Bima Sugam Portal

Bima Sugam Portal

News: Recently, Insurance Regulatory and Development Authority of India (IRDAI) has formed a steering committee to act as the apex decision-making body for the creation of its ambitious ‘Bima Sugam’ online platform.

About Bima Sugam:
• Bima Sugam aims to simplify the process of purchasing insurance for consumers. This online platform is where customers can choose a suitable scheme from multiple options given by various companies.
• All insurance requirements, including those for life, health, and general insurance (including motor and travel) will be met by Bima Sugam.
• The Bima Sugam Platform will be owned by both Life insurance and general insurance companies with a 47.5% stake each, while brokers and agent bodies will own 2.5 per cent each.

How will the platform help?
• It acts as a centralized database, assist the insured/buyers in porting their respective policies based on coverage and pricing.
• It gives people a wide choice to pick and choose policies and view all their policies
• It will reduce commission paid to intermediaries
• Settlement of claims and renewal of policies will also become faster as paperwork will be reduced significantly.