Consider the following statements with reference to the Bima Sugam Portal —
- It has been launched by the Insurance Regulatory and Development Authority of India (IRDAI) as a unified marketplace for multiple types of insurance.
- It provides end-to-end services including purchase, renewal, management, and claim settlement of insurance policies.
- Unlike private aggregators, it is managed by the Bima Sugam India Federation (BSIF), in which all insurance companies are stakeholders.
- It has been modelled on the lines of UPI by creating a common digital infrastructure for the insurance sector.
Which of the statements given above are correct?
Explanation – IRDAI has officially launched Bima Sugam as a unified marketplace for all insurance needs—life, health, motor, travel, property, and agricultural policies. The platform provides end-to-end services including purchase, renewal, management, and claim settlement with real-time processing. It is managed by the Bima Sugam India Federation (BSIF), where all insurance companies are stakeholders and many hold equity stakes. The platform aims to do for insurance what UPI has done for digital payments by creating common digital infrastructure.
Explanation – IRDAI has officially launched Bima Sugam as a unified marketplace for all insurance needs—life, health, motor, travel, property, and agricultural policies. The platform provides end-to-end services including purchase, renewal, management, and claim settlement with real-time processing. It is managed by the Bima Sugam India Federation (BSIF), where all insurance companies are stakeholders and many hold equity stakes. The platform aims to do for insurance what UPI has done for digital payments by creating common digital infrastructure.