Bima Sugam

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Recently, the Insurance Regulatory and Development Authority of India (IRDAI) has approved the setting up of Bima Sugam.

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