1. What is Bima Sugam?
Definition: Bima Sugam is an online insurance marketplace launched by IRDAI.
Purpose: It aims to simplify insurance buying and claiming processes.
Coverage: Includes life, health, and travel insurance.
2. How does Bima Sugam benefit customers?
Centralized Access: Offers a single platform for managing various insurance policies.
Seamless Services: Facilitates purchase, servicing, and settlement of insurance.
Reduced Costs: Expected to lower policy commissions and purchase expenses.
Informed Choices: Allows comparison of numerous insurance plans.
3. What are the features of the Bima Sugam portal?
E-Insurance Account: Digital storage of policies, reducing need for physical documents.
Efficient Processing: Streamlines claim settlements and policy renewals.
Marketplace Model: Connects insurers, brokers, banks, and agents with consumers.
Data Accessibility: Provides real-time access to validated data for insurance companies.
4. How will Bima Sugam transform the insurance sector in India?
Digital Revolution: Described as a ‘UPI moment’ for insurance, making the sector more accessible and transparent.
Democratization of Insurance: Aims to universalize insurance through its e-marketplace.
Integration with India Stack: Utilizes APIs for smooth service delivery across the insurance value chain.
5. What is the significance of relaxed FDI norms in relation to Bima Sugam?
Foreign Participation: Allows foreign firms to benefit from the expanded digital insurance marketplace in India.
Growth Opportunities: Creates opportunities for foreign investments in the Indian insurance sector.
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