Soon life, health, property and personal accident cover will be available in a single policy. Insurance regulator IRDAI has recently discussed this policy with insurance companies. It has been named ‘Bima Vistar’ policy.
Soon the benefits of many types of insurance will be available in a single policy. This can be named ‘insurance expansion’. Life, health, property and personal accident cover will be available in this single policy. Family Floater i.e. all the family members will also get the benefit of insurance cover in one policy. Insurance regulator IRDAI has recently discussed this policy with insurance companies in Hyderabad. According to industry sources, its premium can be fixed around Rs 1500 per policy. The objective of this ‘Insurance Extension’ policy is to provide insurance to maximum population of the country including villages.
The details of ‘insurance expansion’ were put forward in the meeting chaired by IRDA Chief Debashish Panda in Hyderabad. Sources said that in case of life, property and personal accidents, an insurance cover of Rs 2 lakh each can be available. There will also be health cover in the name of ‘Hospital Cash’. In this, cashless payment of bills up to a maximum of Rs 5000 can be claimed for 10 days without submitting documents. The premium for life cover can be around Rs 800. At the same time, health cover can be available for Rs 500 and personal accident cover for a premium of Rs 100. The premium for property cover can be kept less than Rs 100.
Claim settlement varies for each insurance
The method of claim settlement may be different for different segments in the insurance extension policy, which will be decided by the insurance companies. Agents selling this policy can be given 10% commission. IRDA has been preparing for a long time to introduce Bima Trinity in the form of Insurance Sugam, Insurance Extension and Insurance Carrier. The digital platform ‘Bima Sugam’ was approved by IRDAI last month. It will work like an online insurance marketplace to buy, sell and settle claims of all types of insurance policies. Without paying any fee, insured will be able to check the details of all their policies on it.
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