Bima Vistaar: Revolutionizing Rural Insurance in India

Bima Vistaar, an innovative insurance product designed to cover life, health, and property, is set to make its debut by December 2025, targeting rural populations. This announcement was made by the Life Insurance Council, highlighting a shift towards inclusive financial protections for underserved communities.

Keenly aware of the low penetration rates in rural areas, Kamlesh Rao, chairperson of the Life Insurance Council's Insurance Awareness Committee, stated that Bima Vistaar aims to enhance accessibility by offering a uniform premium rate with substantial coverage of Rs 5 lakh per individual. The plan is endorsed by all 26 life insurance companies, including the Life Insurance Corporation.

In parallel with the product launch, a hefty Rs 150 crore has been allocated for a comprehensive three-year awareness campaign, 'Sabse pehle life insurance', to promote understanding and adoption of life insurance across India. This initiative mirrors efforts in the mutual fund sector, demonstrating a growing trend towards expansive financial inclusivity.

(With inputs from agencies.)