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Bima Sugam: What is IRDA’s proposed Bima Sugam, which experts are calling UPI of Insurance? Know how it will work

What is Bima Sugam?: The insurance regulator is soon going to launch a platform called Bima Sugam, which is being described as a gamechanger. Let us know in detail about Bima Sugam…

You must have heard about Bima Sugam in the past discussions. This is in a lot of headlines these days. All the experts are praising it. Many people are calling it a gamechanger like UPI for the insurance sector. People are claiming that Bima Sugam will change the entire picture of the insurance sector. So let us know what is this Bima Sugam and what changes can it bring in the field of insurance…

What is IRDA’s Insurance Sugam?

Bima Sugam is actually a proposed platform. Before knowing about this, let us discuss some more things, which will make it easier to understand further. You must have used Amazon, Flipkart, Myntra etc. Whether you want to buy clothes or mobile, these e-commerce platforms often prove to be people’s favorite shops. Now imagine that there is a similar online shop for insurance also. Bima Sugam is the platform to make this vision come true.

For whom will this platform be?

It will work like a centralized online insurance market, where all the insurance companies will always be available with all their products. Along with insurance companies, many insurance agents, brokers, banks and even aggregators will also be present on this platform. You will be able to buy any insurance product of your choice and need including life insurance, health insurance, car insurance from this online shop named Bima Sugam anytime and from anywhere.

What tasks will be made easier through insurance?

The work of Bima Sugam does not end here. Rather it can be said that the work of this platform just starts from here i.e. from the sale of insurance. Once the insurance is sold, all insurance related services, from servicing to claim management, will be available through this platform. In short, once the Bima Sugam platform is launched, you will be able to handle all the insurance related work on this one platform.

Who will benefit from Bima Sugam?

Now the question arises who will benefit from the Bima Sugam platform? The answer is – everyone. A common man i.e. customer will get the benefit that he will not need to go to many places to buy the insurance of his choice and need. Insurance companies will benefit as their expenses on product distribution will reduce. Brokers/agents will benefit that they will get customers from this one platform. IRDA i.e. the regulator will benefit that if all the things get integrated, it will become easier to regulate.

Will premiums be reduced through insurance?

The benefits of Bima Sugam are also not limited to this. Now it is a simple thing, if the costs of insurance companies are reduced then naturally the product will be cheaper. Meaning customers will get better products at lower premium.

If customers have to pay less premium on products like life insurance and general insurance, then their money will be saved. It is also possible that IRDA may give some discount on purchasing insurance through Bima Sugam. On the other hand, simplifying the process will improve access to insurance.

How will the platform work?

Now the question arises that how will insurance work smoothly? Every policyholder will have an account on this platform, which will be called e-insurance account. The insured will be able to track all his insurance from one account. Understand it like this. You have taken health insurance from some other company.

Your life insurance is from some other company. Whereas your car is insured by a third company. Currently you have to log in to different accounts to manage all three. Bima Sugam will make this even simpler. You will log into your e-insurance account on Bima Sugam and there you will get all your insurance details together. Through this platform, customers will also get the facility to port the agent and policy.



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