IRDAI Bima Manthan in Hyderabad ,Bima Vistar modalities discussed

The Insurance Regulatory and Development Authority of India (IRDAI) organised the sixth edition of the Bima Manthan in Hyderabad on 25 and 26 April 2024. Bima Manthan is a periodic meeting of the IRDAI with the top leadership of the insurance companies operating in India to discuss issues related to the insurance sector.

Sixth Bima Manthan Participants and issues 

• The Bima manthan was attended by Debasish Panda, the chairman of IRDAI, and other members of the regulatory body.
•  It was also attended by the chief executive officers (CEOs) of general Insurance, life insurance, and standalone health insurance companies.   
• The Bima Manthan focused on the issues confronting the industry, especially on the recent steps taken by IRDAI for insurance sector reform. 
• It also discussed IRDAI ‘s insurance trinity—Bima Sugam, Bima Vistaar, and Bima Vahak—which has been designed to make insurance accessible to all and increase insurance penetration in the country.
• 2024 also marks the silver jubilee year of the IRDAI. 
• The IRDAI has set a target of achieving insurance for all by 2047 while promoting ease of doing business and the welfare of policyholders.

Bima Vistaar 

• Bima Vistaar is an all-in-one insurance product designed by the IRDAI to protect the common man against various risks and uncertainties.
•  It provides life, health, personal accident, and property coverage with a family floater. 
• The IRDAI proposes to launch the Bima Vistaar in the first quarter of the financial year 2024-25.  

Bima Sugam 

• IRDAI has proposed an online platform, Bima Sugam, where customers can choose a suitable insurance product from a variety of companies. 
• All insurance companies will be part of Bima Sugam, where they will display their products and insurance premium rates so that customers can select suitable insurance products. 
• Bima Sugam is expected to reduce insurance companies' dependence on intermediaries and promote the sale of products through direct digital means.
• It will also help in reducing the cost of the insurance products for the customers. 
• It is yet to be launched by IRDAI.

Bima Vahak 

• Bima Vahak has been introduced by the IRDAI to create a dedicated insurance distribution network in the country. 
• It will be a women-centric distribution network focused on enhancing insurance inclusion and creating awareness in every village / Gram Panchayat.
• According to the IRDAI, the  Bima Vahak can be an individual (Individual Bima Vahak) or a legal entity (Corporate Bima Vahak) registered under Indian laws engaged in providing insurance services as specified.

The Bima Vahak, Bima Sugam and Bima Vistaar will be launched together by the IRDAI.

Insurance Regulatory and Development Authority of India (IRDAI)  

The Insurance Regulatory and Development Authority of India (IRDAI) is the regulator of the insurance sector in India. 

It was set up by the government of India on the recommendation of the R.N. Malhotra Committee on “Insurance Sector Reform” set up by the government of India in 1993.

Initially, it was set up as the Insurance Regulatory and Development Authority in 1999 as an autonomous body under the Union Ministry of Finance.

The Insurance Regulatory and Development Authority(IRDA) Act 1999 made it a statutory body in April 2000.

The  IRDA Act was amended in 2014, and Its name was changed to the Insurance Regulatory and Development Authority of India (IRDAI) on December 26 2014.

According to the IRDAI, there are 26 life insurance companies, 27 general insurance or non-life insurance companies, and 2 reinsurance companies in India.

Chairperson: Debasish Panda.

Headquarters: Hyderabad, Telangana