Bima Sugam: A Breakthrough Movement in the Insurance Industry

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Plutus Academy
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Bima SugamTransforming the Insurance Industry

• GS3 Economy

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Bima Sugam

• The Insurance Regulatory and Development
  Authority of India (IRDAI) has taken a bold step
  in revolutionizing the insurance industry.
• Bima Sugam aims to establish the world's first
  comprehensive online marketplace for insurance
  products and services.
• This article is derived from the native content
  for Bima Sugam. We recommend that readers click
  on the highlighted link to learn more about it.
• Goal Simplify insurance selection and paperwork
  complexities.

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Features of Bima Sugam
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Bima Sugam

• Benefits for Customers
• End-to-end solution, reducing paperwork.
• Lower commission costs.
• Single platform for purchase, service, and
  settlement.
• Online claim settlements and renewal.
• Timeline
• Originally planned for January 2023, now
  launching in June 2024.
• Ownership distribution Life and general
  insurance companies (47.5 each), brokers, and
  agent bodies (2.5 each).
• We cannot deny the significance of Current
  affairs Topics for competitive exams. So,
  students can get regular access to such news on
  our Plutus Academy website.

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Insurance Regulatory and Development Authority of
India (IRDAI)

• Established in 1999, autonomous and statutory
  entity.
• Safeguards policyholders' interests, promotes
  growth, and regulates the insurance industry.
• Nodal ministry Ministry of FinanceHeadquarters
  Hyderabad.
• Numerous IELTS, CUET SSC, and BANK aspirants join
  Plutus Academy for quality guidance and coaching.
  We are considered the best SSC coaching in Noida
  and Delhi NCR, along with fantastic study
  resources, qualified mentors, and so on.

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IRDAI's Functions
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