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Bima Sugam Portal

Insurance Regulatory and Development Authority of India (IRDA) is going to launch Bima Sugam, a digital insurance platform.

Sakshi Gupta Published On October 23rd, 2024 Leave a comment

About the Bima Sugam Portal

It will provide a single platform for buying, renewing and claiming both life and non-life insurance policies.
The portal will facilitate the entire insurance journey—from policy purchase to claims settlement—digitally, reducing paperwork and time.
It will bring together various insurance intermediaries like agents, brokers and web aggregators, allowing seamless interaction and transactions.

Insurance Regulatory and Development Authority of India (IRDAI)

It is a statutory body under IRDA Act, 1999 that regulates the insurance industry in India.
Composition: Chairman and a maximum of 10 members. All are appointed by the Central Government.
- Bima Trinity: It is a three-part strategy by the IRDAI to increase insurance penetration in India:
- Bima Sugam: A digital platform that combines insurers and distributors into one place.
- Bima Vistar: A comprehensive insurance policy that covers life, health, property and accidents.
- Bima Vaahaka: A women-led field distribution force that operates at the Gram Sabha level. They educate and convince women about the benefits of insurance.

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Sakshi Gupta

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