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Draft Guidelines For Bima Vahak

Draft Guidelines For Bima Vahak:

IRDAI (Insurance Regulatory and Development Authority of India) has issued a draft Guidelines for Bima Vahak, which is a dedicated distribution channel to reach out to rural areas with the aim to improve insurance penetration in the Hinterland.

  • Bima Vahak Program is one of the components of IRDAI’s “Insurance for all by 2047” goal, which aims to improve the accessibility and availability of insurance products throughout India.
  • It will serve as a crucial last-mile connection for insurers by establishing a field force of both corporate and individual representatives.
  • These representatives, known as Bima Vahaks, are responsible for the distribution and servicing of insurance products.
  • The Bima Vahak scheme is closely aligned with the Lead Insurers concept introduced by IRDAI.
  • Lead Insurers coordinate the deployment of resources to ensure maximum coverage of Gram Panchayats, which are Local Self-Governance units in India.
  • It focuses on onboarding women as Bima Vahaks, as they can gain the trust of locals and facilitate insurance penetration in various communities.
  • By engaging with the local population, Bima Vahaks aim to enhance accessibility and awareness of insurance in every nook and corner of the country