Bima Sugam Portal launched
Bima Sugam Portal:- Recently the Insurance Regulatory and Development Authority of India (IRDAI) has Bima Sugam Portal Permission has been granted. It is an insurance exchange platform. Which insurance exchange provides all insurance facilities like buying insurance, insurance, agent portability and claim settlement. IRDAI tries to provide health insurance at an affordable rate to all the citizens of the country. Insurance companies have been asked by the insurance regulator to start by January 2023. All the services related to insurance can be availed through Bima Sugam Portal. Bima Sugam will make everything from buying a policy to claim settlement easy. If you want to provide all the important information related to Bima Sugam Portal. So you have to read this article carefully.
Bima Sugam Portal 2023
An insurance exchange platform named Bima Sugam Portal has been approved by the Insurance Regulatory and Development Authority of India. Under the Bima Sugam Exchange, all citizens will be able to get the benefit of various facilities. It is an online platform. Where all life and general insurance policies will be listed. Bima Sugam will be responsible for sales, servicing and claims arising out of these insurance policies. Bima Sugam Exchange facilitates citizens from policy buying to claim settlement. Products of all insurance companies will be available on the Bima Sugam Exchange platform only. The agent will also have the option of selling the policy on Bima Sugam. IRDA will monitor the insurance platform. Let us tell you that General Insurance Council has 30 percent stake, Life Insurance Counseling has 30 percent stake, Online PHP has 35 percent and Brokers Association has 5 percent stake in Bima Sugam Exchange.
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Bima Sugam Portal information about
| article name | Bima Sugam Portal |
| approved | by the Insurance Regulatory and Development Authority of India |
| Objective | Facilitation from policy purchase to claim settlement |
| beneficiary | citizens who buy insurance policies |
| Year | 2023 |
| official website | to be launched soon |
Purpose of Bima Sugam Portal
The main objective of granting approval to the Bima Sugam portal by the Insurance Regulatory and Development Authority of India is to facilitate all the citizens of the country from policy purchase to claim settlement and avail various facilities. This is the online portal where all life and general insurance policies will be listed. Which insurance exchange provides all insurance facilities like buying insurance, insurance, agent portability, and claim settlement. IRDAI tries to provide health insurance at an affordable rate to all the citizens of the country. On the Bima Sugam Portal, the policyholder and his family insurance policies will be accessible at one place. Wherever agents are involved, the after-sales service of the policy will be better.
Customers will get a better experience. There will be a boost in the matter of taking subscriptions by all the companies as an approved person.
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E insurance account will be like a demat account
Under Bima Sugam, policyholders will have a Demat account like an e-insurance account. In which the policyholders will be able to keep all the insurance policies of themselves and their family members together in the insurance repository of their choice. Bima Sugam Portal Through this, the insured will be able to keep all their health insurance, life insurance, and vehicle insurance safe. There will be no need to keep physical documents safe in this. Apart from this, paperwork will not be required for the policy renewal as well. Which will make the whole process easier. On the basis of the insurance policy having the details of the insurance policy online, the bank will be able to easily give loans to the insurance holders. The digital platform has been approved for insurance claims and other services under Bima Sugam.
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Insurance claims will be easy and the picture will change
Through the Bima Sugam portal, the facility of accessing the policyholder and his family insurance policies will be available in a single place. The claim settlement for the nominees/beneficiaries will also become easier as it is available in one place. Due to this fraud can also be stopped. Bima Sugam Portal will be a one-stop platform for all insurance needs across categories like health insurance, life insurance, general insurance like motor travel, etc. Through this, people will be able to take insurance products of all companies from one place. For amendments to the sandbox rules have already been initiated. Which will help in insurance smooth innovation. And at the same time, those start-ups will also be encouraged. Who is coming up with new solutions?
Taking things forward, IRDAI Chairman Debashish Panda believes that there is a need to bring in parametric insurance products and cover OPD services. Today the health insurance market in the country is about Rs 60,000 crore. Due to this it is estimated that it will increase annually in the coming few years at the rate of 30 to 35 percent. Which has been about 19 percent annually in the last 5 years.
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Bima Sugam Portal Benefits and Features of
- Through the Bima Sugam Portal, all the needs related to insurance like buying a policy, premium for the policy, use of calculator, insurance claims, settlement can be done easily.
- On this platform, the policyholder will be able to take advantage of the insurance facilities.
- Along with buying insurance policy, claim, settlement, agent portability on the Bima Sugam portal, it will also have the facility of policy portability.
- There will be facility of E-BIMA, E-IA account in demat format for every policy holders.
- You will not need to keep the physical document of the policy safe and also there will be no paper work required for renewal.
- On the Bima Sugam Portal, the policy holder and his family insurance policies will be accessible at one place.
- Wherever agents are involved, the after sales service of the policy will be better.
- Customers will get better experience All companies will get a boost in terms of taking subscription as an approved person.
- A circular is expected from IRDA soon.
- In order to provide life and health at subsidized premium and ease of doing business, there will be multiple solutions under Bima Sugam for policy holders.
- Whose access will be with the insurers, agents and intermediaries and the customer.
- Bima Sugam Portal will be linked with UIDA, NSDL, CDSL.
- Bima Sugam Exchange will be monitored by IRDA.
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The process to apply on Bima Sugam Portal 2023
As we have already told you that the Insurance Sugam Portal has been approved by the Insurance Regulatory and Development Authority of India. Which is an online platform. Where all life and general insurance policies will be listed. Bima Sugam Exchange will facilitate citizens from policy purchase to claim settlement. But let us tell you that the official website has not been launched by IRDAI to apply on this Bima Sugam portal. As soon as the official website for Bhima Sugam will be launched. So we will inform you through this article. So that you can get the benefit of all insurance facilities by applying on this portal. For this you will have to wait a while.