According to the insurance regulator, the rules for the women-focused insurance distribution channel, Bima Vahak, would be enforced with the introduction of Bima Vistaar.
The last details of a comprehensive standard insurance policy called Bima Vistaar are being worked on by the Insurance Regulatory and Development Authority of India (IRDAI), with a launch date anticipated soon.
"The Bima Vistaar launch date will be the effective date of the Insurance Regulatory and Development Authority of India (Bima Vahak) Guidelines, 2023. It is a comprehensive insurance product that will be offered in due course,” the regulator stated in an announcement.
In order to improve insurance inclusion and raise awareness in every village and gram panchayat, Bima Vahak's primary goal is to create a women-centric dedicated distribution channel. This will increase insurance's accessibility and availability throughout the entire nation.
Its goal is to find and create locally based resources that are trusted and valued by the people living in their village or gram panchayat, and who are aware of and sensitive to the needs of the community.
Every insurer should work with individual Bima Vahaks and/or Corporate Bima to gradually cover every gram panchayat, in accordance with Bima Vahak rules.
Before December 31, 2024, all gram panchayats must have installed Bira Vahaks. To guarantee that gram panchayat coverage is maximized, lead insurers of each State and Union Territory (as specified in the Annexure) must coordinate resource deployment, according to IRDAI.