With an aim to provide “Insurance for All by 2047,” the Insurance Regulatory and Development Authority of India (IRDAI) has announced the ‘Bima Vahak’ initiative, a women-centric insurance field sales force, which is inching closer to implementation.
The portal for ‘Bima Vahak’ is near completion and gearing up for a soft launch in April 2025.
During its quarterly meeting with insurance CEOs, the regulator also announced ‘Bima Vistaar’, a comprehensive and the first composite insurance product covering life, accident, and property risks.
Discussions dwelled deep into the operating model and implementation strategy of Bima Vistaar, the first-ever composite product covering death, personal accident, property and surgical hospitalisation with each line of risk, co-insured between all the insurers of that corresponding line of business within an omnibus co-insurance arrangement.
The implementation of ‘Bima Sugam’ is going as planned. This “Insurance Electronic Marketplace” is to be established as a robust Digital Public Infrastructure enabling seamless integration with various services to facilitate purchase, sale, servicing of insurance policies, settlement of insurance claims and grievance redressal, according to the IRDAI.
The regulator had detailed deliberations with the top brass of the insurance industry and the Bima Sugam team on key issues for the phased launch of Bima Trinity.
“The ‘Bima Trinity’ — comprising Bima Sugam, Bima Vahak, and Bima Vistaar — is progressing steadily toward implementation, with key milestones achieved across all three pillars,” said the regulator.
Bima Sugam India Federation (BSIF), the entity set up to build and operate this platform. has also completed all its incorporation and other foundational actions and is now ready to be capitalised by the Industry participants.
“Thanks to the collective commitment from the entire industry, the building blocks of Bima Trinity are now falling in place,” said the IRDAI.
