Insurance policies will now be available like online shopping; learn about Bima Sugam.

Bima Sugam Portal: A new digital platform is about to be launched to compare insurance policies from all insurance companies in one place. Learn how it will work.

Bima Sugam Portal: Insurance is a crucial aspect of people's lives. People insure themselves for various things so they don't face any sudden financial burden in the future. Purchasing insurance is a very responsible decision, so people make it carefully. However, sometimes there are some things that people don't understand. Imagine if buying insurance became like online shopping.

Something like this is about to happen. IRDAI has announced the launch of the Bima Sugam Portal. It will not only make it easier to purchase life, health, or motor insurance, but also to compare them, settle claims, and renew policies. Learn the full story.

What is the Bima Sugam Portal?

Currently, people have to visit different sites to compare different companies for insurance policies. However, Bima Sugam is being described as India's first unified digital platform, where insurance companies, agents, and intermediaries will all be connected. It will be a one-stop solution, connecting the entire insurance ecosystem.

The Life Insurance Council and the General Insurance Council have supported it. Significantly, the first phase of Bima Sugam will launch in December, but it will be expanded with additional features in a phased manner in the coming months. Major names in the insurance industry believe that this platform will be beneficial for both consumers and companies.

What features will it offer?

Through this platform, customers will be able to purchase policies directly and compare offers from companies. The option to choose any type of health, life, or motor insurance policy will be available. Furthermore, policy renewal, claim settlement, and tracking will also be possible online. According to reports, this digital platform will also require agents and intermediaries to operate with greater transparency.

IRDAI states that this will not only save customers time and money but also increase trust in the insurance industry. In the future, it will be implemented on a larger scale under GIC's roadmap to ensure that more people can benefit.