Bima Vistaar

About Bima Vistaar:

• It is an ambitious all-in-one affordable mass product aimed at the rural areas of the India which is priced at Rs 1,500 per policy.
• It is designed to provide a basic social safety net cover with combined features of life, health, personal accident and property insurances.
  • The sum assured for life, personal accident and property covers is Rs 2 lakh each, while the health cover, known as hospi cash, offers a sum assured of Rs 500 for 10 days, with a maximum amount of Rs 5,000 available without producing bills or documents.
  • Agents selling Bima Vistaar policies stand to earn a commission of 10 per cent, incentivising wider distribution and adoption of the product.
• These products will be distributed by Bima Vahak. Initially, every gram sabha will have at least one Bima Vahak, who will visit every house in their area and convince them about the product.
• Significance: It is considered as a mass product for increasing insurance penetration in the country, it is expected that unlike micro insurance products, it will generate a large sales volume.