Bima Sugam will be a one-stop shop for sales, service, and claims. Aggregators like PolicyBazaar, brokers, banks and insurance agents will act as facilitators or bridges in terms of selling insurance policies through Bima Sugam to individuals.
The Insurance Regulatory and Development Authority of India (IRDAI) is likely to launch Bima Sugam, a one-stop insurance platform where all life and general insurance policies will be listed, by August 1. According to experts, this could prove to be the biggest reform in the insurance sector in the days to come.
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Bima Sugam will be responsible for sales, servicing and claims from the insurance policies. Aggregators like PolicyBazaar, brokers, banks and insurance agents will act as facilitators or bridges in terms of selling insurance policies through Bima Sugam to individuals.
Individuals will also be able buy life, motor or health insurance policies through Bima Sugam.
