After months of anticipation, Bima Sugam, envisioned as the world’s largest online marketplace for insurance products and services, has officially gone live. The launch was announced on Wednesday by the Bima Sugam India Federation (BSIF) with the unveiling of its official website. The BSIF clarified that the rollout of the platform’s features will follow a phased approach. Initially, the website will serve as an information and guidance hub, while full-fledged transactions will be enabled over the coming months as insurers and ecosystem partners complete necessary integrations. This approach will also give the insurance ecosystem adequate time to adapt to the new system. The launch took place at the headquarters of the Insurance Regulatory and Development Authority of India (Irdai) in Hyderabad. The event was attended by Ajay Seth, Chairman of Irdai, along with industry leaders, senior officials, and the leadership team of Bima Sugam. Bima Sugam, initiated by Irdai, is being hailed as a groundbreaking initiative in the global insurance industry. While many countries have digital channels for insurance, the creation of a single, unified marketplace of this scale is unprecedented. The idea is simple but ambitious: all insurance needs — life, health, and general insurance, including motor, travel, property, and agricultural policies — can be accessed on one platform. Bima Sugam is a unified digital marketplace for insurance, designed to bring insurers, intermediaries, and customers onto a single platform. Through it, users can buy, sell, service, renew, manage, and even claim insurance policies with ease and full transparency. Policy documents will also be securely stored on the platform. In many ways, Bima Sugam functions for insurance the way UPI and NPCI do for digital payments—providing a common infrastructure that benefits all stakeholders. The charges for using the platform are minimal, and importantly, all insurance companies are members of the system. Most of them also hold equity stakes in the Bima Sugam India Federation (BSIF), which operates the platform. This sets Bima Sugam apart from private players, which mainly act as distributors. These firms sell policies but do not provide claim settlement or end-to-end servicing. They also earn significant commissions from customers, unlike the low-cost, integrated model of Bima Sugam. For the first time, insurers, agents, brokers, banks, and aggregators will operate under a single roof, making it easier for customers to compare, purchase, and manage insurance policies. Beyond acting as a marketplace, the platform will serve as a centralised database to answer insurance-related queries and help consumers navigate the complex world of insurance. It also aims to accelerate the acceptance of new and sandbox products, opening the door for innovation in insurance offerings. The Irdai described the launch as the first visible step in creating India’s Digital Public Infrastructure (DPI) for insurance — a foundation that could redefine how citizens access financial protection. Irdai Chairman Seth called Bima Sugam a “critical step” in the regulator’s vision. “Bima Sugam represents a critical step towards creating India’s Digital Public Infrastructure for insurance. This initiative will empower policyholders, deepen insurance penetration, and ensure transparency and fairness across the value chain,” he said. He linked the initiative to the larger national vision of ‘Insurance for All by 2047’, part of the Prime Minister’s mission of Viksit Bharat 2047. “The launch of the website today is an important milestone, and I am confident that with collective industry commitment, this vision will become a reality,” Seth said. The federation assured that every step will meet the highest standards of security, compliance, and scalability, ensuring trust among users. Bima Sugam offerings The spectrum of offerings on the platform will be wide and diverse. It will cover life insurance in all its forms, including term plans, savings products (both participating and non-participating), annuity and pension plans, as well as ULIP products. It will also provide health insurance options, addressing the full range of medical and wellness needs. For vehicles, the marketplace will offer motor insurance, covering both third-party liability and own-damage policies. Individuals and families will have access to travel insurance and personal accident insurance, while businesses will benefit from a variety of property and commercial insurance products, including marine, agricultural, and industry-specific covers. In addition, the platform will remain flexible to host any new insurance products that may be introduced in the future, as determined by the regulatory councils. From the industry side, Rakesh Joshi, chairperson, BSIF, said the launch symbolised the creation of an inclusive, seamless, and technology-driven insurance ecosystem for the nation. “Bima Sugam will transform India’s insurance landscape and set a global benchmark in digital public infrastructure,” said Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance and Chairman General Insurance Council.
