The Insurance Regulatory and Development Authority of India (IRDAI) has issued a draft for Bima Sugam, an electronic insurance marketplace.
Key features of Bima Sugam
- It will be a digital platform where insurers, policyholders, and intermediaries can converge seamlessly.
- Bima Sugam will allow policyholders to compare premiums and purchase a wide array of insurance products, including life, health, motor, and travel insurance.
- It will offer the convenience of direct purchasing through the platform or via agents who can source policies from Bima Sugam.
- The platform is set to list insurance products from all life, health, and general insurance categories, providing a comprehensive one-stop shop for insurance needs.
- Bima Sugam aims to enhance the availability, accessibility, and affordability of insurance products.
- Bima Sugam will operate as a not-for-profit entity. It will lower commissions on insurance policies.
- The shareholding of Bima Sugam will be widely distributed among life, general, and health insurers, ensuring no single entity holds a controlling stake.
- IRDAI will nominate two members on the board, and the platform will have a risk management committee.
- Consumers will not be charged for availing services on Bima Sugam, aligning with IRDAI’s goal of making insurance accessible to all.
