Bima Sugam

Bima Sugam is an online marketplace that will offer its services to all companies selling life insurance and general insurance on a single platform. The Insurance Regulatory and Development Authority of India (IRDAI) has recently introduced the launch of the Bima Sugam online portal in 2023.

Get ₹1 Cr. Life Cover at just
Term Insurance plans
Online discount
upto 10%#
Claim Support
Policybazaar is
Certified platinum Partner for
Claim Settled

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

Get ₹1 Cr. Life Cover at just
View plans
Please wait. We Are Processing..
Get Updates on WhatsApp
By clicking on "View plans" you agree to our Privacy Policy and Terms of use
We are rated
58.9 million
Registered Consumers
26.4 million

What is Bima Sugam?

Bima Sugam is an online platform that offers a one-stop solution for all insurance requirements, providing services such as portability facilities, purchasing insurance plans, change of insurance agents, and claim settlement.

This tech-driven portal will help increase insurance penetration in the country by ensuring an easy experience for customers across the nation to get insurance. The main objective of launching Bima Sugam is to make sure that policyholders do not need to visit the home branches of their respective insurers to avail of insurance services. It directly helps policy seekers buy life insurance, term insurance, and other non-life insurance plans. Web aggregators, brokers, insurance agents, and banks will function as facilitators in selling insurance plans and will also have the access to the portal. In addition to this, it also provides these services to the policyholders with an E-IA (e-insurance account).

The following are the insurance services offered by Bima Sugam:

  • Purchase insurance plan

  • Claim settlement

  • Policy portability

  • Agent portability

How Bima Sugam Works?

This electronic platform provides end-to-end digitization of the insurance plan selling network. The chosen sources can help manage the insurance plans of the policyholder and his/her family. Policyholders, having their E-Bima or E-accounts can easily view their plans (be it life, health, general, or motor) and file a claim. The information links which are stored in a single place will make the claim settlement process easier for beneficiaries/nominees.

Who Can Have the Access to the Bima Sugam?

Many insurers (both life insurance and non-life insurance) would be the main shareholders of the Bima Sugam portal. It will also be accessible to agents and intermediaries.

Who Will Get Benefits from Bima Sugam?

  • Bima Sugam will open ways for new start-ups who are adopting strategies for piloting a product or business model in terms of attractive offerings like OPD covers, etc.

  • It will also act as a game changer for Wealthtech and Insurtech players by making a centralized database across all the product categories.

  • Agent portability will help customers who are facing challenges with current agents in terms of receiving services.

  • The current Fintech companies having transactional platforms may also be affected by Bima Sugam.

Who will be Associated with Bima Sugam?

Bima Sugam shall have associations with:

  • Government Database/UIDAI/IIB

  • Policyholders/Agents

  • Insurers

  • Repositories (CSDL/NSDL)

What are the Benefits of Bima Sugam?

The following are the benefits of Bima Sugam:

  • Bima Sugam offers you a centralized database.

  • It helps the buyers/life assured who are facing difficulties with current insurance companies/agents to port their plans depending on the pricing and coverage.

  • Bima Sugam helps policyholders to access and check all their plans on one platform allowing them to make premium amount payments, contact details, nominee details, etc.

  • It will provide more safety as there is no need for maintaining and securing the physical document. It also creates feasibility for the policyholder at the renewal time with no paperwork.

  • This portal provides buyers with a comprehensive choice to choose plans.

  • It also provides a window to see all your plan details, (life and general insurance), and renewal dates

  • This platform reduces the commissions paid to agents/intermediaries. So, you can choose the suitable plan at the best premium rate.

Do Policyholders need a Demat Account for Availing Bima Sugam?

Policyholders do not need any Demat account. They will have to provide consent through the Aadhar verification to access insurance plans but will not need to open a Demat account if they are doing it for investing and trading.

Understanding Bima Sugam in 1 minute

Bima Sugam is a platform where a centralized technology helps in managing your complete policy. It will increase the ease of living and enlarge the reach of the insurance sector. Thus, soon it is going to be a game changer.

Different types of Plans

Term insurance articles

Recent Articles
Popular Articles
Tata AIA Term Insurance Login

26 Dec 2022

Tata AIA term insurance login portal offers the company’s
Read more
Why NRIs in UAE Should Buy Term Insurance Plans from India?

08 Dec 2022

Term life insurance plan secures the financial future of your
Read more
Best Term Life Insurance Plans in Singapore

07 Dec 2022

An NRI living in Singapore can easily buy the best term life
Read more
LIC Relaunched A Term Assurance Plan: LIC New Jeevan Amar

25 Nov 2022

Life Insurance Corporation (LIC) of India recently relaunched
Read more
HDFC Term Insurance Customer Care

18 Nov 2022

HDFC life insurance company offers various term life insurance
Read more
LIC Term Insurance 1 Crore
LIC of India offers various plans to help you secure the financial future of your loved ones. In order to make
Read more
What Medical Tests are Required for Term Insurance?
Term insurance offers a sum assured to the beneficiary of the policyholder upon their death that can help them
Read more
Term Insurance: Tax Benefits under Section 80D
Term Insurance provides financial security and protection to your family in case of your unexpected death within
Read more
2 Crore Term Insurance Plan
The pandemic has surely generated a global panic and emphasised the importance of financial planning that would
Read more
Types of Deaths Covered and Not Covered by Term Insurance
A term insurance plan is the best way to ensure the financial well-being of your family members in case of any
Read more

View Plans
Download the Policybazaar app
to manage all your insurance needs.