Nilesh Parmar, Chief Operating Officer, Future Generali India Life Insurance Company said, “In a bid to improve insurance penetration accessibility and affordability amongst the Indian masses, the Insurance Regulatory and Development Authority of India (Irdai) has been fast-tracking the introduction of vital reforms that can spur competition and lower insurance premiums. Recognizing the existing protection gaps and myriad challenges faced by members within the Indian insurance ecosystem, Irdai has taken a huge step and introduced its Bima Vistaar product to make insurance affordable for even the rural masses.”
“Starting from just Rs1,500 per policy that offers life, health, personal accident as well as property insurance coverage, this revolutionary insurance product can also be had with a Family Floater option for those looking to secure their loved ones with a basic social safety net against both life and non-life risks. Moreover, with the imminent launch of the Bima Sugam portal, Bima Vistaar policyholders can expect fast claims settlement and a robust grievance redressal mechanism to assuage their insurance-related concerns. Creating a women-centric distribution channel called Bima Vahak will also support the cause of women's empowerment, completing the ‘Insurance Trinity’ envisaged by Irdai in late 2022. We believe that the launch of Bima Vistaar will herald the dawn of a new era of accelerated insurance adoption and power rapid socio-economic development across previously neglected population segments,” Parmar added.