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Bima Vistaar: Affordable Insurance for Your Family's Peace of Mind

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Are you worried about affording life insurance? Bima Vistaar is a new, low-cost option from the government that combines life, health, accident, and even property coverage!

Have you heard about Bima Vistaar? It's a new initiative launched by the Insurance Regulatory and Development Authority of India (IRDAI) to provide affordable insurance coverage to people like you and your family. Let's explore what Bima Vistaar offers and how it can benefit your loved ones.

What is Bima Vistaar?

Imagine a single insurance plan that covers life, health, personal accident, and even your property! That's the idea behind Bima Vistaar. It's a bundled insurance product designed to be accessible and affordable, especially for those who might not have separate insurance policies already.

What benefits does Bima Vistaar offer?

Bima Vistaar combines four key benefits:

 Life Cover

This provides financial assistance to your family in case of your unfortunate demise.

Health Cover

This helps you manage medical expenses if you or a family member falls ill. 

Personal Accident Cover

This offers financial support in case of accidental injuries, disabilities, or even death due to an accident.

Property Cover

This protects against financial loss due to damage to your home or belongings from fire, theft, or other unforeseen events.

How affordable is Bima Vistaar?

The IRDAI has proposed a premium of around Rs. 1500 per policy. This makes it a desirable option compared to purchasing separate insurance plans for each coverage type

Bima Vistaar offers a comprehensive package that includes life, health, personal accident, and property coverage. Life cover requires a premium of Rs 820, while Health, Personal Accident, and Property are priced at Rs 500, Rs 100, and Rs 80, respectively. Opting for the whole family on a floater basis costs Rs 2420 per policy, with an additional charge of Rs 900 for all family members, regardless of family size.

The Life cover, Personal accident, and Property have a sum assured of Rs 2 lakh each. At the same time, the Health coverage, known as hospi cash, offers Rs 5000 (equivalent to Rs 500 for 10 days of hospitalization). Under hospi cash, policyholders can claim up to Rs 5000 without submitting medical bills. Property claims are settled on a parametric basis, where payout depends on the event's magnitude rather than the losses. With 25% damage, 50% of the sum assured is paid, and with over 40% damage, 100% or Rs 2 lakh is settled as claims.

Benefits of Bima Vistaar

Financial Security

Provides support for daily expenses in case of unfortunate events.

Reduced Healthcare Burden

Covers hospital bills and treatment costs.

Protection Against Accidents

Offers financial assistance for injuries or disabilities due to accidents.

Peace of Mind

Ensures basic protection for your family, bringing peace during uncertainties.

Is Bima Vistaar for You?

Limited Budget

Comprehensive coverage at an affordable price.

No Existing Insurance

Ideal for those without current insurance.

Basic Protection Need

Offers a safety net for unforeseen events.

How to Get Bima Vistaar?

Bima Vistaar is a new initiative, and the official launch date and further details on how to purchase it are still being decided. Soon, life, general, and health insurers will launch Bima Vistaar online, facilitated by a women-led agency force named Bima Vahak. Agents can earn a 10% commission on each Bima Vistaar policy sold.