What Is Bima Sugam by IRDAI?

Know how Bima Sugam, IRDAI's digital platform, simplifies insurance by offering a single place to buy, manage and claim policies with ease and transparency.
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3 min
19-August-2025

The Insurance Regulatory and Development Authority of India (IRDAI) has issued an exposure draft for Bima Sugam, an online marketplace for insurance. Similar to UPI, it aims to simplify insurance processes, allowing direct purchases between an insurer and consumer, and facilitating claim settlements through the portal.

Using the platform, individuals can purchase insurance directly from insurers, while intermediaries gain the ability to sell policies online by integrating with all insurance companies.

What is Bima Sugam?

Bima Sugam is a digital platform designed to bring all insurance services under one roof. It will allow users to browse and choose from a wide range of life, health, and general insurance plans offered by different companies.

The platform aims to simplify the entire insurance journey—right from policy selection and purchase to claim settlement and renewal—through a fully paperless process using just the policy number. This means faster claim processing, whether for health coverage or death benefits, along with seamless policy management online.

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Benefits of Bima Sugam

The Bima Sugam scheme comes with multiple advantages, making it a convenient and inclusive choice for different sections of society:

  • Transparency: With its simplified structure and clearly defined terms, Bima Sugam policies will eliminate confusion caused by complex clauses and jargon. This ensures that policyholders clearly understand their coverage.

  • Accessibility: Designed to increase inclusivity, Bima Sugam by IRDAI will make insurance easier to access for individuals who often find traditional insurance products complicated. This will help extend coverage to a wider population.

  • Ease of purchase: The digital, streamlined process of Bima Sugam will make buying insurance faster and hassle-free. This user-friendly approach is expected to encourage more people to invest in insurance, thereby strengthening financial security across society.

 

Key features of Bima Sugam

India is one of the largest insurance markets in the world and is expected to grow rapidly in the coming years, both in retail and corporate. Given below are a few key features of Bima Sugam as provisionally known till date:

  • Bima Sugam aims to empower all insurance stakeholders by connecting them all through a single platform.

  • This will be a digital platform that will use advanced technology to simplify processes for insurance companies, policy holders’, intermediaries, insurance repositories and external data sources etc.

  • Bima Sugam will handle all types of insurance needs, such as life, health, motor, and travel insurance.

  • The platform is backed by Life Insurance Council and General Insurance Council. It will enable individuals to meet all their insurance needs, from purchasing policies to settling claims.

How will Bima Sugam work?

A non-profit organisation governed under Section 8 of the Companies Act, 2013, will operate the platform. The board of the company will include two members nominated by IRDAI. A Risk Management Committee will be formed by the board to handle risks. The appointment of the Chairperson and CEO will be subject to final approval by IRDAI.

The company aims to serve insurance stakeholders, with ownership divided among life, general, and health insurers to prevent anyone from having too much control. It will employ a consent-based application for the services without charging the consumers for availing the services.

What is the need for Bima Sugam?

Bima Sugam aims to be a one-stop platform catering to all involved in insurance: customers, insurers, intermediaries, and agents. Its goals include enhancing transparency, efficiency, and collaboration throughout the insurance process. It seeks to drive technological advancements in the insurance sector and make insurance more accessible to everyone. The ultimate vision is to ensure insurance coverage for all by the year 2047, thus democratising the insurance sector and making it universally accessible.

This marketplace will make insurance an easy and accessible option for all and introduce transparency in the entire process.

Who will get the benefits of Bima Sugam?

Customers get the benefits of Bima Sugam-

  • Lower commissions, making insurance more cost-effective.

  • Reduced paperwork for faster and smoother claim settlements.

  • One-stop platform to buy policies, pay premiums, and file claims.

  • No need to visit multiple insurance company websites.

  • Unified digital storage of all policies for easy access and management.

  • Simplified process for family members or nominees to handle policies in case of emergencies.

Conclusion

Bima Sugam, launched by IRDAI, is a transformative digital platform aimed at streamlining insurance accessibility across India. Serving as a comprehensive hub, it facilitates the purchase, renewal, and management of various insurance policies, including an extensive selection of health insurance plans. The platform is designed to prioritise transparency and convenience, ensuring a seamless experience for users. By harnessing advanced technological solutions, Bima Sugam seeks to make health insurance and other services more readily available, bridging the gap between insurers and policyholders. This innovative and user-centric initiative marks a significant milestone in creating a digitally empowered and efficient insurance ecosystem.

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Frequently asked questions 

Who launched Bima Sugam?

Bima Sugam was launched by the Insurance Regulatory and Development Authority of India (IRDAI). This initiative is a significant digital reform aimed at simplifying and centralizing the insurance process across the country

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Disclaimer

*T&C Apply - Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Life Insurance Corporation of India (LIC), Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Company Limited, HDFC ERGO General Insurance Company, TATA AIG General Insurance Company Limited, ICICI Lombard General Insurance Company Limited, New India Assurance Limited, Chola MS General Insurance Company Limited, Zurich Kotak General Insurance Company Limited, Star Health & Allied Insurance Company Limited, Care Health Insurance Company Limited, Niva Bupa Health Insurance Company Limited, Aditya Birla Health Insurance Company Limited and Manipal Cigna Health Insurance Company Limited under the IRDAI composite registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure & policy wordings carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also distributor of other third-party products from Assistance service providers such as CPP Assistance Services Private Limited, Bajaj Finserv Health Limited. etc. All product information such as premium, benefits, exclusions, value added services etc. are authentic and solely based on the information received from the respective Insurance company or the respective Assistance provider company.

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