Company Information

Get to know Bima Rakshak

Bima Rakshak is a strategic initiative by the Insurance Regulatory and Development Authority of India (IRDAI), introduced in 2023. It aims to establish a new tier of individual insurance distributors, known as "Bima Rakshaks," in every Gram Panchayat (village council) across India. Their mission is to sell simple, pre-approved insurance products (like life, health, and personal accident policies) to increase insurance accessibility and awareness in underserved rural and semi-urban regions, thereby advancing the goal of "Insurance for All by 2047." Bima Rakshaks are not tied to a single insurer and can offer products from multiple companies after completing basic training and certification.

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Bima Rakshak

India

Founded in

2020 (6 Years)

Founded

Last online: No recent activity

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A Grade License

Issued by globally renowned regulators, these licenses ensure the highest trader protection through strict compliance, fund segregation, insurance, and regular audits. Dispute resolution and adherence to AML/CTF standards further enhance security.

B Grade License

Granted by respected regional regulators, these licenses offer robust safety measures such as fund segregation, financial reporting, and compensation schemes. Though slightly less strict than Tier 1, they provide dependable regional protection.

C Grade License

Issued by regulators in emerging markets, these licenses offer basic protections such as minimum capital requirements and AML policies. Oversight is less stringent, so traders should exercise caution and verify safety measures.

D Grade License

From jurisdictions with minimal oversight, these licenses often lack key protections like fund segregation and insurance. While attractive for operational flexibility, they pose higher risks to traders.

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