Why in the News?
Bima Sugam, envisioned as the world’s largest online marketplace for insurance, was officially launched by the Bima Sugam India Federation (BSIF) at the IRDAI headquarters in Hyderabad.
What is Bima Sugam?
- Overview: World’s largest unified digital marketplace for insurance products and services, initiated by the Insurance Regulatory and Development Authority of India (IRDAI).
- Coverage: Includes life, health, motor, travel, property, agricultural, and commercial insurance.
- Function: Works like Unified Payments Interface (UPI) for insurance, providing common infrastructure for purchase, renewal, management, and claims.
- Stakeholders: Brings together insurers, intermediaries, agents, brokers, banks, and customers on a single platform.
- Governance: Operated by the Bima Sugam India Federation (BSIF) with equity participation from insurance companies.
- Policy Goal: Forms part of India’s Digital Public Infrastructure (DPI), aligned with the vision of Insurance for All by 2047.
- Working: The simplified way for a user on the platform would be as follows:
- Registration: A person can register using Aadhaar-based KYC or other valid ID.
- e-Bima Account Creation: A secure, integrated insurance repository has been created.
- Policy search and comparison: Products from all registered insurance companies are listed with standardized information for easy comparison.
- Purchase: Policies can be purchased digitally with instant e-documentation and secure payments.
- Service: Policyholders can renew, update, port, or cancel policies and receive real-time assistance.
- Claims: Users can submit claims and track the process; insurance companies and TPAs will use backend access for faster verification and settlement.
Key Features:
- Phased Rollout: Begins as an information and guidance hub; full transactions enabled gradually.
- Low-Cost Model: Minimal user charges, unlike private aggregators that rely on high commissions.
- Centralised Database: Enables policy comparison, customer query resolution, and faster product adoption.
- Secure Digital Storage: Provides safe policy storage with robust security and compliance standards.
- Inclusive Ecosystem: All insurers mandated as members, ensuring transparency and fair access.
| [UPSC 2014] With reference to “Aam Admi Bima Yojana”. Consider the following statements:
1. The member insured under the scheme must be the head of the family or earning member of the family in a rural landless household. 2. The member insured must be in the age group of 30 to 65 years. 3. There is a provision for free scholarship for up to two children of the insured who are studying between classes 9 and 12. Which of the statements given above is/are correct? Options: (a) 1 only (b) 2 and 3 only (c) 1 and 3 only* (d) 1, 2 and 3 |
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