02 June 2023 The Hindu Editorial & Vocab Analysis 

Universal cover: On the IRDA’s all-in-one insurance policy

The Insurance Regulatory and Development Authority of India’s plans to expand risk protection levels need government backing

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Last week, the chief of India’s insurance sector regulator unveiled a fresh blueprint to cover a larger portion of the population against risks of adverse shocks, with an eye on insuring everyone by 2047. The lynchpin of this “UPI-like moment”, being pursued by the Insurance Regulatory and Development Authority of India (IRDAI) to bridge the country’s “huge protection gaps”, is envisaged to be a simple, all-in-one insurance policy. This bundled ‘Bima Vistaar’ scheme, being worked out with life and general insurers, would provide households with expeditious monetary support in case of medical emergencies, accidents, thefts or a death in the family. With awareness about the benefits of insurance still quite low, the regulator has proposed a women-led Gram Sabha-level initiative to educate every household’s female head about how such a scheme could come in handy at times of distress. A new ‘Bima Sugam’ platform would integrate insurance players and distributors to give customers a one-stop shop experience to begin with, and facilitate claims servicing going forward. Linking States’ digital death registries to the platform, the regulator believes, could enable life insurance claims to be settled within hours or a day at the most.

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A legislative reboot is also on the anvil to ease capital requirement norms and allow a slew of new players to enter the market and serve the untapped needs of niche and specialised segments. Over two decades after the entry of private players into the once moribund public sector-led industry, India’s insurance penetration (the ratio of premium payments to GDP) has risen from 2.7% in 2001- 02 to 4.2% in 2021-22. In fact, there has been a slide in the metric over the past decade from 5.2% in 2009-10, with non-life policies yet to surpass the 1% mark. Given the sheer size of India’s population and poor financial literacy levels, the imperative to break from the status quo is unquestionable. The IRDAI’s move to rope in State governments and set up bodies similar to State-level banking committees would help formulate granular district-wise strategies for raising awareness and coverage levels. Industry players also need to look beyond the top cities and the ‘Bima Vistaar’ scheme could catalyse the volumes they need to get out of comfort zones. Most of all, the Centre needs to rethink the 18% GST levy on health and life insurance premia. The notion that those who can afford to buy health cover can afford to pay so much tax is untenable in a country where one health calamity can push a household below the poverty line. Ensuring continuity of leadership at IRDAI is equally critical situations such as the nine-month vacuum at its helm before the current chairperson’s tenure are simply unacceptable.

The Hindu Vocabulary PDF 2023



1. IRDA (noun) – it is a statutory body formed under an Act of Parliament, i.e., Insurance Regulatory and Development Authority Act, 1999 (IRDAI Act 1999) for overall supervision and development of the Insurance sector in India.

2. Expand (verb) – Enlarge, increase, swell, develop, grow बढ़ाना

3. Backing (noun) – Support, endorsement, approval, encouragement, sponsorship समर्थन

4. Unveil (verb) – Reveal, disclose, expose, present, introduce अनावरण करना

5. Blueprint (noun) – Plan, design, outline, model, draft नक्शा

6. Adverse (adjective) – Unfavourable, detrimental, harmful, damaging, destructive प्रतिकूल

7. With an eye on (phrase) – Considering, with regard to, keeping in mind, taking into account का ध्यान रखते हुए

8. Lynchpin (noun) – Essential part, keystone, cornerstone, kingpin, fulcrum, मुख्य आधार

9. Pursue (verb) – Follow, chase, seek, strive for work towards अनुसरण करना

10. Bridge the gap (phrase) – Fill the void, link, connect, reconcile, harmonize अंतर दूर करना

11. Envisage (verb) – Foresee, predict, anticipate, contemplate, imagine कल्पना करना

12. Work out (phrasal verb) – (of a situation) to happen or develop in a particular, esp. a satisfactory, way, or (of a person) to be suitable for a particular situation: काम करना

13. Monetary (adjective) – Financial, fiscal, economic, pecuniary वित्तीय

14. Expeditious (adjective) – Quick, rapid, fast, swift, speedy शीघ्र

15. Theft (noun) – Robbery, burglary, stealing, thievery चोरी

16. Propose (verb) – Suggest, put forward, recommend, advocate प्रस्तावित करना

17. Come in handy (phrase) – Be useful, be helpful, be beneficial, be advantageous काम आना

18. Distress (noun) – Suffering, pain, agony, Languish दुःख

19. Integrate (verb) – Combine, merge, unite, blend एकीकृत करना

20. To begin with (phrase) – Initially, at first, to start with, as a start सबसे पहले

21. Facilitate (verb) – Enable, make possible, Raid assist सुगम बनाना

22. Claim Servicing (verb) – a formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event.

23. Going forward (phrase) In the future, from now on, henceforth भविष्य में

24. Legislative (adjective) – Legal, statutory, lawmaking, regulative कानूनी

25. Reboot (noun) – Restart, Reset, Revamp, Refresh, Reorganize नवीनीकरण

26. On the anvil (phrase) – Under consideration, in preparation, in progress, being planned, in the pipeline विचारहीन होना

27. Ease (verb) – Simplify, Facilitate, Alleviate, Mitigate, Lessen सरल होना

28. Capital (noun) – Funds, Assets, Wealth, Money, Finances पूंजी

29. Norm (noun) – Standard, Rule, Principle, Criterion, Guideline मानदंड

30. Slew (noun) – Plenty, a large number, abundance, multitude, a lot ढेर सारे

The Hindu Vocabulary PDF with Hindi Meaning

31. Player (noun) – Participant, Competitor, Contender, Operator सहभागी

32. Untapped (adjective) – Unused, Unexploited, Unutilized, Unharnessed अप्रयुक्त

33. Decade (noun) – period of ten Years दशक

34. Moribund (adjective) – Declining, Dying, Fading, Stagnant, Waning मरणासन्न

35. Insurance penetration (noun) – Insurance penetration measures the contribution of insurance premium to the Gross Domestic Product (GDP) of a country in percentage terms

36. Slide (noun) – Decrease, Decline, Downturn, Fall, Drop गिरावट

37. Metric (noun) – Measure, Parameter, Criterion, Gauge, Standard मापदंड

38. Surpass (verb) – Exceed, Outdo, Outstrip, Eclipse, Transcend पार करना

39. Mark (noun) – level, stage, point स्तर

40. Given (preposition) – Considering, Taking into account, Bearing in mind, Keeping in mind, Given that देखते हुए

41. Sheer (adjective) – Utter, Complete, Absolute, Total, Pure वास्तविक, परिपूर्ण

42. Financial literacy (noun) The ability to understand and use various financial skills, including personal financial management, budgeting and investing.

43. Imperative (noun) – Necessity, Requirement, Demand, Essential, Need अनिवार्यता

44. Status quo (noun) – Existing state, Current situation, Present circumstances वर्तमान स्थिति

45. Unquestionable (adjective) – Undeniable, Indisputable, Incontrovertible, Unarguable, Certain निस्संदेह

46. Rope in (phrasal verb) – Involve, Engage, Enlist, Recruit, Incorporate शामिल करना

47. Set up (phrasal verb) – Establish, Start, Found, Create, Institute स्थापित करना

48. Formulate (verb) – Devise, Develop, Create, Design, Construct तैयार करना

49. Granular (adjective) – Detailed, specific, particular, fine-grained, precise विस्तृत

50. Catalyse (verb) – Accelerate, expedite, facilitate, stimulate, spur प्रेरित करना

51. Rethink (verb) – Reconsider, review, reassess, re-evaluate, revisit पुनर्विचार करना

52. Levy (on) (noun) – Tax, tariff, duty, charge, toll कर

53. Premia (noun) – Payments, installments, contributions, dues, charges प्रीमियम

54. Notion (noun) – Idea, belief, concept, thought, perception धारणा

55. Untenable (adjective) – Unsustainable, indefensible, inexcusable, unjustifiable, unwarrantable असमर्थनीय

56. Calamity (noun) – Disaster, catastrophe, tragedy, mishap आपदा

57. Ensure (verb) – Guarantee, confirm, ascertain, ensure, secure सुनिश्चित करना

58. Vacuum (noun) – Emptiness, void, gap, absence रिक्तता

59. At one’s helm (phrase) – In control, in charge, in command, at the head; at the top position of the organization.


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