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Bima Sugam India Federation (BSIF), the entity that will steer electronic marketplace Bima Sugam mooted by insurance regulator IRDAI, has launched its official website.
It marks the first visible step in building India’s pioneering digital public infrastructure for insurance, IRDAI said after chairman Ajay Seth unveiled the website. The rollout of platform features, however, will follow a phased approach, ensuring highest levels of security, compliance and scalability.
Live in coming months
The marketplace will progressively go live with real transactions as insurers and ecosystem partners complete necessary integrations over coming months, Insurance Regulatory and Development Authority of India said on Wednesday.
“Bima Sugam will empower policyholders, deepen insurance penetration and ensure transparency and fairness across the value chain… confident with collective industry commitment, the Insurance for All by 2047 vision as part of the Prime Minister’s mission of Viksit Bharat 2047 will become a reality,” Mr.Seth said.
Insurance e-marketplace Bima Sugam is a part of the Bima Trinity IRDAI had conceived – composite product Bima Vistaar and women-centric distribution channel Bima Vahak are others.
Pass on GST cut benefit
Mr. Seth, who assumed office as IRDAI chairman recently, on Wednesday chaired a meeting with the insurance industry CEOs and appointed actuaries. The insurers were advised to ensure full benefit of the decision to exempt GST on individual life and health insurance policies, effective September 22, is passed on to policyholders, IRDAI said.
A long-standing demand of the industry and policyholders has been addressed in its entirety and it is the industry’s turn now to step up to significantly improve affordability, accessibility and availability of insurance products suitable for different segments of the population and economic entities. Mr. Seth said the exemption would open-up a big opportunity for insurers to increase coverage, penetration and enhance product proposition.
Deliberations covered steps required to expand penetration beyond urban centres, insurers going beyond fulfilling obligations in rural and social sectors, expanding coverage of government sponsored insurance schemes for vulnerable sections, taking measures to improve service quality, including claims settlement in timely and efficient manner, and making grievance redressal mechanism robust and more responsive.
The meeting also underscored need to further strengthen and establish service standards for market conduct, compliance, risk management, and internal audit functions, along with creating a standing forum at the Life Council to examine Court awards, IRDAI said.
Industry leaders welcome the launch
Industry leaders welcomed the launch of the website. Bajaj Allianz General Insurance MD and CEO and Chairman of the General Insurance Council Tapan Singhel said “the launch of the Bima Sugam website marks a historic step towards making insurance simple, seamless, and accessible to every Indian. It is proof of what the industry can achieve when we come together, not as competitors, but as collaborators.”
“With the regulator’s vision and the united commitment of all insurers, Bima Sugam will transform India’s insurance landscape and set a global benchmark in digital public infrastructure,” he said.
Generali Central Life Insurance MD and CEO Alok Rungta described it as a landmark initiative poised to redefine how Indians access life insurance.
“By offering a single, unified digital platform, it empowers customers to make informed decisions about their insurance needs with greater transparency and ease. This initiative is a significant step toward realising the ‘Insurance for All by 2047’ vision of making coverage more inclusive, accessible, and customer-centric,” Mr. Rungta said.
Insurance Brokers Association of India President Narendra Bharindwal, welcoming the website launch, said Bima Sugam is a landmark initiative that places policyholders at the very heart of India’s insurance ecosystem.
“By leveraging Digital Public Infrastructure, this platform will enhance transparency, trust, and accessibility while simplifying insurance for millions of citizens,” Mr. Bharindwal said.
Published – September 17, 2025 08:33 pm IST
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