Definition
Bima Vistaar
Bima Vistaar is a proposed affordable, bundled insurance product combining life, health and property cover for the rural and underserved population.
Part of IRDAI's Bima Trinity, Bima Vistaar is envisaged as a simple, low-cost, all-in-one social cover offering defined benefits for death, hospitalisation, accident and property loss in a single product, with quick parametric-style claim settlement to build trust among first-time buyers.
Distributed through Bima Vahak (a grassroots, largely women-led force) and serviced via the Bima Sugam platform, it targets the masses outside the formal insurance net. It supports IRDAI's 'Insurance for All by 2047' goal by making basic protection accessible and affordable.
Related terms
- Bima SugamBima Sugam is IRDAI's proposed unified digital marketplace for buying, selling and servicing insurance across all insurers and intermediaries.
- Bima VahakBima Vahak is IRDAI's proposed grassroots, largely women-led distribution channel to take insurance to every Gram Panchayat in India.
- IRDAIIRDAI is the Insurance Regulatory and Development Authority of India, which regulates and supervises the insurance industry and protects policyholders.
Plain-English explainer from The Dispatch Investors Encyclopedia. General information, not financial advice.