UPI for Insurance | IRDIA suggest new policy

IRDAI is making a new scheme that will cover all the risks, such as health, life, property, accident etc., in one place. A single policy will cover all the life, car, health, accident etc., insurance in one place at an affordable price, with the claims settled within hours. The policy also aims to provide value-added services such as a gym or yoga membership to attract more citizens.

Why need a single policy?

IRAI is planning to devise a system in which all the risks, such as life, property, motor, and health, will be covered in one place. The aim is to create a system a will be easy to access and manage at an affordable price.

Who will be targeted by the policy?

All the audience will be targeted, but the main aim is to provide insurance to the lower sections of society. IRDAI is making plans to make it available at an affordable price.

By when is the policy said to come into effect?

IRDIA is working to fully implement the policy by 2047.

How will the policy save time in claiming insurance?

The processing of insurance claims, which takes many days, will be done in hours claimed by IRDIA. A digital directory will be made to register a person's death, saving time.

"We are trying to design it in a manner so that there are parametric triggers which don't need a surveyor to assess the loss. If there is a loss, the defined benefit immediately goes to the bank account of the policyholder. We are trying to price it in a manner that it is affordable," Mr Panda said

How will it affect the economy?

Regulators believe that the number of jobs will be doubled as more people will take up insurance, and more people will be required to manage the jobs.

What is IRDAI?

IRDIA, Insurance Regulatory and Development Authority of India is a regulatory body aiming to protect the interest and secure fair treatment to policyholders.

BIMA TRINITY

The IRDA is collaborating with general and life insurance firms to develop a comprehensive plan called "Bima Trinity."

It will be a "UPI-like moment", said Mr Panda. 

1. Bima Sugam

The IRDA is developing the Bima Sugam platform to integrate insurers and distributors onto a single platform.

This platform will serve as a one-stop shop for customers, simplifying the process of purchasing policies and accessing services.

2. Bima Vistara

The IRDA is developing Bima Vistar, a bundled risk cover encompassing life, health, property, and casualties or accidents.

This bundled policy aims to provide comprehensive protection against various risks.

Policyholders will have defined benefits for each risk, allowing for faster claim payouts without the need for surveyors.

Bima Vistar will offer defined benefits for each risk category, ensuring clarity and ease of understanding for policyholders.

The defined benefit will be promptly transferred to the policyholder's bank account if a loss occurs, eliminating unnecessary waiting periods.

3. Bima Vaahaks

As part of the Bima Trinity plan, the IRDA envisions a women-centric workforce known as Bima Vaahaks.

Bima Vaahaks will operate at the Gram Sabha level and engage with women heads of households.

They will educate and convince women about the benefits of a comprehensive insurance product like Bima Vistar.

They will emphasize the usefulness of a composite insurance product like Bima Vistar during distress.

These Bima Vaahaks will play a crucial role in empowering women and ensuring their financial security by highlighting the advantages and addressing concerns.

In addition, IRDIA is also planning the laws. "The amendments will also enable the entry of new players in the form of micro, regional, small, captive players, specialized players, and even composite licences. By doing this kind of differentiation, we will be able to cater to different geographies and the different strata of the population," he said.