The Insurance Regulatory and Development Authority of India (IRDAI) has established a steering committee to oversee the development of the ambitious ‘Bima Sugam’ platform. This platform aims to simplify the process of purchasing various insurance policies, including life, health, motor, and property insurance, online. Bima Sugam will serve as a centralized hub, providing access to insurance companies, agents, brokers, banks, and aggregators. Cyril Amarchand Mangaldas (CAM) has been appointed as the legal counsel for the project, responsible for establishing a not-for-profit company to own the platform. Bima Sugam will offer a wide range of insurance products, enabling digital onboarding without manual intervention.
Facts/Terms for UPSC Prelims
- Insurance Regulatory and Development Authority of India (IRDAI): The regulatory body in India responsible for overseeing and regulating the insurance industry to protect the interests of policyholders.
- Apex Decision-Making Body: The highest authority responsible for making strategic decisions regarding the Bima Sugam platform’s development and operation.
- Aggregators: Entities that bring together various insurance products and providers to offer consumers a choice of policies through a single platform.
- Section 8 Company: A type of nonprofit organization in India that can be formed for promoting commerce, art, science, sports, education, research, social welfare, and more.
- End-to-End Digital Onboarding: The entire process of signing up for an insurance product, from application to approval, without the need for manual intervention, ensuring a seamless and efficient user experience.
