IRDAI is engaged on the product together with the General Insurance Council  and Life Insurance Council, Panda stated.

He stated the ‘Bima Trinity’ will embody Bima Sugam, the digital platform, Bima Vistaar, a complete cowl for the agricultural inhabitants on profit primarily based/parametric construction and Bima Vahak, a women-centric distribution channel to concentrate on reaching untapped/rural areas.

“Bima Sugam will be the protocol or the platform. Bima Vistar is a product where we are trying to design it in a manner which will be accessible to the common man. It will be a bundled product of life, health, causality and property,” Panda stated at a CII occasion on May 25.

In October 2022, IRDAI had arrange a committee to discover and advocate on how one can result in synergies within the working and operations of Bima Vahak, Bima Vistaar and the digital platform, Bima Sugam.

“We are trying to design it in a manner which will be a parametric trigger. So, you don’t need a surveyor or assessor to assess the loss. If there is a loss, the defined benefit immediately goes to the bank account of the policyholder,” he stated