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India's Bima Vistaar Insurance Delayed Again
21 Nov
Summary
- Bima Vistaar, an all-in-one affordable insurance, is delayed by months.
- Unresolved pricing and technical glitches are cited as reasons for the delay.
- The online platform Bima Sugam is live but lacks full transactional capabilities.
The planned rollout of India's comprehensive Bima Vistaar insurance product has been postponed by several months, despite being proposed two years ago by the Insurance Regulatory and Development Authority of India (IRDAI). This affordable, all-in-one plan is a crucial component of IRDAI's Bima Trinity initiative, which also includes the digital platform Bima Sugam and the distribution channel Bima Vahak.
Industry sources indicate that unresolved pricing concerns and technical issues are the primary drivers behind the repeated delays. Originally slated for an April 2025 launch with an approximate individual price of ₹1,500 covering life, health, personal accident, and property, the product's introduction has been consistently pushed back. This delay persists even after the recent launch of Bima Sugam, the online insurance infrastructure platform.
While Bima Sugam is now live, its full transactional capabilities are pending as insurance companies integrate their systems. Insurers are awaiting further discussions on pricing and policy riders, especially given recent changes like GST waivers on certain insurance premiums. If Bima Sugam is fully functional and pricing is agreed upon, Bima Vistaar could become available in the next financial year, supporting national goals for widespread insurance coverage.
