Bima Sugam Portal: Officially Announced The Launch
The Insurance Regulatory and Development Authority of India has officially announced the launch of the much-awaited Bima Sugam portal.
Bima Sugam Portal:
- It is a unified digital marketplace for insurance, designed to bring insurers, intermediaries, and customers onto a single platform.
- It is backed by the Life Insurance Council and the General Insurance Council (GIC).
- It helps users to buy, sell, service, renew, manage, and even claim insurance policies with ease and full transparency.
- This platform will serve as a centralised database to answer insurance-related queries and help consumers navigate the complex world of insurance.
- It also aims to accelerate the acceptance of new and sandbox products, opening the door for innovation in insurance offerings.
- It will cover life insurance in all its forms, including term plans, savings products (both participating and non-participating), annuity and pension plans, as well as ULIP products.
- It also provides health insurance options, addressing the full range of medical and wellness needs.
- It will remain flexible to host any new insurance products that may be introduced in the future, as determined by the regulatory councils.
- It will leverage advanced digital technologies to automate and digitise processes for multiple stakeholders.
