Bima Sugam: Insurance regulator IRDAI has issued draft rules for Bima Sugam, after which you will be able to avail the benefits of insurance and insurance related services without any expense.
Bima Sugam: The electronic marketplace of IRDAI, which was awaited for a long time to make insurance accessible in the country, is looking likely to be completed. In fact, insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) has issued an exposure draft on electronic marketplace ‘Bima Sugam’ or Digital Public Infrastructure. It can be considered as a one-stop solution or protocol on which everything from purchasing, selling, servicing and claim settlement of insurance policies can be handled.
Universal services will be available on electronic marketplace
A series of services related to your insurance policies will be available on this electronic marketplace named ‘Bima Sugam’. This will provide universal i.e. uniform rules, facilities and grievance redressal for insurance in India. The Insurance Regulatory and Development Authority of India (IRDAI) on Tuesday released draft rules to bring policyholders, insurers and intermediaries on a common digital platform. This was a long pending plan.
What will be the specialty of Bima Sugam?
- This will be an online marketplace where along with purchase and sales of life, health and general insurance policies, services like policy servicing, claim settlement and complaint redressal will be available free of cost.
- Customers will not have to pay any charge to access this platform.
- This will help in increasing insurance penetration in India by increasing the availability and accessibility of insurance products and services.
- IRDAI believes that Bima Sugam, which has been in operation for almost two years, will protect the interests of policyholders.
What is the order of IRDAI regarding Bima Sugam company?
Bima Sugam-Bima Electronic Marketplace created under the Companies Act 2013 will be a non-profit unit. The company will be easily available at all times and will not collect any data.
The company’s board also has a policy on revenue model which is self-sustaining. The company’s shareholding will be broadly distributed among life-general and health insurance insurers and no single entity will have a controlling stake. If needed, shareholders will contribute to the capital.
