IRDAI eyes insurance push in rural areas with BimaVahak
· IRDAI’s plan to
improve insurance awareness and penetration in the hinterland is all set to
gain momentum with the insurance regulator issuing draft guidelines for BimaVahak, a dedicated distribution channel
to reach out to every Gram Panchayat.
· A core component of
its ‘Insurance for all by 2047’
goal, BimaVahak will be the crucial last-mile connect for insurers in the form
of a field force comprising corporate as well individual BimaVahaks with a
focus on onboarding women who can gain the trust of locals for the distribution
and servicing of insurance products.
· From the collection
of proposal information, KYC documents and submissions to coordination and
support in policy and claims-related servicing, the scope of activities of
BimaVahak will be wide and aimed at
improving accessibility and availability of insurance in every nook and corner
of the country.
· However, the insurer
will remain responsible for ensuring KYC and AML compliance with respect to the
policies sourced through the BimaVahaks
· In addition to the
stipulating the dos and don’t for the insurers, the guidelines also recommend
the implementation of a Board-approved policy by companies with regard to
BimaVahaks and their terms of appointment, allocation of territory, educational
qualifications and training standards and scope of permitted activities.
· A BimaVahak will be permitted to sell and service
the BimaVistaar product approved by the Authority and work with only one life
insurer, one general insurer and
one health insurer and, where
permitted, with the Agriculture Insurance Company of India Ltd.
· The BimaVahak scheme
will be closely aligned with the Lead Insurers that IRDAI had mooted in every
State and Union Territory. Such Lead Insurers will coordinate deployment of
resources to ensure maximum coverage of Gram Panchayats.
· “The BimaVahak
initiative holds immense promise and will be a powerful force to enhance
insurance inclusion and awareness. With the BimaVahaks engaging with the
diverse needs and aspirations in every Gram Panchayat, insurers can adapt their
offerings to provide comprehensive coverage and address emerging financial
protection needs,”.
Bima Trinity - BimaSugam ,BimaVistar and BimaVaahaks
· A new BimaSugam platform will integrate
insurers and distributors on to one platform to make it a one-stop shop for
customers, who at a later stage can pursue service requests and settlement of
claims through the same portal.
· BimaVistar
will be a bundled risk cover for life, health, property and casualties or
accidents, with defined benefits for each risk that can be paid out faster than
usual without the need for surveyors
