Insurers agree on customer-friendly Bima Vistaar plan

• India’s insurance companies have agreed on a comprehensive, customer-friendly model for Bima Vistaar, a composite cover proposed by the Insurance Regulatory and Development Authority of India (IRDAI).

• The product will cover death, personal accident, property, and surgical hospitalisation, with each line of risk co-insured by all insurers of that corresponding business line.

• The model has been approved by the top industry brass, focusing on compliance, operational simplification, and ease of operations.

• The project is part of the Bima Trinity, which includes the women-centric insurance field sales force Bima Vahak and insurance e-marketplace Bima Sugam.

• The Bima Trinity is progressing towards implementation, with the portal for Bima Vahak almost complete and ready for soft launch for onboarding women agents from April.

• The push to go public comes in the backdrop of the Union Budget 2025-26 allowing 100% foreign direct investment in insurers and LIC scouting for a partner among stand-alone health insurers.