Bima Sugam, set to launch in December, will be a digital marketplace where consumers can compare, buy, and manage life, health, and general insurance
India’s insurance penetration is just 3.7%, far below the global average of 7%. A unified, transparent platform could help close this gap
The initiative faces challenges of coordination. Smaller insurers worry about being overshadowed, raising concerns of fairness and market concentration
Digital access alone may not drive adoption. Low financial literacy, rural barriers, and language diversity must be addressed for true inclusion
Success will depend on strong safeguards—data security, audit trails, oversight—and consumer-friendly features like claim tracking and grievance redress
Anchored in Irdai’s “Bima Trinity,” Bima Sugam could democratise insurance. Its success will rest on balancing access with fairness and scale with trust