Home Business Social safety net product Bima Vistaar being developed for Bima Sugam

Social safety net product Bima Vistaar being developed for Bima Sugam



A social safety net product called “Bima Vistaar” targeting the untapped geographies is in the works and is soon going to be launched on the regulator’s pet project “Bima Sugam”, said Thomas Devasia, Member Non-Life, Regulatory and Development Authority of India (Irdai).


The regulator last month had formed a 24-member committee, headed by Devasia, to develop an affordable, accessible and comprehensive cover – Bima Vistaar — for rural population, on benefit based / parametric structure.


Devasia said the product will be across multiple lines such as property, life, and health segments and will see industry wide participation.


The committee formed by the regulator is also looking at constituting a new distribution force on the lines of banking correspondents called “Bima Vahak”, who will focus on reaching the untapped areas and increase penetration of in those areas.


The committee formed by the regulator had also been asked to suggest a regulatory framework for such a distribution force. They were also asked to recommend on how to bring about synergies in the working and operations of Bima Vahak, Bima Vistaar and the digital platform – Bima Sugam.


Devasia said, the product is not being developed by the regulator but by the market participants with the support of the regulator. He said the platform “Bima Sugam” will be owned by the market players and the ownership matter is still under discussion.


Bima Sugam will be an online marketplace, allowing to sell their products on the platform, settle claims, and service their customers. It will be a one-stop destination for all the insurance needs of a consumer as well. They can buy insurance policies, port their insurer and agent, and settle their claims. All these facilities will be provided to policyholders with e-insurance accounts.


Meanwhile speaking at an event in Mumbai, Saurabh Mishra, Joint Secretary at the Department of Financial Services, Ministry of said, there is need to look at the insurance coverage ratio along with parameters like insurance penetration and density. The insurance coverage ratio in the country needs to be increased significantly and the government sponsored schemes will go a long way in doing that. He encouraged all the to actively promote the government schemes.



Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Khashoggi killing: US federal court dismisses lawsuit against Saudi Arabia prince Mohammed bin Salman

Washington: A US judge, on Tuesday (local time) dismissed the lawsuit against Saudi Arabia`s crown prince Mohammed bin Salman over the killing of...

Report: FTX Co-Founder SBF Retains White-Collar Lawyer Who Represented Ghislaine Maxwell – Bitcoin News

On Dec. 6, 2022, the former FTX CEO Sam Bankman-Fried (SBF) reportedly retained the attorney Mark Cohen, the lawyer that represented Ghislaine Maxwell...

Meta expected to face new fines after EU privacy ruling

A file photo of The Meta logo on smartphone in front of logo of Facebook, Messenger, Instagram, WhatsApp, Oculus. | Photo Credit: Reuters Meta...

Dana White called Cameron Saaiman ‘the future,’ and he wants to prove it at UFC 282

Dubbed by UFC president Dana White as "the future" of the sport, 21-year-old Cameron Saaiman (6-0-0) is on a mission to prove him...

Recent Comments