Current Context : The Insurance Regulatory and Development Authority of India (IRDAI) has officially announced the launch of the Bima Sugam portal.

ABOUT BIMA SUGAM PORTAL

• Purpose: Unified digital marketplace for all insurance services
• Backed by: Life Insurance Council and General Insurance Council
• Coverage: Life insurance (term, savings, annuity, pension, ULIP) and health insurance products

KEY FEATURES

• Buy, sell, renew, manage, and claim insurance policies on a single platform
• Centralised database for insurance-related queries
• Enables quick acceptance of new and sandbox insurance products
• Uses advanced digital technologies to automate and digitise processes
• Brings insurers, intermediaries, and customers onto one platform