Bima Sugam Platform

Last updated on September 19th, 2023 Posted on September 19, 2023 by NEXT IAS Current Affairs Team 2535

Syllabus: GS2/Government Policies and Interventions

News

Insurance regulator IRDAI has formed a steering committee, which will act as the apex decision making body for creation of its ambitious Bima Sugam platform.

About

The steering committee is composed of members from IRDAI, LIC and private insurance companies like ICICI Prudential Life Insurance, Tata AIA Life Insurance and others.
Responsibilities of the committee include incorporation of Section 8 not-for-profit company which will be the company owning the Bima Sugam platform.
The platform will support all personal and commercial/business insurance requirements and support in identifying and comparing optimal products to meet user requirements within stipulated timelines.

Bima Sugam Platform

Bima Sugam will enable individuals to buy life, health, motor or property insurance policies online.
The platform will enable easy access under a single roof for insurance companies, agents, brokers, banks and even aggregators.
The platform will act as a centralised database which will assist consumers with all insurance related queries.
It will also pave the way for a speedy acceptance of new or sandbox products.
It will be a centralized marketplace and a one-stop-shop for all insurance-related queries, including policy purchase, claim settlement, insurance advice and grievance redressal.

Source: IE

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