Bima Sugam Portal

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).

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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,

Source: IE