Insurance marketplace Bima Sugam expected to be launched by April 2025

The meeting was attended by the CEOs of life, general and health insurance companies, along with the Life and General Insurance Councils.
The entity would be incorporated as a Section 8 (non-profit) company under the name ‘Bima Sugam India Federation’.
The entity would be incorporated as a Section 8 (non-profit) company under the name ‘Bima Sugam India Federation’.

NEW DELHI : The first phase of Bima Sugam, a one-stop online solution for all insurance needs, is expected to be launched next year around April 2025.

In a meeting chaired by IRDAI chairman Debasish Panda to review the status of Bima Sugam project on Friday, it was informed that filing formalities for the incorporation of the entity have been completed. The entity would be incorporated as a Section 8 (non-profit) company under the name ‘Bima Sugam India Federation’.

The meeting was attended by the CEOs of life, general and health insurance companies, along with the Life and General Insurance Councils.

A statement by the General Insurance Council said the process of appointing the MD & CEO, along with other key managerial personnel for the Bima Sugam entity, is nearing completion. The business structure of Bima Sugam and updates from various sub-groups, including operations and technology, were also reviewed during the meeting. Panda stated that Bima Sugam is a revolutionary project for the Indian insurance sector and is poised to democratise and universalise insurance in India and possibly one of the first initiatives of its kind across the world.

Tapan Singhel, chairman of the General Insurance Council, says the collective efforts of all stakeholders are critical, and they are confident that the platform will play a pivotal role in achieving Insurance for All by 2047. The meeting included discussions on recently notified health insurance regulations/master circular, which have been revamped by the regulator to ease the overall experience of the policyholders.

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