Progress of 'Bima Trinity' Schemes Towards Launch: IRDAI
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Synopsis
The IRDAI is making significant strides with its 'Bima Trinity' initiatives, including Bima Sugam, Bima Vahak, and Bima Vistaar, aimed at providing comprehensive insurance solutions by 2047.
Key Takeaways
- ‘Bima Vahak’ focuses on women in insurance sales.
- ‘Bima Vistaar’ is a new composite insurance product.
- Bima Sugam aims to create a digital insurance marketplace.
- IRDAI is committed to achieving “Insurance for All by 2047”.
- Collaboration across the industry is crucial for success.
New Delhi, Feb 16 (NationPress) In a bid to achieve “Insurance for All by 2047,” the Insurance Regulatory and Development Authority of India (IRDAI) has introduced the ‘Bima Vahak’ initiative, focusing on creating a women-driven insurance sales force, which is now advancing toward its implementation.
The 'Bima Vahak' portal is nearing completion and is set for a soft launch in April 2025.
In its recent quarterly meeting with insurance executives, the regulator revealed the launch of ‘Bima Vistaar’, an all-encompassing and pioneering composite insurance product that addresses life, accident, and property risks.
The discussions delved into the operational framework and execution strategy of Bima Vistaar, which is the first composite product encompassing death, personal accidents, property, and surgical hospitalization, with each type of risk co-insured among all insurers involved in that specific line of business within a comprehensive co-insurance framework.
Progress on ‘Bima Sugam’ is on track. This “Insurance Electronic Marketplace” is intended to serve as a solid Digital Public Infrastructure that facilitates the purchase, sale, servicing of insurance policies, settlement of claims, and grievance handling, as per the IRDAI.
The regulator engaged in detailed discussions with top insurance industry leaders and the Bima Sugam team regarding critical aspects for the phased rollout of Bima Trinity.
“The 'Bima Trinity' — consisting of Bima Sugam, Bima Vahak, and Bima Vistaar — is making steady progress towards implementation, with significant milestones reached in all three components,” declared the regulator.
Bima Sugam India Federation (BSIF), the organization tasked with developing and operating this platform, has completed all foundational activities and is prepared for capitalization by industry participants.
“Due to the unified dedication from the entire industry, the essential elements of Bima Trinity are now aligning,” stated the IRDAI.
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