Page 41 - The Insurance Times September 2025

According to Mr. Satyajit Tripathy, Member - Distribution- IRDAI, the Bima Sugam will transform the insurance sector just
as how the Unified Payments Interface (UPI) has transformed the payment system and banking sector in India.

2. Bima Vistaar
Bima Vistaar is a composite (single) insurance product offering comprehensive protection against the risks related to life,
accidents, property, and hospitalization. This reduces the difficulty of managing multiple insurance products and making
it an attractive option for many people.

3. Bima Vahaak
It is a women-centric initiative making them as local distributors for insurance in both Rural and urban areas. It not only
provides greater access to insurance but also promotes financial inclusion and gender equality in the sector.

Summary of BIMA TRINITY:

Sno Name Features Advantages Benefits
1 Bima Sugam Single window insurance A unified, open and digital Easy to access all types of
sales platform platform for buying, servicing, insurance products with easy
and settling claims across all accessibility and efficiency in
companies. service.

2 Bima Vistaar Customer centric combo A single product offering a single policy with multiple
product design coverage for early death, insurance benefits.
accidents, property, and
hospitalization.
3 Bima Vaahak Gender inclusive A localized women-centric Ensures women
distribution field-force to sell insurance in empowerment & financial
rural and semi-urban areas. inclusion.

This initiative by IRDAI becomes a game changer in Points to ponder:
the insurance industry. It helps the insurance buyers in Some Indian companies may exit the insurance business
searching at a single platform for a comprehensive Combo by selling their stakes to foreign companies with
insurance solution ranging from Household insurance to increase of FDI to 100%.
health insurance to family protection insurance. As women
The composite licence may be mis-used by unprofessional
are included in the insurance sales under Bima Vaahak intermediaries by compromising the customers interest,
initiative, it is easy to increase the rural penetration of as here two contradictory businesses viz., life and non-
insurance products in India. It also suits to the emerging life are brought under one roof.
GenZ population in buying insurance through digital
platform. However, every reform will have its initial hiccups but
ultimately take us to the expected goal with the
However, there are some challenges like the negative wholehearted support of all the stake holders in this context,
impact of these reforms which needs to be addressed. all the insurance companies.

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38 September 2025 The Insurance Times