What Is Bima Sugam by IRDAI?

Read on to explore IRDAI’s initiative to launch Bima Sugam.
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3 min
27-December-2024

The Insurance Regulatory and Development Authority of India (IRDAI) has issued an exposure draft for Bima Sugam, an online marketplace for insurance. Similar to UPI, it aims to simplify insurance processes, allowing direct purchases between an insurer and consumer, and facilitating claim settlements through the portal.

Using the platform, individuals can purchase insurance directly from insurers, while intermediaries gain the ability to sell policies online by integrating with all insurance companies.

Key features of Bima Sugam

India is one of the largest insurance markets in the world and is expected to grow rapidly in the coming years, both in retail and corporate. Given below are a few key features of Bima Sugam as provisionally known till date:

  • Bima Sugam aims to empower all insurance stakeholders by connecting them all through a single platform.
  • This will be a digital platform that will use advanced technology to simplify processes for insurance companies, policy holders’, intermediaries, insurance repositories and external data sources etc.
  • Bima Sugam will handle all types of insurance needs, such as life, health, motor, and travel insurance.

The platform is backed by Life Insurance Council and General Insurance Council. It will enable individuals to meet all their insurance needs, from purchasing policies to settling claims.

How will Bima Sugam work?

A non-profit organisation governed under Section 8 of the Companies Act, 2013, will operate the platform. The board of the company will include two members nominated by IRDAI. A Risk Management Committee will be formed by the board to handle risks. The appointment of the Chairperson and CEO will be subject to final approval by IRDAI.

The company aims to serve insurance stakeholders, with ownership divided among life, general, and health insurers to prevent anyone from having too much control. It will employ a consent-based application for the services without charging the consumers for availing the services.

Read more: Register for the Ayushman Bharat Yojana (PMJAY)

What is the need for Bima Sugam?

Bima Sugam aims to be a one-stop platform catering to all involved in insurance: customers, insurers, intermediaries, and agents. Its goals include enhancing transparency, efficiency, and collaboration throughout the insurance process. It seeks to drive technological advancements in the insurance sector and make insurance more accessible to everyone. The ultimate vision is to ensure insurance coverage for all by the year 2047, thus democratising the insurance sector and making it universally accessible.

This marketplace will make insurance an easy and accessible option for all and introduce transparency in the entire process.

Conclusion

Bima Sugam, launched by IRDAI, is a transformative digital platform aimed at streamlining insurance accessibility across India. Serving as a comprehensive hub, it facilitates the purchase, renewal, and management of various insurance policies, including an extensive selection of health insurance plans. The platform is designed to prioritise transparency and convenience, ensuring a seamless experience for users. By harnessing advanced technological solutions, Bima Sugam seeks to make health insurance and other services more readily available, bridging the gap between insurers and policyholders. This innovative and user-centric initiative marks a significant milestone in creating a digitally empowered and efficient insurance ecosystem.

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Disclaimer

*T&C Apply - Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, The New India Assurance Company Limited, Cholamandalam MS General Insurance Company Limited, Niva Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited and Care Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also a distributor of other third party products from Assistance Services providers such as CPP Assistance Services Pvt. Ltd., Bajaj Finserv Health Ltd. etc. All product information such as premium, benefits, exclusions, sum insured, value added services, etc. are authentic and solely based on the information received from the respective insurance company or the respective Assistance service provider company.

Note – While we have made all efforts and taken utmost care in gathering precise information about the products, features, benefits, etc. However, BFL cannot be held liable for any direct or indirect damage/loss. We request our customers to conduct their research about these products and refer to the respective product’s sales brochures before concluding their sale.