IRDAI’s Bima Trinity—Bima Vistaar, Bima Vahak, and Bima Sugam—set to transform India’s insurance landscape with a comprehensive and customer-friendly approach.
Bima Vistaar Gains Momentum with Industry Consensus
India’s insurance sector has taken a significant step toward launching Bima Vistaar, a composite insurance cover designed to provide affordable and comprehensive protection to policyholders. Insurers have agreed on a simple, compliant, and customer-friendly model, paving the way for its implementation, according to the Insurance Regulatory and Development Authority of India (IRDAI).
Bima Vistaar will be India’s first product to cover multiple risks under a single policy, including:
- Death coverage
- Personal accident insurance
- Property insurance
- Surgical hospitalization expenses
Under the proposed omnibus co-insurance arrangement, insurers will jointly underwrite risks based on their respective lines of business. The framework was finalized during the ninth Bima Manthan quarterly meeting, held on February 13 with the CEOs of insurance companies.
Bima Trinity: Transforming India’s Insurance Landscape
Bima Vistaar is part of the broader Bima Trinity, a three-pronged initiative that also includes:
- Bima Vahak – A women-centric insurance field sales force to boost last-mile insurance penetration.
- Bima Sugam – A digital e-marketplace for insurance purchase, servicing, claims settlement, and grievance redressal.
Progress on Bima Trinity
- Bima Vahak: The platform is nearly complete and is expected to launch in April 2025 with the onboarding of women agents.
- Bima Sugam: The Bima Sugam India Federation has completed foundational actions and is preparing for full-scale operations, integrating insurance services through a digital public infrastructure.
With these initiatives, India aims to achieve “Insurance for All by 2047.”
Public Listing Push and Financial Reforms
The IRDAI meeting also emphasized the importance of insurers going public to strengthen their financial position. The regulator urged companies to create a roadmap for stock market listings, which would provide access to capital and enhance corporate governance.
This push comes after the Union Budget 2025-26 allowed 100% foreign direct investment (FDI) in insurance companies. Additionally, the Life Insurance Corporation of India (LIC) is exploring partnerships with standalone health insurers as it prepares to enter the health insurance sector.
Strengthening Risk Management and Compliance
The meeting addressed key industry challenges, including:
- Cybersecurity threats – Emphasis on strengthening risk management frameworks to combat cyber risks.
- Transparent disclosures – Insurers were advised to enhance public disclosures on their websites.
- Efficient claims processing – The IRDAI stressed the need for seamless claim settlements and prompt grievance redressal.
Additionally, the National Bank for Financing Infrastructure and Development (NaBFID) presented investment opportunities in infrastructure and bond markets, encouraging insurers to diversify their portfolios.
Distribution Reforms and Open Architecture for Agents
As part of its broader reforms, the IRDAI is considering open architecture for individual insurance agents, which would allow them to:
- Solicit business for multiple insurers, rather than being tied to a single company.
- Enhance productivity and performance in insurance intermediation.
- Receive training and capacity-building support to improve sales effectiveness.
The regulator also unveiled a draft Scheme of State Insurance Plan, which aims to deepen inclusive insurance penetration across States and Union Territories.
The Road Ahead for Bima Vistaar and Insurance Reforms
With insurers finalizing the Bima Vistaar model and the Bima Trinity nearing full-scale implementation, IRDAI is taking decisive steps to expand insurance access, improve transparency, and strengthen regulatory oversight.
As India’s insurance sector moves toward digital transformation and inclusive growth, the success of these initiatives will be crucial in achieving universal insurance coverage and reinforcing public trust in the industry.
For further updates on Bima Vistaar, Bima Sugam, and regulatory changes, stay tuned.
