Bima vahaks

• The Insurance Regulatory and Development Authority of India (IRDAI) issued draft guidelines for Bima Vahaks.
• It seeks to establish a dedicated distribution channel at the level of Gram Panchayats.
• Bima Vahaks, a core component of IRDAI’s ‘Insurance for all by 2047’goal, aims to improve accessibility and availability of insurance in country.
• Three pillars of entire insurance ecosystem:
  • Insurance customers (policyholders),
  • Insurance providers (insurers) and
  • Insurance distributers (intermediaries).

Objectives of Bima Vahak guidelines

• Establish dedicated distribution channel focused on enhancing insurance inclusion and creating awareness in every Gram Panchayat.
• Identification and development of local resources within each Gram Panchayat, with a special focus on encouraging onboarding of women as Bima Vahaks to gain the trust of locals.
• The guidelines propose Corporate Bima Vahaks and Individual Bima Vahaks for the distribution channel.
  • Corporate Bima Vahak would be legal persons registered in accordance with the respective laws and engaged by an insurer.
  • Individual Bima Vahak could be any individual appointed by an insurer or appointed by a Corporate Bima Vahak.
• Activities assigned to Bima Vahaks include collecting proposal information, KYC compliance, coordination and support in policy, claims-related servicing, etc.