Bima Sugam Portal

February 14, 2023

The growth rate of the insurance sector in the country is very slow. Indian insurance sector accounts for less than 1.5% of world insurance. GoI has been taking several measures to increase investment in the sector. The FDI limit was increased to 49% from 26%. LIC was disinvested; Sampoorna Bima Gram Yojana has launched; Jeevan Jyoti Bima Yojana; Pradhan Mantri Suraksha Bima Yojana, etc. Despite the steps, the sector remains stagnant. To create a common platform for insurance buyers and sellers, the GoI recently launched the Bima Sugam Portal. Here, you can find all the insurance companies in the market. Also, you can buy insurance schemes here.

What is Bima Sugam Portal?

It is an electronic platform to sell insurance. Policyholders can view their insurance plans here. They can manage their plans. The portal is accessible to insurance buyers, and sellers. Agents and intermediaries can also have access to the portal.

Benefits

The portal will mainly help startups entering the insurance sector. Also, it is an attractive option for the insure tech and wealth tech companies as the portal holds centralized data of the products. There are hidden details in some insurance policies. Such issues can be avoided. Buyers get to learn about different plans and choose the right one!

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