IRDAI eyes insurance push in rural areas with 'Bima Vahak'
IRDAI eyes insurance push in rural areas with 'Bima Vahak'
IRDAI eyes insurance push in rural areas with 'Bima Vahak'
IRDAI's draft norms for Bima Vahak scheme are aimed at improving insurance awareness and penetration
• 'Bima Vahak'- is a dedicated distribution channel to reach out to every Gram Panchayat.
• The scheme is a core component of IRDAI's 'Insurance for all by 2047' goal
• Under the scheme, Bima Vahaks (primarily comprising women) will gain the trust of locals for distribution of insurance products
• insurers will remain responsible for ensuring KYC and AML compliance with respect to the policies sourced through the Bima Vahaks
• Insurance for All by 2047 aims that every citizen has an appropriate life, health and property insurance cover and every enterprise is supported by appropriate insurance solutions.
• For this, IRDAI is planning to launch Bima Trinity - Bima Sugam, Bima Vistar, Bima Vaahaks – in collaboration with general and life insurance firms to make insurance activities hassle free
● IRDAI- founded in 1999, is a regulatory body created with the aim of protecting the interests of insurance customers
It is a statutory body under the IRDA Act 1999 and works under the Ministry of Finance.
It regulates and sees to the development of the insurance industry while monitoring insurance-related activities.