Bima Vahak set for soft launch in April; Bima Vistaar moves closer to implementation

Insurance

The Bima Vahak initiative, a localised, women-centric insurance field sales force, is gearing up for a soft launch in April 2025, as per a press release by the Insurance Regulatory and Development Authority of India (IRDAI).

The update came during the ninth edition of Bima Manthan, the regulator’s quarterly meeting with insurance CEOs, held in Hyderabad on February 13 and February 14.

Bima Vistaar, is a comprehensive and the first composite insurance product covering life, accident, and property risks.

Bima Sugam, an “insurance electronic marketplace” will be established as a robust Digital Public Infrastructure enabling seamless integration with various services to facilitate purchase, sale, servicing of insurance policies, settlement of insurance claims and grievance redressal, said the release.

The Bima Trinity project is aimed at expanding insurance access to underserved areas, leveraging a phygital (physical + digital) model, the release said.

Bima Vahak is part of the broader Bima Trinity, which also includes Bima Sugam and Bima Vistaar.

The IRDAI said that Bima Vahak will play a crucial role in last-mile delivery of insurance, particularly in rural and remote areas, ensuring accessibility and increasing penetration.

Discussions at the event also covered the State Insurance Plan, a proposed mission-mode initiative aimed at strengthening regional insurance distribution with a multi-tier governance structure, the release added.

With insurance inclusion at the forefront, the regulator reaffirmed its goal of "Insurance for All by 2047", focusing on digital transformation, risk management, and regulatory compliance, it added.