look news india
New Delhi: From now on, visiting each insurance company's website or contacting the company's agents is not the only way for people to buy insurance. An insurance framework will be available through Bima Sugam where information of all insurance companies will be available on one platform.
The Insurance Regulatory Board has approved 'Bima Sugam' platform, where policyholders can compare premiums and view the complete range of insurance products and purchase as per their requirements.
The platform is set to list insurance across life, health and general insurance categories. This time, the Insurance Regulatory and Development Authority of India (IRDAI) in its statement said that the marketplace acts as a one-stop solution for all insurance stakeholders including consumers, insurers, intermediaries and agents, providing transparency and ease in insurance policy services. Brings efficiency. , Collaboration is encouraged.
Earlier, IRDAI had described Bima Sugam as a UPI system for the insurance industry. In the draft rules released in February, Bima Sugam, set up under the Companies Act, 2013, was registered as a non-profit entity where customers will not be charged for availing the services of the platform.
The Board of Bima Sugam will consist of the company's own Chairman and CEO and two nominees of Irdai, who will be appointed after consultation with Irdai. The Board has also finalized rules regarding registration and operation of foreign reinsurance branches.
