Sugam Bima Portal

The Bima Sugam Portal would offer various insurance related facilities to its customers using which type of account?

Answer: E-insurance account (E-IA).

Enrich your Learning:

About Sugam Bima Portal:

• Insurance Regulatory and Development Authority of India (IRDAI) formed a steering committee to act as the decision-making body for the creation of ‘Bima Sugam’ online platform.
•  The portal will be a ‘one-stop destination’ for people’s insurance-related needs which include services like policies, portability facilities, change of agents, settling of claims, etc.
• The buyers can purchase life, motor, or health policies directly and web aggregators, brokers, banks, and insurance agents will be the facilitators in selling these policies.
• Insurance companies (both general and life insurers) will be major shareholders in the platform, which will offer facilities via an ‘e-insurance account’ (E-IA).

Benefits of the Portal:

• Act as a centralized database to assist the insured/buyers in porting their respective policies based on coverage and pricing.
• Provide people a wide choice to pick and choose policies and view all their policies.
• Reduce commission paid to intermediaries.
• Pave the way for a speedy acceptance of new/sandbox products.

Why in News?

The IRDAI had recently set up a steering panel to act as the apex decision-making body for the creation of Sugam Bima portal.