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All categories of insurance including life, health and general will be listed in Bima Sugam. There people will be able to compare policy premiums and look at a full range of insurance products and buy according to their needs.
Facility of renewal, claim settlement, portability will also be available
Bima Sugam will be like an e-commerce platform, where insurance companies will be able to sell their products. It will have facilities ranging from buying insurance to renewal, claim settlement, portability to complaint redressal. The aim of Bima Sugam is to provide 'end-to-end' digital service to all policy holders.
IRDAI said that this marketplace works as a one-stop solution for all insurance stakeholders including customers, insurers, middlemen and agents, thereby promoting transparency and efficiency in the insurance sector.
There will be no fee for using the service of Bima Sugam
Earlier, the Chairman of IRDAI had described Bima Sugam as UPI for the insurance industry. In the draft rules issued in February, Bima Sugam, formed under the Companies Act 2013, was noted as a non-profit entity where consumers will not be charged for using the platform's services.
Insurance policies will become cheaper
Insurance policies will become more affordable through Bima Sugam. Currently, insurance web aggregators usually charge a certain commission for selling insurance products.
According to industry officials, since insurance companies will sell policies directly through Bima Sugam, the commission paid to the middleman is likely to come down, which will reduce the premium for p
olicy holders.
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