations of Bima Vahak, Bima Vistaar, and the digital platform, Bima Sugam.

We are working to create a trigger that is parametric in nature. So, to evaluate the loss, you don’t need a surveyor or assessor. If there is a loss, the defined benefit is transferred right away to the policyholder’s bank account,” he explained.

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