What is Bima Sugam? (Features and benefits)

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.

How will the platform work?

• Both, insurance companies as well as customers will be operating on the same high tech and robust platform where buying, selling and servicing of insurance can be done seamlessly. Lastly, the portal will also provide features and benefits to agents and intermediaries.
• Insurance policyholders will need to register with Bima Sugam. Once registered, they will be provided with an E-BIMA account. All their insurance policies will now be registered within this E-BIMA account in a dematerialized form (NSDL or CDSL).
• Policyholders can now manage their policies through the portal.

Features and benefits

The portal will provide the following benefits and features:

• Buying and selling of insurance and related products.
• Claims handling of policyholders.
• Grievance addressal and raising of complaints by policyholders.
• Policyholders will also have the ability to change their insurance agent through the portal.
• Further, policyholders will also have the ability to initiate a porting request through the portal.

Ownership structure

The total paid-up capital required to create the platform is approximately Rs.80 Cr.