Committee to study and recommend on “Bima Vahak” and Bima Vistaar”

IRDAI vide its order bearing Ref No: IRDAI/LIFE/ORD/MISC/223/10/2022 dated October 21, 2022 has constituted a Committee to study and recommend on “Bima Vahak” and Bima Vistaar”.

Background:

In order to increase accessibility to insurance products for the entire population, especially at each village level and to impart necessary awareness on insurance to the targeted segments, a new distribution channel is proposed as “Bima Vahaks” encompassing both individuals and entities.

Objective:

In order to suggest a feasible model which will take the industry to achieve the objective of bridging the protection gap in the untapped areas, leveraging on the digital transformation into which the nation is moving today, a committee is being constituted with following members:

Sr.

Name

Designation and Organisation

Role in Committee

1

Shri. Thomas M. Devasia, Member (Non-Life) – Chairperson

Member (Non-Life)

Chairperson

2

Shri. Siddhartha Mohanty, MD, LIC of India – Member

MD, LIC of India

Member

3

Smt. Neerja Kapur, CMD, New India Assurance GIC – Member

CMD, New India Assurance GIC

Member

4

Shri. Devesh Shrivastava, CMD GIC Re – Member

CMD GIC Re

Member

5

Shri. N.S.Kannan, MD & CEO, ICICI Prudential LIC – Member

MD & CEO, ICICI Prudential LIC

Member

6

Smt. Vibha Padalkar, MD & CEO, HDFC LIC – Member

MD & CEO, HDFC LIC

Member

7

Shri. Bhargav Dasgupta, MD & CEO, ICICI Lombard GIC – Member

MD & CEO, ICICI Lombard GIC

Member

8

Shri. Ritesh Kumar, MD & CEO, HDFC Ergo GIC – Member

MD & CEO, HDFC Ergo GIC

Member

9

Shri. Tapan Kumar Singhel, MD & CEO, Bajaj Allianz GIC – Member

MD & CEO, Bajaj Allianz GIC

Member

10

Shri. Naveen Tahiliyani, MD, TATA AIA LIC – Member

MD, TATA AIA LIC

Member

11

Shri. Hadi T Riachi, CEO Swiss RE – Member

CEO Swiss RE

Member

12

Shri. Anuj Gulati, MD & CEO, Care Health Insurance Ltd, – Member

MD & CEO, Care Health Insurance Ltd,

Member

13

Shri. Pritesh Chaubey, AA, SBI LIC – Member

AA, SBI LIC

Member

14

Shri. Biresh Giri, AA, Acko GIC – Member

AA, Acko GIC

Member

15

President , Insurance Brokers Association –Member

President , Insurance Brokers Association

Member

16

President, Life Insurance Agents Federation of India –Member

President, Life Insurance Agents Federation of India

Member

17

President, All India General Insurance Agents’ Association – Member

President, All India General Insurance Agents’ Association

Member

18

Shri Deepak Yohannan,CEO,MIC Insurance WA Pvt Ltd- Member

CEO,MIC Insurance WA Pvt Ltd

Member

19

Shri Deependra Kumar Yadav, Pricipal officer, SBI,HO-Member

Pricipal officer, SBI,HO

Member

20

Principal officer, WC Wallet Advisory IMF- Member

Principal officer, WC Wallet Advisory IMF

Member

21

Smt. J.Meena Kumari, CGM (Life), IRDAI – Member

CGM (Life), IRDAI

Member

22

Smt. Yegna Priya Bharat, CGM (Health), IRDAI – Member

CGM (Health), IRDAI

Member

23

Shri. D.V.S. Ramesh, CGM (Non-Life), IRDAI- Member

CGM (NonLife), IRDAI

Member

24

Smt. J.Anita, GM (Intermediaries), IRDAI- Member Convener

GM (Intermediaries), IRDAI Convener

Convener

The Terms of Reference of the Committee are as follows:

• To develop and suggest constitution and operation of a preferably, women centric distribution channel to focus on reaching untapped/rural areas – Bima Vahak – and recommend regulatory framework therefor
• To develop and suggest affordable, accessible and comprehensive cover for rural population, on benefit based / parametric structure – Bima Vistaar – and recommend regulatory framework therefor
• To explore and recommend on how to bring about synergies in the working and operations of Bima Vahak, Bima Vistaar and the digital platform – Bima Sugam

The Committee may meet as often as needed and may submit its report to Chairman, IRDAI within a period of 21 days from the date of this order

Source category: IRDAI

Attachments

• /2022/101_2022-10-21_Committee_to_study_and_recommend_on_“Bima_Vahak”_and_Bima_Vistaar”.pdf