The Chairman of the Insurance Regulatory and Development Authority of India (IRDAI), Debasish Panda, announced that the organization is developing a bundled insurance product that will offer life, health, casualty, and property coverage in a single policy at an affordable price.
IRDAI is collaborating with the General Insurance Council and the Life Insurance Council to create this product, which is called “Bima Trinity.” It comprises three components: Bima Sugam, a digital platform; Bima Vistaar, a comprehensive cover designed for the rural population based on benefits/parametric structure; and Bima Vahak, a women-centric distribution channel aimed at reaching untapped rural areas.
Panda explained that Bima Sugam will serve as the platform for this product, while Bima Vistaar aims to provide accessible coverage to the common man by bundling life, health, casualty, and property insurance. The committee established by IRDAI in October 2022 is working to streamline the operations of Bima Vahak, Bima Vistaar, and the digital platform, Bima Sugam.
The goal is to design the product with a parametric trigger, eliminating the need for loss assessment by a surveyor or assessor. In the event of a loss, the defined benefit will be promptly credited to the policyholder’s bank account.
Overall, the IRDAI’s efforts aim to introduce an inclusive and convenient insurance solution through the Bima Trinity product, simplifying insurance coverage for individuals and expanding access to rural areas.