Buying and claiming insurance in India is about to become much simpler.
On Friday, 5 September, the Bima Sugam India Federation (BSIF) announced that its digital insurance marketplace ‘Bima Sugam’ will be launched this year.
This platform is being developed under the 2024 rules of IRDAI (Insurance Regulatory and Development Authority of India).
Its main goal is to provide “Insurance for All by 2047”, ensuring that every Indian has access to insurance by that year.
How Will Bima Sugam Work?
Bima Sugam will act as a paperless digital gateway where people can:
Buy insurance policies
Pay premiums
File claims
Register complaints
Initially, insurance companies will join the platform through a pilot program.
Later, more companies and customers will be added in phases, and services will gradually be made available to all.
Investment and Management
Authorized capital: ₹500 crore
Paid-up capital: Around ₹310 crore
Company type: Not-for-profit, formed under Section 8 of the Companies Act 2013
Ownership: Life, general, and health insurance companies hold shares, but no single company will have control.
Benefits of Bima Sugam
According to BSIF MD & CEO Prasun Sikdar, this platform will revolutionize the way insurance is bought, sold, and managed in India. Customers will gain:
Greater transparency
Higher trust
More convenience
Since Bima Sugam is being developed as a digital public infrastructure, it will help increase both insurance coverage and people’s confidence in the sector.
Experts believe that in the future, Bima Sugam could make insurance as easy as UPI has made digital payments today.
