What is the News ?

Recently, the Insurance Regulatory and Development Authority of India (IRDAI) has established a steering committee, which will serve as the highest authority responsible for developing its ambitious Bima Sugam platform.

Facts About:

• This platform will empower individuals to purchase life, health, motor, or property insurance policies online, providing a convenient digital solution.
• It aims to offer a one-stop destination for insurance companies, agents, brokers, banks, and aggregators, streamlining accessibility.
• Serving as a centralized database, it will assist consumers with all their insurance-related needs, ensuring efficiency.
• The platform will facilitate the swift introduction of new or experimental insurance products.
• Cyril Amarchand Mangaldas (CAM) has been appointed as the legal counsel for this project, responsible for establishing a Section 8 not-for-profit company that will own the Bima Sugam platform.
• It will cater to both personal and commercial/business insurance needs, aiding users in identifying and comparing the best-suited products within specified timelines.
• The platform will encompass a comprehensive range of insurance offerings, including life insurance and its various forms such as term plans, savings (Par and Non-Par), annuities, pension plans, and more.
• Furthermore, it will showcase a fully digital onboarding process for all insurance products, eliminating manual interventions.