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The guidelines for women-centric insurance distribution channel, Bima Vahak, will come into force with the launch of Bima Vistaar, according to the insurance regulator.
The Insurance Regulatory and Development Authority of India (IRDAI) is working on the final modalities of an all-in-one standard insurance product—Bima Vistaar—which is expected to be launched soon.
“The Insurance Regulatory and Development Authority of India (Bima Vahak) Guidelines, 2023 shall come into force from the date of launch of Bima Vistaar..it is a comprehensive Insurance product which will be issued in due course,” the regulator said in a notification.
The main objective of Bima Vahak is to establish women centric dedicated distribution channel that is focused on enhancing insurance inclusion and creating awareness in every village/gram panchayat, and thus, improving accessibility and availability of insurance in every nook and corner of the country.
Also read: All-in-one affordable insurance cover, Bima Vistaar, to be rolled out soon
It aims at identifying and developing resources locally who understand and appreciate local needs and enjoy the trust and confidence of the local population of their village/gram panchayat.
According to Bima Vahak norms, every insurer should engage individual Bima Vahaks and/or Corporate Bima to progressively achieve coverage of every gram panchayat.
“Bima Vahaks shall be deployed in each gram panchayat before 31st December 2024. Lead Insurers of each State/Union Territory (as in Annexure) shall coordinate deployment of resources to ensure maximum coverage of gram panchayats,’‘ IRDAI said.
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The scope of activities of Bima Vahaks will include filling of proposal forms, KYC requirements through hand held electronic communication devices and issuance of insurance policies, coordination and support in policy and claims related servicing.
The handhled device carried by Bima Vahaks will enable policyholders to make premium payment through electronic mode and direct remittance of premiums to the designated bank account.
IRDAI has directed insurers to put in place appropriate systems, processes, internal controls and infrastructure to enable seamless interface with all Bima Vahaks.
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