Bima Sugam Marketplace

The Bima Sugam Marketplace is an initiative by the Insurance Regulatory and Development Authority of India (IRDAI) aimed at revolutionizing the insurance sector in India. It is designed to function as a comprehensive digital platform where all insurance policies can be accessed, bought, sold, and serviced. Set to launch in June 2024, this platform aims to increase the penetration, availability, accessibility, and affordability of insurance in India. By converting insurance policies to a digital format and allowing for easier management of policies and claims, Bima Sugam intends to simplify the insurance process for policyholders. It promises lower costs, easier claim settlements, and a seamless user experience, backed by a regulatory framework that fosters transparency and efficiency. This significant move towards digitization is projected to empower policyholders and contribute to the goal of achieving ‘Insurance for all by 2047’.