New Delhi, October 10, 2023 – The Insurance Regulatory and Development Authority of India (IRDAI) has announced its ambitious plan to deploy ‘Bima Vahaks’ in every Gram Panchayat across the country by December 31, 2024.
Introduction of ‘Bima Vahaks’ Initiative
- IRDAI has introduced the ‘Bima Vahaks (BV)’ initiative to expand insurance coverage and accessibility.
- The objective of this initiative remains women-centric, with the aim of creating a dedicated distribution channel that ensures the availability of insurance services in every corner of India.
Guidelines for ‘Bima Vahaks’
- The guidelines for ‘Bima Vahaks’ were outlined in the circular.
- These guidelines distinguish between two categories of Bima Vahaks: individual and corporate.
- Both these categories play a crucial role in the distribution of insurance services.
Key Changes in the Guidelines
- IRDAI has made some important changes in the guidelines, including the removal of restrictions on the number of insurers a Bima Vahak can work with.
- The previous restriction of working with only one life insurer, one general insurer, one health insurer, and potentially the Agriculture Insurance Company of India Ltd., has been eliminated.
Roles and Responsibilities of Bima Vahaks
- Bima Vahaks, both corporate and individual, are authorized to undertake various activities, including the collection of proposal information and Know Your Customer (KYC) documents.
- They will also coordinate services related to insurance claims.
Encouragement of Electronic Payment Processes
- The guidelines emphasize the importance of electronic payment processes.
- Every insurer is required to offer optional modes for premium payment to prospects and policyholders.
- Bima Vahaks are encouraged to adopt electronic payment methods facilitated by insurers to enable the direct remittance of premiums.