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IRDAI to introduce “Bima Vahaks” to expand Insurance Force

Published on December 23, 2022
Current Context: Insurance Regulatory and Development Authority of India (IRDAI) is planning to launch “Bims Vahaks” to introduce insurance in Gram Panchayat.
IRDAI to introduce “Bima Vahaks” to expand Insurance Force
  • “Bima Vahak” is a representative who will sell and do services to their assigned Gram panchayat regarding Insurance products.
  • The insurance is known as “Bima Vistar” which will provide protection against health, property, and life.
  • This product can be purchased using the app and we can get full detail regarding the sum insured and all details.
  • This is done to fill the gap in rural areas where around 50% of vehicles are uninsured.
  • In our country, most of the Micro Small, and Medium Enterprises (MSME) are uninsured.
  • And around 30% of the population even misses health insurance.
  • By appointing “Bima Vahak” Insurance facilities will be expanded even in rural areas where big players didn’t give any attention.
  • Static Part:
    • Chairperson of the Insurance Regulatory and Development Authority of India (IRDAI): Debasish Panda
    • Headquarters of Insurance Regulatory and Development Authority of India (IRDAI): Hyderabad, Telangana

Question:

Q.1 Bima Vahaks will serve in which parts of India?
a. Municipalities
b. Corporation
c. Districts
d. Gram Panchayat
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