Bima Sugam: A Game Changer for All the Insurance Sectors

Bima Sugam is a one-stop solution that houses all insurance companies selling life insurance and health 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. 

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What is Bima Sugam?

Bima Sugam is an online marketplace for all insurance needs, offering services such as policy sales, renewal, and claims settlement. It allows policy buyers to buy motor, life, or health insurance plans directly. This tech-driven online portal helps increase insurance penetration in the country and ensures a hassle-free, easy experience for customers across the nation.

Under this scheme, there will be an E-IA and E-BIMA account in a Demat format for policyholders. It is safe and secure because there is no need to maintain and protect the physical document. It is also feasible for the policyholder at renewal time with no paperwork.

Who Can Access the Bima Sugam?

This scheme will be accessible to insurance companies, intermediaries, and customers.

How Bima Sugam Works?

Bima Sugam will provide end-to-end digitization of selling insurance. The chosen repositories can help maintain the insurance plans of the life assured and his/her family. Policyholders are required to have an E-Bima or E-insurance accounts where they can easily see their plans and then file a claim. The links of information stored will make the claim process easier for beneficiaries/nominees. Additionally, the portal will help individuals about sharing their contact information with aggregator platforms to get premium rates.

What are the Benefits of Bima Sugam?

  • The Bima Sugam will control the outlook of having a centralized database.

  • This scheme will help the policy buyers/life assured who are facing challenges with current agents/insurers to port their plans based on pricing and coverage.

  • This online portal gives policy buyers an option to pick and select plans. It offers an option to view all your plans (life and non-life), details, and dates of renewals.

  • This will help reduce the commissions payable to agents/intermediaries. Thus, you can choose the best plan at affordable premium rates.

Bima Sugam will be a portal where a centralized technology help manage your complete plan. So, With Bima Sugam plan, one can sense good times ahead for all the insurance sectors.

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