Indian Insurance Regulator is planning to launch a bundled product that will cover life, health, casualty, and property insurance in a single policy at a reasonable price. This product is being developed along with the General Insurance Council and Life Insurance Council of India.
The product design focus is to develop a parametric trigger, so that there is no need for a surveyor or assessor for loss assessment. If loss occurs or happens, the defined benefit should immediately go to the bank account of the policyholder.
The Bima ‘Trinity’ will include a digital platform, Bima Sugam; a comprehensive cover for the rural population, Bima Vistaar; and a women-centric distribution channel to reach untapped/ rural areas, Bima Vahak with a benefit-based parametric structure.
It was emphasized that Bima Sugam will be the protocol or the platform and Bima Vistar is a product to make insurance accessible to the common man. This bundled product of life, health, casualty, and property will bring out the synergy benefits of Insurance.