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Former IRDAI member Nilesh Sathe's two-piece advice on Bima Vahak Guidelines
October 18, 2023
In a significant move to boost insurance accessibility in rural India, the Insurance Regulatory and Development Authority of India (IRDAI) has unveiled guidelines for Bima Vahaks, a women-centric localized distribution force. These guidelines aim to extend insurance reach into remote areas and enhance penetration, ensuring coverage in every Gram Panchayat. As per the mandate, insurers are directed to engage individual and corporate Bima Vahaks with a target of deploying them in every Gram Panchayat by December 31, 2024.
Chairman Debasish Panda announced a visionary goal – to insure every Indian citizen by 2047, the centenary year of India’s Independence. Nilesh Sathe, former member of LIC, praised the initiative, emphasizing the transformative potential of Bima Vahak and Bima Vistaar in expanding insurance coverage nationwide. However, the guidelines will be effective post the launch of Bima Vistaar, a comprehensive insurance product. Sathe stressed the importance of involving Gram Panchayats, urging IRDAI to ensure State Governments communicate the guidelines to them, providing necessary support for Bima Vahaks.
This move, akin to the appointment of lead insurers for states, signifies a proactive approach in tapping into the untapped regions of the country. With these initiatives, IRDAI is paving the way for a comprehensive transformation in insurance distribution, bringing financial security to even the remotest corners of the nation.
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