To enhance the insurance force in India, the Insurance Regulatory and Development Authority of India (IRDAI) will soon introduce “Bima Vahaks” in each gram panchayat. Each Gram Panchayat will have a ‘Bima Vahak’ who would be tasked to sell and service simple parametric bundled insurance products, Bima Vistar, covering health, property, life and personal accident.
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The insurance companies have adopted a state each and with the help of state governments are looking to develop state-level insurance plans. Much like what has been done in the banks.
There’s arguably a case for having differentiated operations which cater to niche sectors, the same way we have NBFCs and microfinance institutes in lending.
There is a big protection gap in the country, and it was an “urgent need” for insurance companies and caregivers to collaborate and ensure wider coverage.
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