Insurance Regulatory and Development Authority of India (IRDAI) has prepared to provide all the insurance policies online at one place. Insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) has issued an exposure draft on electronic marketplace ‘Bima Sugam’ or digital public infrastructure. It can be considered as a one-stop solution or protocol on which everything from purchasing, selling, servicing and claim settlement of insurance policies can be handled. Expectations of its launch soon have increased. According to reports, it may be launched in June this year. Earlier, the insurance regulator had planned to launch it in January 2023. At present, people have to take different insurance policies to cover health, life, property and accident risks. But the insurance sector regulator IRDAI is working on bringing a single policy which will cover health, life and property insurance.
What is Bima Sugam?
Bima Sughh is an electronic insurance marketplace. Insurance companies, policyholders and intermediaries will be able to use this platform. Everyone will benefit from the presence of all aspects of the insurance industry in one place. According to experts, Bima Sugam will bring revolutionary changes in the insurance industry in the coming days. Just as UPI has changed in terms of payments, Bima Sugam will bring changes in the insurance sector in the same way. This will reduce the costs of insurance companies and the products are expected to become cheaper. All types of insurance products including life insurance, health insurance and general insurance will be available on this online platform.
This is preparation
IRDAI’s plan is to ensure that common people do not have to look for insurance policies from different sectors. Go to one company at once and buy a policy that covers the risks of all sectors including health, life and property. The policyholder has to pay the premium at one place. Adequate provisions will be made for quick settlement of policy claims. Digital death registry will be linked to the Bima Sugam digital platform. If a policy holder dies, information about it will be available on this platform. This will make it easier to settle claims.
