The Insurance Regulatory and Development Authority of India (IRDAI) has officially launched the much-awaited Bima Sugam Portal, a one-stop platform for insurance services. The portal aims to make it easier for consumers to compare, buy, and manage insurance policies at competitive rates.
Key Highlights:
The portal is set to go live in phases, with the first phase expected in December 2025.
Consumers will be able to view all insurance policies in one place, compare benefits, and choose the most suitable and cost-effective options.
Features like policy purchase, renewal, and claim settlement will be streamlined for convenience.
About Bima Sugam:
Announced via a Gazette Notification on March 20, 2024, Bima Sugam is designed to improve transparency, efficiency, and accessibility in the insurance sector.
The platform is jointly overseen by the Life Insurance Council and the General Insurance Council.
It covers all types of insurance, including life, health, and motor, providing a central hub for consumers, insurers, intermediaries, and agents.
Benefits to Consumers:
Compare policies from multiple insurers to find the best coverage at the lowest cost.
Simplified processes for policy purchase, renewal, and claims.
Makes the overall insurance journey user-friendly and efficient.
According to IRDAI, the platform ensures high-level security, consent management, and scalability, with insurance companies and partner organizations gradually completing the required integrations. Once fully operational, Bima Sugam is expected to transform the way consumers access and manage insurance policies in India.