Bima Sugam - Insurance Electronic Marketplace

The Indian insurance market has been growing at a remarkable pace, driven by increasing awareness, digital adoption and the rising need for financial protection. As highlighted in IRDAI's Annual Report 2023-24, nearly 2,19,702 insurance policies were issued through web aggregators alone, showcasing how technology and online channels are reshaping the way customers access insurance.

Recognising this momentum, the Insurance Regulatory and Development Authority of India (IRDAI) has introduced a forward-thinking initiative - Bima Sugam. The focus of the initiative lies on creating a more consumer-friendly ecosystem that can support the ambitious goal of "Insurance for All by 2047".

With this reform, the entire insurance journey is expected to become more simplified, transparent and convenient. This will also mark a new chapter in India's insurance story, making coverage easier to explore, understand, and adopt. To guide you through this transformation, we will explain everything you need to know about Bima Sugam, from what it is to how it will make insurance not just easier but also more efficient for every Indian.

What is Bima Sugam?

Bima Sugam is a cutting-edge digital platform designed to transform the way insurance operates in India.

Built as a robust Digital Public Infrastructure with open standards and interoperable systems, it enables seamless integration with various services and acts as a unified marketplace for various insurance products from different companies. Through the Bima Sugam portal, users can buy, sell, and service insurance policies, settle claims and address grievances, all in a paperless and transparent way.

Serving as a one-stop solution for all stakeholders, including consumers, insurers, intermediaries and agents, Bima Sugam promotes transparency, efficiency and collaboration across the entire insurance value chain. The platform also encourages technological innovation, making insurance more accessible and reliable for everyone.

Goals of Bima Sugam

• Accessibility for All - To extend insurance reach to Tier 2, Tier 3 and rural India and simplify the insurance journey for a wider audience.
• Standardisation and Simplicity - To reduce complexity for customers and promote a seamless experience by mandating uniform proposal, claim and servicing forms across all insurers.
• Digital and Paperless Workflow - To remove the need for physical paperwork by enabling fully digital journeys with e-policy issuance and service requests.
• Customer-Centric Experience - To empower users to manage policies independently through a Bima Sugam ID.
• Grievance Management and Regulatory Oversight - To ensure fairness, transparency and customer-first practices by offering an integrated grievance redressal dashboard and acting as a regulatory utility under IRDAI's custodianship.

Key Features of Bima Sugam

• Unified Marketplace - Single platform to access products from multiple insurers.
• Integrated Experience - Enables users to manage the entire insurance journey, from purchase to claims and grievance redressal, seamlessly in one place.
• Regulator-Backed - Supported by IRDAI, Life Insurance Council and General Insurance Council, ensuring trust and transparency.
• Zero-Commission Model - Ensures affordability and transparency by eliminating commissions on platform-based transactions.
• Inclusive Design - Built with simple UI/UX, regional languages and accessibility features to reach Tier 2, Tier 3 and rural India.

Why is Bima Sugam Needed?

India's insurance sector has been growing steadily but several challenges continue to restrict its full potential. Insurance penetration, particularly in semi-urban and rural areas, remains relatively low, leaving a large section of the population without adequate financial protection.

At the same time, customers often face confusion due to varying forms and processes across insurers, making the insurance journey complicated. Traditional distribution channels add to the cost of policies through commissions while aggregator platforms sometimes prioritise products based on incentives rather than customer needs, reducing transparency.

Bima Sugam has been conceptualised to address these issues by introducing a simplified, standardised and customer-first digital ecosystem.

With features like a centralised KYC repository, a unique Bima Sugam ID for each customer, 100% digital and paperless workflow and standardised processes across insurers, the platform simplifies the insurance journey while ensuring greater transparency.

Its zero-commission model reduces distribution costs, making policies more affordable and enabling insurers to expand their reach across wider markets.

How Will Bima Sugam Work?

The Bima Sugam website has been launched by the Bima Sugam India Federation (BSIF) and is currently being developed as a phased, scalable digital infrastructure. The BSIF will facilitate, develop, operate and maintain the Bima Sugam portal to offer various services to insurance stakeholders.

Bima Sugam will issue a unified digital identity called "Bima Pehchaan". This unique Bima Pehchaan ID will be linked to Aadhaar, PAN and mobile number, serving as a single key to the user's insurance ecosystem.

With this ID, you will be able to -

• Digitally access and manage all your Bima Sugam insurance policies through a single dashboard.
• Eliminate a large part of the paperwork and duplication.
• Track claims, update nominees and request policy servicing in real time.

Latest Updates on Bima Sugam

• Official Website Launched - The Bima Sugam website, India's unified digital insurance marketplace, has been launched by Bima Sugam India Federation (BSIF), a not-for-profit company under Section 8 of the Companies Act, 2013.
• Phase-wise Rollout - The platform will be rolled out in phases. This will ensure that all features are integrated smoothly and securely. In line with the Board-approved roadmap, the marketplace will progressively go live with real transactions as insurers and ecosystem partners complete necessary integrations over the coming months.
  
• Product Configurator Functionality - The product configurator is now operational, enabling insurers to:
  • Configure insurance products.
  • Upload detailed product specifications.
  • Configure APIs or set redirect URLs.
  • Define display logic and criteria for target groups​

• First Phase Launch - The initial phase of the platform is scheduled to go live in December 2025 with the launch of the following -
  • Third-Party (TP) Motor Insurance
  • Travel Insurance
  • KYC-as-a-Service
  • Grievance Modules

Types of Insurance Products Covered

Bima Sugam is designed to be a one-stop shop for all insurance needs, encompassing a wide range of products across different categories. The platform will host offerings from every registered insurer, making it easier for customers to compare and purchase policies.

The types of insurance products covered include -

• Life Insurance
• Health Insurance
• Motor insurance
• Travel insurance
• Home Insurance and more

Top Insurance Products Offered by Reliance General Insurance

Benefits of Bima Sugam

For Policyholders

• Lower Costs - Consumers incur no charges as Bima Sugam operates as a zero-commission marketplace.
• Single Window for All Needs - No need to visit different insurer portals or agents, everything will be housed digitally under one account.
• Increased Choice - Access the complete range of insurance products and insurers in India.
• User Empowerment - Informed decision-making through side-by-side comparison and transparent information.
• Faster Claims - Streamlined claims process with real-time tracking, digital communication and backend integration between insurers and TPAs.

For Insurance Compa​nies

• Lower Operational Costs - The paperless processes reduce the administrative burden, significantly lowering operational expenses.
• Deeper Market Penetration - The platform's ease of access and simplified user experience can help insurance companies reach a wider audience, including those in semi-urban and rural areas.
• Enhanced Compliance - A centralised, digital system helps insurers reduce mis-selling and improve compliance oversight.
• Fraud Reduction - Centralised data and authentication can minimise fraudulent claims and unethical practices.
• New Revenue Streams - The platform provides a new, cost-effective channel for insurers to distribute their products and services directly to consumers.

Bima Sugam​​ vs. Private Aggregators

Bima Sugam represents a transformative step in India's insurance landscape, unifying a fragmented, commission-driven model into a unified, consumer-centric digital public infrastructure.

The platform's comprehensive features, such as a single dashboard for all policies, zero commission, real-time claim tracking and a unified digital identity, will simplify insurance management for consumers and also streamline operations for insurers.

Bima Sugam IRDAI is poised to revolutionise the insurance ecosystem by fostering greater inclusion and penetration across urban and rural India.

Envisioned as the "UPI moment" for insurance, it will serve as a robust foundation for innovation, transparency and efficiency, supporting the vision of "Insurance for All by 2047" and setting new global standards for digital public infrastructure in insurance.

FAQs

Is Bima Sugam launched?

Yes, the Bima Sugam website was launched on September 17, 2025, by the Insurance Regulatory and Development Authority of India (IRDAI) in Hyderabad.

Who is the founder of BIMA Sugam?

Bima Sugam does not have a single founder. It is an initiative led by the Bima Sugam India Federation (BSIF). The platform is backed by the Insurance Regulatory and Development Authority of India (IRDAI) and supported by the Life Insurance Council and General Insurance Council.

Who is the CEO of BIMA Sugam?

The CEO of Bima Sugam is Mr. Prasun Sikdar, a distinguished veteran in the financial services industry, with nearly three decades of transformative leadership across the BFSI sector - spanning Life Insurance, Health Insurance, Banking and Credit Cards. He is appointed as the Managing Director and Chief Executive Officer of Bima Sugam India Federation.

Who is the chairman of Bima Sugam?

The Chairman of Bima Sugam India Federation (BSIF) is Mr. Rakesh Joshi, a former whole-time member of the Insurance Regulatory and Development Authority of India (IRDAI) from March 2022 to December 2023. He is also a member of the Risk Management Committee and Insurance Advisory Committee of IRDAI.

Where is the headquarters of Bima Sugam India Federation?

The headquarters of Bima Sugam India Federation (BSIF) is located at Unit No. 602, 6th Floor, Tower B, Prima Bay, Gate No. 5, TC-II, Saki Vihar Road, Powai, Mumbai, Maharashtra - 400072, India.

What is insurance for all by 2047?

Insurance for All by 2047 is a government initiative aimed at achieving universal insurance coverage across India. It envisions providing every individual with suitable life, health and property insurance, ensuring enterprises have appropriate coverage, and enhancing the global competitiveness and attractiveness of the Indian insurance sector.