Bima Sugam to launch initial products by Sept-end: Irdai chairman Seth

Irdai Chairman Ajay Seth says Bima Sugam will roll out initial motor, health and term insurance products by September-end as insurers complete technology integration with the platform

The Insurance Regulatory and Development Authority of India (Irdai) Chairman Ajay Seth on Tuesday said that initial products for Bima Sugam should be available by the end of September 2026.

 

Bima Sugam is part of Irdai's broader Bima Trinity, which also includes Bima Vistaar — a rural-focused composite insurance product — and Bima Vahaak, a women-centric agent network that will sell Bima Vistaar products through the Sugam platform.

 

Seth said, "The three products which are being prioritised are motor, health and term insurance. It is not that Bima Sugam is not ready; the insurers are working on the technology to be able to connect. Life insurers are ready to connect on the term insurance."

 

 

The Bima Sugam platform, whose website was launched in September, is being positioned as a digital marketplace bringing insurers, intermediaries and customers onto a single interface. The technology build and insurer engagement are progressing according to the BSIF board-approved timelines, BSIF had said. It will enable policy purchase, servicing and claims in a paperless manner.

 

The implementing entity, Bima Sugam India Federation, has an authorised capital of ₹500 crore and a paid-up capital of around ₹310 crore, with shareholding distributed across life, general and health insurers. The platform is expected to be rolled out in phases for customers and intermediaries starting this year.

 

Further, on the interest among foreign insurers in the sector after the government allowed 100 per cent foreign direct investment (FDI), Seth said that there is growing interest in the general insurance segment due to the growth in the sector.

 

He said that the authority has approved a 100 per cent foreign-owned licence for a general insurance company, while another is still under process. There is also an application for a licence in a life insurance company.