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Bima Vahak

Facts for Prelims (FFP)

Source: Business Line

 Context: The Insurance Regulatory and Development Authority of India (IRDAI) has announced that the guidelines for the women-centric insurance distribution channel called “Bima Vahak” will become effective upon the launch of “Bima Vistaar,” an all-in-one standard insurance product currently under development.

  • The primary objective of Bima Vahak is to establish a dedicated distribution channel focused on enhancing insurance inclusion and awareness in every village/gram panchayat, thereby increasing the accessibility and availability of insurance throughout the country.

IRDAI stands for the Insurance Regulatory and Development Authority of India. It was established on April 19, 2000 to regulate the insurance industry in India.

IRDAI’s responsibilities include: 

  • Regulating and licensing the insurance and re-insurance industries in India
  • Protecting the interests of policyholders
  • Promoting the orderly growth of the insurance industry in India