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The Bima Sugam exchange is an upcoming insurance portal announced by The IRDA of India in 2022. This upcoming exchange will allow buying and selling of insurance products under a single portal. Along with buying and selling, The Bima Sugam portal will also cater to claims servicing, claims, redressal, raising of complaints, and more. This upcoming platform will be owned directly by a blend of notable life and general insurance companies. The Chairman of The IRDA of India has labelled Bima Sugam as a“game changer for the insurance sector.”
Let’s have a look at some of the salient features, benefits, workings and more of this platform.
The portal will provide the following benefits and features:
General Insurance Council
Life Insurance Council
The total paid-up capital required to create the platform is approximately Rs.80 Cr.