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IRDAI Launches Bima Sugam Portal: Insurance Policy sales, renewals, and claims settlements – Know Details

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Bima Sugam Portal: Bima Sugam Portal Registration, Insurance Policy sales, renewals, and claims settlements How to apply online on Bima Sugam Portal, know benefits and eligibility, application process.

The launching of Bima Sugam, an online marketplace that will contain all businesses offering life and non-life insurance on a single platform starting January 1, 2023, was given the go-ahead by the Insurance Regulatory and Development Authority of India (IRDAI).  The insurance exchange which provides all the insurance facilities like buying insurance, insurance, agent portability and claim settlement. IRDAI tries to provide health insurance at affordable rates to all the citizens of the country. 

Bima Sugam Portal 2022

Bima Sugam, an online marketplace that will contain all businesses offering life and non-life insurance on a one platform, was just unveiled by the Insurance Regulatory and Development Authority of India (Irdai). This makes it simple to do all insurance-related tasks including purchasing a policy, utilising a premium calculator for a policy, and resolving insurance claims. The site is anticipated to launch on January 1st, 2023. Only the Bima Sugam exchange platform will have all of the insurance providers’ products available. Additionally, the agent will have the option of selling the coverage on Insurance Sugam. IRDA will keep an eye on the insurance marketplace.

Purpose of Bima Sugam Portal

The Insurance Regulatory and Development Authority of India, which has been authorised by the Insurance Regulatory and Development Authority of India, has as its primary objective to provide benefits of various facilities to all of the nation’s citizens from the point of policy purchase to the point of claim settlement. The policyholder and potential customers will be able to choose from a variety of products, businesses, and payment options on this platform. Also, on this platform you will be able to take advantage of many insurance facilities. It will have the facility of policy portability with insurance policy purchase, claim settlement, agent portability. 

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Bima Sugam Portal Overview

Name of PortalBima Sugam Portal
Launched ByBy the Insurance Regulatory and Development Authority of India
PurposeProviding convenience from policy purchase to claim settlement
BeneficiaryCitizens buying insurance policy
year2022
official websitewill launch soon

Benefits and Features of Bima Sugam Portal

  • The insurance Exchange Platform named Bima Sugam Portal has been approved by the Insurance Regulatory and Development Authority of India.
  • Under Bima Sugam Exchange, all citizens will be able to get the benefit of various facilities.
  • Bima Sugam will be a one-stop shop for buying and selling insurance, for policy servicing, and also for claim settlement.
  • It would serve as a one-stop shop for all insurance requirements and will include services including purchasing insurance policies, portability features, switching insurance agents, and resolving disputes.
  • It will provide policyholders access to all these features through an e-insurance account (E-IA), which allows them to view their policies and submit claims.
  • With an API (Application Programming Interface) interface, it will simply plug and play.
  • The online platform, encompassing both life and non-life insurance, is set to go live on January 1, 2023.
  • Bima Sugam sees banks, brokers, insurance agents, web aggregators like PolicyX and PolicyBazaar, and other businesses acting as middlemen in the sale of insurance products to consumers.
  • The key stakeholders in Bima Sugam are going to be Life Insurance Council (30%), General Insurance Council at (30%), Online PSBs-Public Sector Banks (35%) and Brokers Association (5%).
  • It will have linkages with the Unique Identification Authority of India (UIDAI), the Central Depository Services Limited (CDSL), the National Securities Depository Limited (NSDL) and more.

Procedure to apply on Bima Sugam Portal 2022

IRDAI has still not made its official website available for applicants to use on this Insurance Sugam portal. as soon as Bhima Sugam’s official website is launched. In light of this, we will inform you in this post. so that by applying on this page, you may benefit from all insurance-related services. You’ll have to hold out a bit longer for this.

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