IRDAI is set to Launch ‘Bima Vistaar’, the First of its Kind Insurance Product

Current Context: The Insurance Regulatory and Development Authority of India (IRDAI) is indeed set to launch ‘Bima Vistaar’, a comprehensive insurance product. This product is expected to be launched on January 1, 2024.

• ‘Bima Vistaar’ aims to establish a women-centric dedicated distribution channel focused on enhancing insurance inclusion and creating awareness in every village / Gram Panchayat.
• This initiative is designed to improve the accessibility and availability of insurance in every nook and corner of the country.
• The product will be made available through an agency called ‘Bima Vahak’ representing all insurance companies. ‘
• Bima Vahak’ can be either an individual or a legal person registered by the respective laws of India.
• They are engaged in providing the services under these guidelines.
• A ‘Bima Vahak’ will sell and service ‘Bima Vistaar’ and other insurance products specified by the Authority.

Question:

Q.1 What is the main aim of ‘Bima Vistaar’?
a. To establish a men-centric dedicated distribution channel
b. To establish a women-centric dedicated distribution channel
c. To establish a children-centric dedicated distribution channel
d. To establish an elderly-centric dedicated distribution channel