Bima Sugam

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.