CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Insurance Regulatory and Development Authority of India (IRDAI) has launched an ambitious plan to place 'Bima Vahaks' in every Gram Panchayat in India by December 31, 2024.
Introduction of the “Bima Vahaks” Initiative
IRDAI has launched the Bima Vahaks (BV) initiative to expand insurance coverage and accessibility.
The focus of this initiative remains women-centric with the aim of creating a dedicated distribution channel ensuring availability of insurance services in every corner of India.
Guidelines for “Bima Vahaks”
The guidelines for the 'Bima Vahaks' have been outlined in the circular.
These guidelines distinguish two categories of bima vahaks: individuals and businesses.
Both categories play a crucial role in the distribution of insurance services.
Major Changes to the Guidelines
The IRDAI has made some significant changes to the guidelines, including removing restrictions on the number of insurers Bima Vahak can partner with.
The previous limitation of dealing with only one life insurer, one general insurer, one health insurer and possibly the Agriculture Insurance Company of India Ltd. to work has been eliminated.
Roles and Responsibilities of Bima Vahaks
Bima Vahaks, whether corporate or private, is authorized to undertake various activities, including the collection of quote information and Know Your Customer (KYC) documents.
They will also coordinate services related to insurance claims.
Encouragement of electronic payment processes
The guidelines highlight the importance of electronic payment processes. Each insurer is required to offer interested parties and policyholders optional methods of paying premiums.
Bima Vahaks are encouraged to adopt electronic payment methods supported by insurers to enable direct remittance of premiums.
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