Bima Vahaks launched by IRDAI

Bima Vahaks

Context: The Insurance Regulatory and Development Authority of India (IRDAI) issued guidelines on Bima Vahaks.

Need for Insurance in India

Need for Insurance in India
  • Missing Middle: 30% of the eligible population constitute the ‘missing middle’ are deprived of the facilities of financial aid and insurance.
  • Protection Gaps: There are huge protection gaps that need to be bridged as about 50% of vehicles are uninsured in addition to minuscule coverage of property insurance. Additionally, the MSMEs are also inadequately covered by insurance products.

Bima Trinity will include three components

  • Bima Sugam:
    • Platform to integrate insurers and distributors on to one platform. 
    • It will enable easy access under a single roof for insurance companies, agents, brokers, banks and aggregators. It will further enable individuals to buy life, health, motor or property insurance policies online. 
    • The platform is a centralised database that acts as a one-stop shop for customers, who at a later stage can pursue service requests and settlement of claims through the same portal.
  • Bima Vistar: It aims to provide ‘affordable, accessible and comprehensive cover’ in the form of a bundled risk cover for life, health, property and casualties or accidents. 
  • Bima Vahaks:
    • It is a women-centric, dedicated distribution channel to enhance insurance inclusion with a focus on rural areas. 
    • Each Gram Panchayat would have a ‘Bima Vahak’ who would be tasked to sell and service insurance products. 
    • It aims at identifying and developing resources locally who understand and appreciate local needs and enjoy the trust and confidence of the local population of their village/gram panchayat.  

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