What Is The IRDAI’s New Bima Trinity Plan?
Updated: 18-02-2025 at 12:33 PM
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Insurance is now one of the most fundamental needs of an individual as it is a financial umbrella for one’s life, health, and assets. With time, more and more people are investing in various insurance policies for more protection and security against the dynamic and unpredictable nature of life.
In India, the Insurance Regulatory and Development Authority of India (IRDAI) is responsible for overseeing the working of insurance companies and the policies they offer. Recently, IRDAI organised the 9th edition of Bima Manthan wherein it announced the new ‘Bima Trinity’ plan.
Read the article to know the specifics of the Bima Manthan meeting and about the new ‘Bima Trinity’ plan.
About The New Bima Trinity Plan
On February 13th and 14th 2025, the principal insurance management body of India. i.e. the IRDAI organised the 9th edition of Bima Manthan in the state of Hyderabad. It is a quarterly meeting wherein all the CEOs of insurance companies come together to have a fruitful discussion of the insurance sector.
One of the highlights of the meeting was the announcement of the new ‘Bima Trinity’ plan. The new plan has been announced to achieve the nationwide goal of ‘Insurance for All by 2047’.
The new ‘Bima Trinity’ plan is made up of three different plans namely Bima Sugam, Bima Vistaar, and Bima Vahaak. The plan is set to launch in the early part of 2025. All those plans are mentioned below in detail for one’s better understanding and reference:
1. Bima Sugam
Bima Sugam is an online platform wherein insurance companies will be able to sell insurance policies along with various other necessary functions. Bima Sugam would operate as an ‘Electronic Insurance Marketplace’ and help people through the boundless digital world. The Bima Sugam India Federation (BSIF) is working on the building of the digital marketplace.
2. Bima Vistaar
Bima Vistaar is a comprehensive insurance product that covers and offers protection for life, surgical hospitalisation, death, accidents, and property risks. It is an insurance policy with wide coverage that no other insurance policy does.
3. Bima Vahaak
Bima Vahaak is a special component as it focuses on creating a women-driven insurance sales workforce. Bima Vahaak will have a dedicated portal as well for the proper training of female insurance sellers. Women would go to remote areas of India to promote investing in insurance policies and protect their lives and assets.
Read more: Maintaining Insurance Cover: Surrendering Your LIC Policy Explained
Conclusion
The Insurance Regulatory and Development Authority of India launched one of the most exceptional new plans. i.e. the ‘Bima Trinity’ plan. The plan comprises three major sub-components namely Bima Sugam, Bima Vistaar, and Bima Vahaak. The plan is expected to provide effective new insurance policies to the people of India while focusing on the workforce of the insurance sector as well.
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