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IRDAI Launches Bima Sugam to provide Universal Insurance Coverage by 2047

by VARINDIA 2025-09-22

The Insurance Regulatory and Development Authority of India (IRDAI), in collaboration with the Bima Sugam India Federation (BSIF), has officially launched Bima Sugam, a next-generation digital platform aimed at achieving the vision of “Insurance for All by 2047” under the government’s Viksit Bharat 2047 mission.

The platform is being rolled out in multiple phases:

● Current Phase (Live): Governance and roadmap portal with objectives and structure.

● Next Phase (Upcoming): A digital insurance marketplace enabling policy purchases, renewals, and instant claims.

● Integration Stage: Real-time connectivity between insurers, brokers, and intermediaries for seamless transactions.

● Technology Backbone: A secure, compliant, and scalable system capable of serving millions of Indian users.

Prasun Sikdar, MD & CEO of BSIF, described Bima Sugam as an authentic gateway for the public and the insurance industry, highlighting its potential to empower customers with transparency and ease.

Benefits for Consumers

Compare insurance policies online in real time.
Renew coverage instantly via a digital-first approach.
Faster and more transparent claim settlements.
A UPI-like ecosystem for insurance access.

Benefits for the Insurance Industry

Lower operational costs and improved compliance.
Wider market penetration in India’s growing insurance sector.
Reduced mis-selling and higher transparency through centralized integration.

Experts believe that Bima Sugam could become the biggest milestone for India’s insurance industry since liberalization, bringing fairness, speed, and universal coverage to a system often criticized for complexity. With its digital-first approach, Bima Sugam is expected to bridge the gap between insurers and millions of underinsured citizens, unlocking massive growth potential in India’s financial ecosystem.