A new digital platform is set to change the way people buy insurance in India. The goal is simple — make insurance more affordable, easy to understand, and transparent for everyone.
With this move, customers can expect lower costs and a smoother experience while purchasing policies. The focus is on removing confusion and making insurance accessible to all.
One Platform for All Insurance Needs
The upcoming platform, called Bima Sugam, is being designed as a one-stop solution for all insurance services.
Users will be able to:
Buy insurance policies
Renew existing plans
File claims easily
All of this can be done directly on the platform, without needing agents or middlemen. This makes the entire process faster and more convenient.
Big Change: No More Agent Commissions
One of the biggest changes is the removal of agent commissions.
Earlier, insurance agents earned commissions on policies. Now, insurance companies will instead pay a small platform fee of around 5% to 7%.
This shift could reduce overall costs, which may lead to cheaper premiums for customers.
Easier to Understand and Compare Plans
Understanding insurance policies will also become much simpler.
Standard plans will be introduced with options to add extra features. This will help customers easily compare different policies and choose what suits them best.
It removes the confusion that many people face while buying insurance.
Rollout in Phases Starting 2026
The platform will not launch all services at once. Instead, it will be introduced step by step:
June 2026: Motor insurance for new vehicles
August 2026: Renewal services and health insurance
September 2026: Life insurance term plans
