Bima Sugam

  • In September 2025, Bima Sugam, envisioned as the world’s largest online insurance marketplace, was officially launched by the Bima Sugam India Federation (BSIF) at IRDAI’s Hyderabad headquarters.
  • Bima Sugam is an integrated electronic marketplace designed to revolutionize the insurance sector through digital technology.
  • It serves as a one-stop platform for the purchase, servicing, and settlement of all insurance claims.
  • The Insurance Regulatory and Development Authority of India acts as the primary oversight and regulatory body.
  • Life, health, and general insurance companies hold equal stakes in the not-for-profit entity managing the platform.

Impact on Financial Inclusion

  • The platform reduces distribution costs by eliminating multiple layers ....
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