IRDAI approves ‘Bima Sugam’ insurance exchange platform, these facilities will be available

Bima Sugam: Policyholders will have an e-insurance account like a demat account, in which they will be able to keep all the insurance policies of themselves and family members together in the insurance repository of their choice.

Bima Sugam: The Insurance Regulatory and Development Authority of India (IRDAI) has given its approval to an insurance exchange platform named ‘Bima Sugam’. This insurance exchange provides all the insurance facilities like buying insurance, claim settlement, insurance and agent portability etc. Let us inform that IRDAI is trying to provide health insurance to all the citizens of the country at an affordable rate. So that people can get the benefit of many facilities under this insurance accessible exchange. Bima Sugam Exchange provides people with the convenience of policy purchase to claim settlement.

The products of all insurance companies will be available on the Bima Sugam exchange platform itself. There will also be an option for the agent to sell the policy on Bima Sugam. IRDA will monitor the insurance platform. Let us inform that Life Insurance Council has 30 percent stake in Bima Sugam Exchange, General Insurance Council has 30 percent stake, Online PSB’s stake is 35 percent and Brokers Association’s stake is 5 percent.

E-insurance account will be like demat account

Under this, policyholders will have an e-insurance account like a demat account, in which they will be able to keep all the insurance policies of themselves and their family members together in the insurance repository of their choice. Insured will be able to keep all their health insurance, vehicle insurance, life insurance safe in this. With the digitization of insurance policy details, banks will be able to easily give loans based on the insurance policy. IRDA has approved Bima Sugam Digital Platform for insurance claims and other services.

Insurance will change easily

The Insurance Regulatory and Development Authority of India is working on a new insurance platform ‘Bima Sugam’. It will be a one stop solution, through which people will be able to get insurance products of all companies from one place. For this, amendments to the rules have already been started in the sandbox which will help in innovation. This will also encourage those start-ups who are coming up with new solutions. IRDAI Chairman Debashish Panda also believes that there is a need to bring in parametric insurance products and cover OPD services while taking such things forward. At present, the health insurance market in the country is around Rs 60,000 crore. It is estimated that it will grow at the rate of 30-35 percent annually in the coming few years, which has been around 19 percent annually in the last five years.

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Benefits of Insurance in Demat Format

In the e-insurance account, the policyholder will have the facility to view all his life, vehicle, health insurance policies. – In the e-insurance account, all types of insurance policies including transactions and documents will be available at one place. With this, policyholders will be able to get information about policy commencement date, maturity status, enrollment, address, terms and conditions. There will be no need to keep a physical copy of the Insurance Policy Bond. The premium payment of the insurance will be transferred directly to the insurance company and the chances of fraud will be greatly reduced.