There’s big news in the insurance world that could make life easier for regular people.
Instead of having to buy different insurance plans for health, property, and life, soon there might be one policy that covers everything.
The insurance board IRDA is thinking about this new policy, which might be called BIMA Vistaar. It would include coverage for life, health, property, and personal accidents all in one.
The insurance board, IRDAI, is talking to insurance companies about this new policy. It might cost around Rs 1500 per policy.
The goal of this policy is to give insurance to as many people as possible, even those in villages.
How much will it cost?
Reports say that the policy might offer Rs 2 lakh coverage for life, property, and personal accidents.
There will also be health coverage called ‘Hospital Cash’ where you can get Rs 5000 without needing any documents.
The life cover might cost Rs 800, health cover Rs 500, personal accident Rs 100, and property insurance Rs 100.
How claims will be handled might vary
Different parts of the insurance policy might have different ways to settle claims, and that will be decided by the insurance companies. Agents who sell this policy might get a 10 percent commission.
