The Insurance Regulatory and Development Authority of India (IRDAI) approved something called the Bima Sugam Portal.
It’s like a website where you can find information about different insurance companies all in one place.
You can use this website to buy insurance and see how different insurance plans compare to each other. It also makes it easier and faster to deal with insurance claims.
The IRDAI also approved seven other rules during their 125th meeting. The Bima Sugam Portal lets you compare insurance plans from different companies and buy the one that suits you best.
You can also compare how much you need to pay for insurance on this website.
All kinds of insurance plans will be available on the Bima Sugam Portal. The IRDAI says it will have life, health, and general insurance.
They said this portal will be helpful for everyone involved in insurance – customers, insurance companies, middlemen, and agents. It’s meant to make things clearer and easier for everyone.
Experts think Bima Sugam will be a big deal for the insurance industry. It’s like the UPI (Unified Payments Interface) for insurance.
This website will not only let you compare different insurance plans but also speed up the process of dealing with insurance claims.
This will make insurance companies more trustworthy. The portal has been approved and will be launched soon.
The Chairman of IRDAI said it’s like UPI for insurance. They had mentioned it before in February when they talked about how Bima Sugam will work.
It’s set up as a not-for-profit website, so you don’t have to pay to use it.
