Page 39 - The Insurance Times September 2025

Bima Trinity

BIMA TRINITY -

An initiative for a

fully insured India by

Prof. ESNB Srinivas
2047 M.Sc., MBA, FIII, PGDCS, FCOT.

Assistant Professor -Senior Scale at
UNext-Manipal Academy of BFSI -
Bangalore Campus

The ejusdem generis rule states that the meaning of any general term depends upon the specific
words that go before it. The ejusdem generis rule is a construction principle based on context. It
provides that general words that follow particular words refer to things of the same kind' ('ejusdem
generis') as the particular words.

I n the earlier MALGUDI days of RK. Narayan, when changer and a revolution in the entire buying process of

insurance in India. It is a part of a broader campaign called
people wanted to go for a festival shopping, they
"Insurance for All by 2047"- under mission Viksit Bharat of
needed to travel to different markets situated at
different geographical locations -sometimes even to
another town, by spending more time and money. Now time Government of India.
has changed, and one can complete the entire shopping at Backdrop:
a single shopping mall saving all the time, energy, and Currently the insurance Penetration in India stands at 3.7
money. % of GDP (FY 2024-IRDAI Annual Report)- as against the
global average GDP of 7%.
Buying insurance in India is still in MALGUDI days model only.
If I want to buy multiple insurance policies viz., Life insurance The reasons are many, but few are mentioned below.
policies, Investment policies, Motor insurance for the two Wrong selling of Life insurance products by Agents
or three Two-wheelers and one or two cars of my family and without explaining full benefits to the customer.
health insurance policies for my parents, in-laws and for my forced selling of insurance policies by banks without the
own family-I need to visit nearly half-a-dozen to ten consent of customer.
insurance companies of life, General and health. I need to
Wrong positioning of the products like ULIPs as
repeat the same exercise at the time of renewal also by
investment products.
investing more time and effort.
Unprofessional selling by Brokers -not taking the
consent of the buyer before selling the product.
However, thanks to the new initiative by Insurance
Regulatory and Development Authority of India (IRDAI), this Costs overweighing the benefits in health insurance
tedious job of buying insurance is made simpler with the products- Premiums go up every year above the inflation
introduction of a concept called BIMA TRINITY- a game under individual health insurance policies.

36 September 2025 The Insurance Times