Bima Sugam can deepen insurance penetration, but must be fair, transparent

Bima Sugam aims to transform insurance with a digital one-stop platform for buying, managing, and claiming policies, targeting "Insurance for All by 2047

The Insurance Regulatory and Development Authority of India (Irdai) has paved the way for an ambitious digital platform, Bima Sugam, which is set to debut in December. This platform will serve as a one-stop marketplace where consumers can compare, purchase, and manage life, health, and general insurance products. With features such as e-KYC, seamless digital on boarding, and policy management, it seeks to bring efficiency, transparency, and trust to a sector often criticised for complexity and opacity. The promise is transformative. India’s insurance penetration stands at just 3.7 per cent, far below the global average of 7 per cent. Despite