The Insurance Regulatory and Development Authority of India (IRDAI) is planning to launch a unique all-in-one insurance product called Bima Vistaar soon, which will complement its two other initiatives, Bima Sugam, a one-stop digital platform, and Bima Vahak, a women-led distribution channel, to boost the country’s insurance penetration.
Bima Vistaar will provide life, health, and property coverage in a single affordable policy. According to Hindu Business Line, IRDAI expects its launch in the first quarter of FY2025.
Bima Vistaar can be a valuable tool in retirement planning as it eliminates the need to purchase separate policies for life, health, and property coverage, providing affordability and convenience.
A senior IRDAI official reportedly told the media outlet that the product’s design and other vital aspects, except for the launch platform, have almost been completed. IRDAI’s Life and General Insurance Councils are currently reviewing the product, the report quoted the official as saying.
Also Read: Can A Rs 5 Lakh Health Coverage Take Care Of Senior Citizens’ Needs?
Bima Vistaar is a critical part of IRDAI’s “Insurance Trinity” initiative that also comprises Bima Sugam, an all-in-one online platform, and Bima Vahak aimed at ensuring insurance for all by 2047 by bridging the gaps in product design, pricing, distribution, etc.
The Insurance Trinity is being developed in consultation with insurers. Earlier this year, IRDAI announced its Bima Vahak plan involving women to distribute insurance products nationwide, including rural areas, where insurance penetration is considered low.
The guidelines for the women-centric insurance distribution channel will be implemented concurrently with Bima Vistaar, which is in the final stages of development. In its October 9 circular, Irdai said its 2023 guidelines would be effective from the date of Bima Vistaar’s launch.
Regarding Bima Sugam, the plan is to develop relatively small platforms to launch Bima Vistaar and Bima Vahak effectively before integrating them into a larger platform, the report quoted the unnamed official as saying.
Role Of Bima Vahaks
As planned, Bima Vahaks will be deployed in each gram panchayat by December 31, 2024. Bima Vahaks are registered individuals or legal entities providing services as outlined in the guidelines. Bima Vahaks goal is to establish a dedicated distribution channel to enhance insurance inclusion and raise awareness in every village and gram panchayat.
The initiative seeks to improve insurance accessibility across the country by identifying and developing local people who understand and appreciate local needs and have the trust and confidence of the local population in their respective areas.
“Bima Vahaks shall be deployed in each gram panchayat before December 31, 2024. Lead insurers of each state and/or Union Territory (as in annexure) shall coordinate the deployment of resources to ensure maximum coverage of gram panchayats,” Irdai said in the notification.
Bima Vahaks will be involved in various activities, including completing proposal forms, fulfilling know-your-customer (KYC) requirements using handheld electronic communication devices, issuing insurance policies, and providing support for policy and claims-related services.