Bima Sugam, Features, Latest News

Q: What is the role of Insurance Regulatory and Development Authority of India?

It is a statutory body formed under the Insurance Regulatory and Development Authority Act, 1999 for the overall supervision and development of the insurance sector in India.

Q: What is the definition of insurance?

It is a contract between an individual or business with an insurance company to help provide financial protection and mitigate the risks associated with certain situations or events.

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Bima Sugam Portal Latest News

Recently, the Insurance Regulatory and Development Authority of India has officially announced the launch of the much-awaited Bima Sugam portal.

About 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).

Features of Bima Sugam Portal

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, 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,