News

IRDAI Launches Bima Trinity Schemes to Revolutionize the Insurance Sector.

Banking & Finance | Dated: 18 Feb 2025

On February 13-14, 2025, the Insurance Regulatory and Development Authority of India (IRDAI) hosted the 9th edition of Bima Manthan, a quarterly meeting with Chief Executive Officers (CEOs) of insurance companies. During this meeting, IRDAI introduced the 'Bima Trinity' initiative, designed to improve the accessibility, affordability, and efficiency of insurance services across India.

🎯 Key Highlights:

- The initiative includes three key components: Bima Sugam, Bima Vistaar, and Bima Vahaak.
- This strategic plan aims to drive insurance inclusion and digital transformation, aligning with IRDAI's Vision of 'Insurance for All' by 2047.

💡 Other Important Facts:

(i) A pioneering composite insurance product that provides coverage for life, personal accidents, property, and surgical hospitalization.
(ii) A localized, women-centric insurance field sales force aimed at improving insurance penetration in underserved areas. Bima Vahaak is set for a soft launch in April 2025.
(iii) The Bima Sugam India Federation (BSIF), established to develop and operate this platform, has completed its foundational processes and is now prepared for industry participation and capitalization.

📚 Test Your Knowledge:

Who launched the Bima Trinity schemes to revolutionize the insurance sector?

Correct Answer: IRDAI

🚀 Quick Recap:

About Insurance Regulatory and Development Authority of India (IRDAI)

Chairperson: Debasish Panda
Headquarters: Hyderabad