The Insurance Regulatory and Development Authority of India (IRDAI) has announced that the Bima Vahak initiative, a women-centric insurance field force, will have a soft launch in April 2025. This development was confirmed during Bima Manthan 9.0, IRDAI’s quarterly meeting with insurance CEOs, held on February 13-14 in Hyderabad.
Bima Vahak: Expanding Insurance Access in Rural India
Bima Vahak aims to enhance last-mile insurance delivery, particularly in rural and remote areas, by employing a localized, women-led sales force. The initiative is designed to bridge the insurance penetration gap in underserved regions, ensuring accessibility and financial protection for all.
As part of the Bima Trinity, the initiative will work alongside Bima Vistaar and Bima Sugam to expand insurance coverage across India.
Bima Vistaar: A Comprehensive Insurance Solution
The Bima Vistaar initiative, a first-of-its-kind composite insurance product, will offer affordable coverage across life, accident, and property risks. The IRDAI has been working closely with insurers to finalize its structure and implementation.
Bima Sugam: A Digital Insurance Marketplace
IRDAI is also progressing toward the launch of Bima Sugam, a unified digital insurance platform that will act as an insurance marketplace. This platform will facilitate policy purchases, claims settlements, servicing, and grievance redressal in a streamlined and transparent manner.
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Mission: ‘Insurance for All by 2047’
At Bima Manthan 9.0, discussions also covered the State Insurance Plan, an initiative aimed at strengthening regional insurance distribution through a multi-tier governance framework.
IRDAI reaffirmed its vision of “Insurance for All by 2047,” emphasizing digital transformation, risk management, and regulatory compliance to enhance financial inclusion and insurance accessibility across India.
