Insurance marketplace Bima Sugam's capital requirement to rise to Rs 500 cr

Digital platform will allow consumers to compare, purchase and manage life, health, general insurance products

The capital requirement for the insurance regulator’s Bima Sugam, an online marketplace to buy, service and sell insurance products, has increased to Rs 500 crore from the previously envisaged Rs 100-200 crore, said multiple sources.

 

During a two-day Bima Manthan conference held in Hyderabad earlier this month, insurance companies were informed about an increase in the capital requirement in four to five years. Of this amount, companies have to provide Rs 330 crore immediately and the remaining after two years.

 

Bima Sugam India Federation (Bima Sugam), the non-profit backed by the Insurance Regulatory and Development Authority of India (Irdai), will