Listen to this article
There is good news for distributors who want to expand their reach in real Bharat. Debasish Panda, Chairman, IRDAI said that the Bima Trinity which includes Bima Vistaar, Bima Vahak and Bima Sugam will be a reality soon.
He was speaking at the Global Fintech Fest held recently in Mumbai.
The chairman said that there is an urgent need to step out from metro cities and focus more on the villages, blocks and districts to make insurance for all by 2047. In this endeavour, Bima Trinity has been conceptualized and it will play a key role, he said.
While Bima Vistaar is a simple product which will have no ambiguity in terms of its benefits and exclusions, Bima Vahaks are the insurance intermediaries who will sell and renew insurance policies and make claim requests completely online through Bima Sugam platform.
Bima Vahaks will sell both life and general insurance policies in rural areas at gram panchayat level. The best part is that anyone can become corporate Bima Vahak or individual Bima Vahak to distribute insurance policies in rural areas. Further, corporate Bima Vahaks can appoint individual Bima Vahaks as sub distributors in these locations.
Bima Vahaks can sell insurance policies, do KYC and facilitate claim servicing. Individual Bima Vahaks can tie up with one life insurance, one non-life insurance, one standalone health insurance and one agriculture insurance.
Further, IRDAI Chairman said that the regulator has rolled out a plan in which insurance companies have been assigned with a responsibility to increase insurance penetration at state/UT level. Each insurance company has to adopt a state for this purpose, he said.
Panda also said that the insurance regulator is working towards making health insurance claim completely cashless across the country.