Bima Sugam Approved By IRDAI: The Online Insurance Marketplace Set To Be A Gamechanger

Recently, many decisions were taken in the board meeting of the Insurance Regulatory and Development Authority of India (IRDAI), which also included approving the Bima Sugam Online Insurance Marketplace.
Bima Sugam Approved By IRDAI
Bima Sugam Approved By IRDAI

The Insurance Regulatory and Development Authority of India (IRDAI) has approved the 'Bima Sugam' online platform for insurance. Bima Sugam is a government-backed marketplace like Amazon for insurance, which allows policyholders to compare premiums and buy insurance products including life, health, motor and travel insurance. The platform is ready to list insurance products across all life, health and general insurance categories, providing a comprehensive one-stop shop for insurance needs.

IRDAI said in a statement that it will act as a one-stop solution platform for all stakeholders in the insurance sector such as customers, insurance companies, intermediaries and agents. This will increase transparency, efficiency and cooperation in the entire insurance sector. With the launch of this portal, buying insurance will become very easy. Products of all insurance companies will be available on the portal and customers will be able to compare all the insurance products and buy as per their need.

The option to contact the websites or agents of all the insurance companies will also be available on this portal. Policyholders will also get the facility to make claims on the portal. Besides, policyholders will also be able to monitor their claims. IRDAI said the Bima Sugam portal aims to establish a digital public infrastructure to empower policyholders and achieve the goal of insurance for all by 2047.

What is Bima Sugam?

Bima Sugam is an electronic insurance marketplace. It will be used by insurance companies, policyholders and intermediaries. All aspects of the insurance industry will be involved in this, which will benefit everyone. Many experts say that Bima Sugam will bring changes to the insurance industry. For example, UPI has played an important role in promoting digital payments. Similarly, Bima Sugam can play an important role in bringing revolutionary changes in the insurance sector. Some believe that this will make insurance accessible and hence the cost of insurance will reduce, after which insurance products will become cheaper

Benefits of Bima Sugam

Apart from Life Insurance, Health Insurance and General Insurance, all other insurance will be available on it. Here customers can easily compare the advantages and disadvantages of insurance of two companies. For example, if you want to buy car insurance, then you can compare the insurance policies of all the companies with the help of Bima Sugam. After this, select the company whose plan you like. Insurance will be easy to reach and will help in increasing the reach of insurance. A large part of the country is still out of the scope of insurance. In such a situation, many people do not have health or life insurance. Bima Sugam will make an important contribution to bringing every person in the country under insurance coverage by the year 2047. The biggest reason for this is that it will be much easier to buy and understand insurance on the Bima Sugam platform.

Related Stories

No stories found.
Outlook Business & Money