Bima Sugam

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About Bima Sugam

It is like an e-commerce platform where insurance companies can sell their products.
It onboards all the companies that offer life and non-life insurance products under one roof.
It aims to provide an ‘end-to-end’ digital journey to all policyholders like from buying insurance policies to renewals to claim settlement to portability to grievance redressal
This marketplace serves as a one-stop solution for all insurance stakeholders, including customers, insurers, intermediaries and agents, thereby, promoting transparency, efficiency, and collaboration across the entire insurance value chain
It will be a unified platform, which will be integrated with various govt databases, insurers, intermediaries, insurance repositories, etc., for fetching customer details, providing product information, and buying and servicing Insurance policies.
Bima Sugam aims to eliminate the paperwork as you can simply have your policy in an electronic format.
Customers can view all their policies — life, health and non-life insurance — in one single application or window under Bima Sugam.

Q1) What is the Indian Renewable Energy Development Agency (IREDA)?

It was set up as a specialized non-banking finance agency for the renewable energy sector. IREDA plays a key role in renewable energy project financing which gives confidence to the financial institutions/banks to lend in the sector.

Source: Bima Sugam approved: Insurance policies set to be more affordable; buying policies, claim-settlement to be easier