Social safety net product Bima Vistaar being developed for Bima Sugam

A social safety net product called "Bima Vistaar" targeting the untapped geographies is in the works and is soon going to be launched on the insurance regulator's pet project “Bima Sugam”, said Thomas Devasia, Member Non-Life, Insurance Regulatory and Development Authority of India (Irdai).

The regulator last month had formed a 24-member committee, headed by Devasia, to develop an affordable, accessible and comprehensive cover – Bima Vistaar -- for rural population, on benefit based / parametric structure.

Devasia said the product will be across multiple lines such as property, life, and health segments and will see industry wide participation.

The