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Updated on Feb 21, 2025 3 min read
IRDAI’s Bima Insurance Security initiative will transform India’s insurance landscape. The ambitious Bima Trinity Plan was announced at the 9th edition of Bima Manthan, the quarterly meeting of insurance company CEOs. IRDAI chairman Debashish Panda emphasized the need to expand the reach of the Insurance sector beyond metropolitan cities, focusing on villages, blocks, and districts to achieve the goal of "Insurance for All by 2047."
This article explores more on Bima Insurance Trinity
According to data shown by the General Insurance Council (GIC), India’s non-life sector recorded a premium of Rs 29,021.3 crore in January 2025, reflecting a growth rate of 6.6%. With the Bima Trinity initiative, the Indian Insurance industry is expected to see significant growth.
Bima Insurance Trinity is an initiative to make insurance more accessible to all Indians. The word Bima translates to Insurance and Trinity refers to the 3 elements making up the Bima Insurance Trinity.
Let us look at each one of the insurance aspects.
Bima Sugam is a comprehensive online platform, similar to popular e-commerce websites, but specifically for insurance products. It will bring together various insurance providers, offering a wide range of life, health, motor, and other insurance policies under one roof.
The IRDAI Chairman stated,
"In insurance distribution, Bima Sugam is expected to cause an explosion, it will become the tech arm of insurance agents, making them more productive and efficient. The company to run Bima Sugam is already registered, with a new chief executive’s appointment recently, and soon the entire leadership team will be in place."
Debashish Panda
Bima Vistaar is part of IRDAI’s Bima Insurance Trinity, offering a comprehensive and affordable insurance product. It’s designed to provide a basic social safety net, especially for rural residents, by combining life, health, personal accident, and property insurance into a single policy.
The available sum assured for life, personal accident, and property covers is INR 2 lakh each, while the health cover (hospital cash) offers a sum assured of Rs 500 for 10 days, with a maximum amount of Rs 5,000 available.
Bima Vistaar is an affordable option, especially for rural folks, with premiums starting at INR 1,500 for an individual policy and INR 2,420 for a family floater policy.
Coverage | Premium (INR) |
Life Cover | 820 |
Health Cover | 500 |
Personal Accident | 100 |
Property Cover | 80 |
The Bima Vahaak scheme is closely aligned with the Lead Insurers concept introduced by IRDAI. It is the last element of the Bima Insurance Trinity catering to the goal of ’Insurance for All by 2047’. The program focuses on onboarding women as Bima Vahaaks as they will be able to impart insurance knowledge to locals enabling insurance penetration.
Recognizing the need for more insurers, the IRDAI chairman emphasized the importance of more insurers entering the marketplace for a big country like India. India has a population of 1.4 billion, and 70 insurers across life, general, and health insurance, which is too low. Furthermore, Bima Insurance Trinity aims to deepen people’s trust in the Insurance sector by making it affordable and accessible.
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IRDAI announced a new initiative ‘Bima Insurance Trinity’ in the 9th Bima Manthan meeting. It will enable the Indian government to reach the ‘Insurance For All by 2047’ goal and transform India’s insurance landscape. It consists of 3 components: Bima Sugam, Bima Vistaar, and Bima Vahaak.
Bima Sugam is an e-platform to buy, sell, claim, and renew insurance plans. It will bring together various insurance providers, offering a wide range of life, health, motor, and other insurance policies under one roof.
The first stage of Bima Trinity, comprising Bima Sugam, Bima Vahaak, and Bima Vistaar, is set for a soft launch in April 2025
All-in-one insurance solution comprising coverage for life, health, personal accident, and property.
Bima Vaahak aims to establish a women-centric dedicated distribution channel that is focused on enhancing insurance inclusion and creating awareness in sub-urban and rural India.
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Simran is an insurance expert with more than 4 years of experience in the industry. An expert with previous experience in BFSI, Ed-tech, and insurance, she proactively helps her readers stay on par with all the latest Insurance industry developments.
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