Page 27 - Insurance Times April 2024

from the date of launch of Bima Vistaar. It is a 50,000 gram panchayats and 50 per cent lives subject to a
comprehensive Insurance product which will be issued in due minimum of 75,000 gram panchayats in a year.
course,” the regulator said in a notification. It will be one
policy under which life, health and property insurance cover Bima Sugam: A UPI moment:
will be extended to the customer at one go at an affordable
IRDAI and it's Chairman in particular are quite hopeful about
price. The policy will be in simple format, easy to understand the possibilities of Bima Sugam, a ONDC (Open Network for
by the common people.
Digital Commerce) like platform which will serve as digital
public infrastructure for products, insurance companies and
The main objective of Bima Vahak is to establish women
centric dedicated distribution channel that is focused on distributors. Policyholders can port their policies from one
enhancing insurance inclusion and creating awareness in insurance co to another through this platform which will
every village/gram panchayat, and thus, improving allot Insurance Account Number to them. Customers can
accessibility and availability of insurance in every nook and purchase policy on this platform or submit their policy
corner of the country. claims. Agents are a little bit apprehensive about the
platform, so also some insurance companies regarding sale
It aims at identifying and developing resources locally who of products and portability. It is worthwhile to mention that
understand and appreciate local needs and enjoy the trust IRDA has replaced 34 regulations with Six regulations. Two
and confidence of the local population of their village/gram standalone health insurance Cos like Galaxy Health and
panchayat. Narayana Health have been approved. Two old regulations
like minimum business duties in Rural and Social Sectors and
According to Bima Vahak norms, every insurer should
Motor Third Parties have been combined and a new
engage individual Bima Vahaks and/or Corporate Bima to
benchmark for measuring it's performance has been set.
progressively achieve coverage of every gram panchayat.
Bima Vistar and Bima Vahak, the other two new
interventions will unfold gradually. Hope all these measures
The Insurance Regulatory and Development Authority of India
at the level of the Regulator integrating all stakeholders will
(IRDAI) has proposed raising mandatory coverage under
Rural, Social Sector and Motor Third Party Obligations' norms definitely yield the desired progress and results in the
in an effort to achieve the objective of "insurance for all". landscape of Indian Insurance Industry.

In the exposure draft of Rural, Social Sector and Motor Third About the Author:
Party Obligations Regulations, 2024, the IRDAI said that a Arup Dasgupta Is a veteran of insurance industry for last
new strategy and fresh approach have been devised to 33 years. He was Chief Executive Officer of LIC
boost insurance penetration in the country. Bangladesh. He was also Regional Manager of Eastern
India both for marketing and Housing Finance of LIC. He
The minimum number of lives to be covered by all life
is fellow member of Insurance Institute of India and
insurers, in all gram panchayats and India will be 30 per cent Institute of Cost and Management Accountants of In-
in each gram panchayat subject to a minimum of 25,000 dia. He is MBA in Consultancy Management from BITS
gram panchayats as driven by the lead insurer in the first Pilani. He has several project reports to his credit.
year. This increases to 40 per cent lives subject to a minimum

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