Uncertainty looms over launch of Irdai's ambitious Bima Sugam project

Industry players, who are also investors in the project, say it is unlikely the project will meet the announced launch date of April 2025, with few updates on its progress

The insurance regulator’s ambitious project to create an Amazon-like digital platform for buying, selling, and servicing insurance policies – Bima Sugam, hailed as a 'UPI moment' for the industry by the current chairman of the Insurance Regulatory and Development Authority of India (Irdai) - is yet to materialise despite extensive discussions since the idea was first mooted. What's more there is little clarity even among industry players as to when the platform is likely to be officially launched.

 

Following a meeting in June 2024 to review the status of the Bima Sugam project, Irdai chairman Debasish Panda had stated that