Bima Sugam Platform:
The Insurance Regulatory and Development Authority of India (IRDAI) has formed a steering committee, which will act as the apex decision-making body for the creation of its ambitious Bima Sugam platform.
- Bima Sugam platformwill enable individuals to buy life, health, motor or property insurance policies online.
- The platform will enable easy access under a single roof for insurance companies, agents, brokers, banks and even aggregators.
- The platform will act as a centralised database which will assist consumers with all insurance-related
- It will also pave the way for a speedy acceptance of new or sandbox products.
- Cyril Amarchand Mangaldas (CAM) has been appointed as the legal counsel for the project.
- The responsibilities of CAM will include incorporation of Section 8 not-for-profit company, which will be the company owning the Bima Sugam platform.
- The platform will support all personal and commercial/business insurance requirements and support in identifying and comparing optimal products to meet user requirements within stipulated timelines.
- The entire spectrum of insurance offerings through the platform will include life insurance and all its variants — term plans, savings (Par and Non-Par), annuities, pension plans, etc.
- The platform will have to demonstrate an end-to-end digital onboarding journey for all insurance products without any manual interventions.