Insurance Regulatory and Development Authority of India (IRDAI) stated that it would deploy Bima Vahaks in every Gram Panchayat before December 31, 2024.
As per the guidelines, each insurer will endeavor to engage individual insurance carriers and/or corporate Bima Vahaks with a focus on progressively achieving coverage of each Gram Panchayat.
IRDAI issued guidelines for ‘Bima Vahaks (BV)’ with minor changes in the framework issued in May 2023.
Under the new guidelines, there is no restriction on how many insurers a Bima Vahak is allowed to work with.
IRDAI has removed the following clause: Work only with one life insurer, one general insurer, and one health insurer and in addition, where permitted by the authority, work with the Agricultural Insurance Company of India Limited.
The aim of Bima Vahak continues to be woman-centric, and a dedicated distribution channel will ensure accessibility and availability of insurance in every corner of the country.
