How Can Senior Citizens Benefit From Bima Sugam Insurance Portal?
Bima Sugam is an integrated online platform for all insurance-related services and information, offering convenience to all users, including senior citizens and service providers.
Bima Sugam is an integrated online platform for all insurance-related services and information, offering convenience to all users, including senior citizens and service providers.
Bima Sugam
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Bima Sugam Insurance Portal is a “one-stop solution” for all insurance stakeholders, including customers, insurers, intermediaries, and agents, proposed by the Insurance Regulatory and Development Authority of India (Irdai) in a February 13, 2024 draft regulation.
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The portal aims to promote transparency, efficiency, collaboration across the insurance value chain, technological innovation, universalize and democratize insurance, and achieve the vision of “Insurance for all by 2047”, according to IRDAI, which first floated the idea in 2022.
The draft “Bima Sugam Insurance Electronic Marketplace Regulations 2024” comes after IRDAI’s talks with life and general insurers. IRDAI has sought public comments by March 4.
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Here are some key points of the draft regulations:
Also Read: Should You Include Old Parents In A Family-Floater Plan Or Buy A Separate Policy?
Senior citizens currently contact or follow up with different insurance companies for information separately via their portals, making it challenging for them. However, this platform aims to streamline this process by providing comprehensive details in one place, encouraging more people to avail of insurance services.
Ease Of Use: Bima Sugam Insurance Portal is a one-stop solution. Seniors, especially those less tech-savvy, will find it user-friendly.
End-To-End Solution: Senior citizens can benefit from it for their insurance needs with just one click from the comfort of their homes. They would not need to visit the branches or intermediaries to get things done.
Transparent And Faster: Access to information from all insurers in one place promotes transparency and expedites processes, including comparing, checking, tracking, and settling claims.
Security And Privacy: The draft regulations prioritize security and privacy, assuring users that no information is stored or maintained, reducing the risk of data breaches.
No Charges: The absence of charges for availing of the services on the platform will encourage seniors and others to seek information, services, and assistance and raise grievances.
The draft says, “Bima Sugam – Insurance Electronic Marketplace” as a digital public infrastructure will protect and empower policyholders’ interests, increase insurance penetration in India, and enhance availability, affordability, and accessibility.”
As per IRDAI’s latest data, India’s insurance penetration in terms of premiums to GDP, both life and general insurance combined, was just 4 per cent in 2022, less than the global average of 6.8 per cent.
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