IRDAI eyes insurance push in rural areas with ‘Bima Vahak’

Source: The post is based on the article “IRDAI eyes insurance push in rural areas with ‘Bima Vahak’” published in The Hindu on 3rd June 2023

What is the News?

The IRDAI has issued draft guidelines for Bima Vahak, a dedicated distribution channel to reach out to every Gram Panchayat.

About the all-in-one insurance policy

Must read: All­-in-­one policy plan to spread insurance in India

Who are Bima Vaahaks?

Bima Vaahaks(carriers) is a women-­centric workforce in each Gram Sabha that will meet the women heads of each household to convince them about a composite insurance product like Bima Vistar.

It is one of the key concepts of IRDAI’s ‘Insurance for all by 2047’ goal.

They will be the crucial last-mile connect for insurers in the form of a field force comprising corporate as well individual.

About the draft guidelines on Bima Vaahaks

Bima Vahaks
Source: The Hindu

Bima Vahaks, primarily comprising women, who can gain the trust of locals for the distribution and servicing of insurance products.

Insurers will remain responsible for ensuring KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance with respect to the policies sourced through the Bima Vahaks.

What will be the expected benefits of Bima Vaahaks?

With the Bima Vahaks engaging with the diverse needs in every Gram Panchayat, insurers can adapt their offerings to provide comprehensive coverage and address financial protection needs.

What will be the expected benefits of an all-in-one insurance policy?

Must read: Universal cover – IRDAI’s plans to expand risk protection levels need government backing
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