Insurance Content Writer on LinkedIn: IRDA’s All-In-One Insurance Product Bima Vistaar Details Revealed: Starts… (2024)

Revolutionizing Insurance for Rural and Semi-Urban India 🌟IRDAI's Bima Vistaar is set to transform insurance penetration in India, focusing on simplicity, affordability, and accessibility. By bundling life, health, personal accident, and property #insurance into a single product, this innovative approach aims to provide a basic safety net for rural and semi-urban areas. Plus, #claimsettlement on a parametric basis makes it easier for everyone to understand and benefit from.Learn more about Bima Vistaar and discover how it could impact insurance adoption across India in our latest blog.

4

Do you have the right - Life, health, and property Insurance?‘Insurance for All’ is the mission of the Insurance Regulatory and Development Authority of India (IRDAI) and is committed to achieve by 2047!Before diving into how will this benefit you…Let’s get the facts clear -What’s the Agenda here?The Insurance regulator wants to make sure that every citizen has an appropriate -➡Life Cover➡Health Cover➡Property insurance cover➡Every enterprise is supported by appropriate insurance solutions and also to make Indian insurance sector globally attractive.Now here’s the discussion about your benefits this mission brings -🔆As the regulator made it clear with the ease of doing business, there will be an increase in the number of insurers and intermediaries that will help you choose the right Insurance for you🔆As the number of policyholders increase, there will be a need for a robust system to carry the load of grievances and providing redressals at the earliest.🔆With increased competition in the number of insurers and the advancement of technology, the network of hospitals will get in touch, making it easier for you with your claim settlements.--With a lot of Insurance products available, you might find it difficult to choose the right one for you.Want to get all of your doubts clear?Click on the link in my Bio and Book a Free Consultation Call with me#insurance #irdai

19

11 Comments

To be launched shortly : Bima Vistaar , Insurance for all by 2047 mission .....Bima Vistaar represents a visionary initiative by the Insurance Regulatory and Development Authority of India (IRDAI). Its goal is to address the diverse insurance needs of consumers by consolidating life, health, and property coverage into a single, cohesive plan. This innovative approach aligns with the broader objective of making insurance more accessible and affordable for all sections of society.Here are some key points about Bima Vistaar:Comprehensive Coverage: Bima Vistaar is a bundled insurance product that offers a single, affordable policy covering various aspects of individuals’ lives. It encompasses life, health, casualty, and property coverage within one policy.Untapped Geographies: Bima Vistaar specifically targets untapped regions, aiming to extend insurance benefits to those who may not have had adequate coverage previously.All-In-One Solution: By combining different insurance types, Bima Vistaar simplifies the insurance experience for consumers. It streamlines policy management and ensures comprehensive protection.Affordability: The affordability factor is crucial. Bima Vistaar aims to provide cost-effective coverage, making insurance accessible to a wider population.For Life cover, a premium of Rs 820 has to be paid while Health, Personal accident, Property have been priced at Rs 500, Rs 100 and Rs 80 respectively per policy holder.If taken for the entire family on a floater basis, the product will cost Rs 2420 per policy , as additional 900 will be charged for the rest of the family members.The sum assured for the Life cover, Personal accident and Property will be Rs 2 lakh each while for sum assured for Health, known as hospi cash will be Rs 500 for 10 days. A policy holder can avail maximum amount of Rs 5000 under hospi Cash without producing any bills and documents.Bima Vistaar’s is set to be a game-changer in the insurance landscape.#Insurance

15

2 Comments

Isn't insurance something that your customers only think about in times of need, especially major general insurance lines such as Motor and Health insurance? Little wonder then that insurance is considered a push product; one sold through conversations. Our latestInsureTrendspost analyzes the role of distribution transformation in this context, based on inputs from a discussion between K. V. Dipu, the Head of Operations & Customer Services at Bajaj Allianz General Insurance and Mangesh Vaitla, the Co-Founder & Executive Director of C2L BIZ Solutions Pvt Ltd. Vijay Chavan | Bhavesh Lalan | Mangesh Vaitla | Vikas Keni#Insurance #InsurTech #C2LBIZ #DigitalDistributionTransformation #InsuranceSector #HealthInsurance #DigitalInsurance #InsuranceSolutions #BFSI #DigitalInsurance #SymbioSys #Distribution #Transformation #AutoInsurance #India #ConversationSales #CustomerFirst

25

The insurance landscape in India has witnessed significant transformation in the last two decades, driven by government initiatives and increased awareness. A pivotal move in this evolution was the introduction of the Point of Sales Person (PoSP) model by the Insurance Regulatory and Development Authority of India (IRDAI) in 2015. The PoSP model framework is democratising insurance accessibility by introducing a novel avenue to enhance nationwide insurance penetration. In the insurance industry, the PoSP model stands as a formidable force, boasting a total network of over 14 lakh plus agents—merely 15% lower than the combined size of general and health insurer agent networks, as of 2022.Read more at:https://lnkd.in/gpgqryXk#insurancereview#posp#irdai

3

Insurance regulator IRDAI has proposed to make insurance coverage, including life, health and motor, obligatory on the part of insurance companies in gram panchayats across the country in order to achieve the objective of “insurance for all”.The minimum number of lives to be covered by all life insurers in all gram panchayats in the country should be 30 per cent in each gram panchayat subject to a minimum of 25,000 gram panchayats as driven by lead insurer in the first year, IRDAI has proposed. This increases to 40 per cent lives subject to a minimum 50,000 gram panchayats and 50 per cent lives subject to a minimum of 75,000 gram panchayats in year 2 and 3 respectively, IRDAI said in its draft Rural, Social Sector and Motor Third Party Obligations Regulations, 2024.https://lnkd.in/dpxphJyN

Health is wealth Without it, everything else fades into insignificance.Prioritize your health today and get your loved one Health Insurance.#health #welness #youngprofessionals #professional SMIISCharanmal Aggarwal

1

The health insurance market has shown high growth post-Covid following increased demand and higher rates. Similarly, the motor insurance market too recorded high growth as consumer preference shifted to bigger cars where the premium is higher and third-party premium were repriced based on a formula that takes into account the claims experience. Fire insurance too has seen a firming of rates after reinsurers led by GIC Re set floor rates.At the end of FY23, India's non-life premium amounted to Rs 2.6 lakh crore ($31.2 billion) which corresponds to a non-life insurance penetration rate of approximately 1%.The other strategic themes laid forth by the regulator include making suitable products available to customers; promoting more standardised and accessible insurance products, including microinsurance; facilitating ease of doing business through a willingness to attract new insurance players; and enhancing distribution efficiencies through technology.The Insurance Regulatory and Development Authority's (IRDAI) decision to offer insurers the freedom to design their products through a 'use and file' system has also resulted in a host of product innovations and new launches.

6

Glad to know that to expand the poor insurance penetration in the country, IRDA is devising an affordable product covering health, life, property, accident risks to give citizens protection, expedite claim settlements by linking death registries onto one industry platform.This “All-in-One” policy plan will also secure value-added services such as gym or yoga memberships at the time of buying a policy.https://lnkd.in/dwaPfECd#health #insurance #allinone #insurancepolicy #property

7

Health, Motor continue to drive general insurance, Q1 sales jump 17.9%In June, the non_life insurance industry reported a premium of Rs 20,451.9, crore glowing by 14.8 per cent on year compared to 20.6 percent in the same period last year , according to the data collection by care ratings. The 17.9% point incremental jump in premium collection, thus helping them log double digit growth can mostly be attributed to the continuing demand for health policies especially in the group segment, and motor insurance.The only laggard is the fire segment , which continues to underperform with a subdued 5.9 percent growth in sales Read more ...... https://lnkd.in/gj_XRQU6 Fore more insurance and banking industry updates, join our monthly free Industry Updates webinar. Call or Whatsapp 8688331743#irdai #insuranceindustry #insurance #innovation #technology #insurers #regulation #generalinsurance #marketing

3