Published: 17 September 2025Business StandardEconomy
IRDAI Launches 'Bima Sugam' — India's UPI-Like Digital Insurance Platform
IRDAI Chairman Ajay Seth launched the website of Bima Sugam India Federation (BSIF) on September 17, 2025, at IRDAI's Hyderabad headquarters. Dubbed India's 'UPI for insurance', Bima Sugam is a digital public infrastructure marketplace that will integrate all insurance-related services — from policy purchase to claims — on a single, standardized, interoperable platform.
The marketplace rollout remains phased; motor insurance products are expected by July 2026, followed by health in August and life insurance by September. Rakesh Joshi serves as BSIF Chairman and Prasun Sikdar as MD and CEO. The platform aims to simplify insurance for consumers while reducing intermediation costs.
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Q: IRDAI launched Bima Sugam as India's UPI-like digital insurance marketplace. Discuss phased rollout and consumer impact.
Answer (50 words):
IRDAI Chairman Ajay Seth launched the Bima Sugam India Federation website on 17 September 2025 at Hyderabad. This digital public-infrastructure marketplace integrates policy purchase to claims on one interoperable platform. Phase I goes live by December 2025 with e-KYC; motor insurance follows July 2026, health August, life September, cutting intermediation costs.
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Frequently asked questions
What is IRDAI's 'Bima Sugam' platform and how does it work?
**IRDAI Chairman Ajay Seth launched the Bima Sugam India Federation (BSIF) website on September 17, 2025, at IRDAI's Hyderabad headquarters**. **Bima Sugam is India's UPI-like digital insurance platform** that allows buying, managing, and claiming insurance policies through a single interface.
Why is Bima Sugam compared to UPI in the insurance sector?
**Dubbed India's UPI for insurance — a digital public infrastructure marketplace integrating all insurance services from policy purchase to claims on a single pla**. Like UPI revolutionised payments, Bima Sugam aims to simplify insurance access for all Indians through a unified digital platform.
What insurance products can be accessed through Bima Sugam?
**Phase I expected live by December 2025 with e-KYC; Motor insurance by July 2026, health insurance August 2026, life insurance September 2026**. Life, health, motor, and general insurance products from multiple insurers can be compared and purchased on Bima Sugam.
How will Bima Sugam improve insurance penetration in India?
**Rakesh Joshi serves as BSIF Chairman and Prasun Sikdar as MD and CEO**. By simplifying purchase and claims, Bima Sugam will increase insurance coverage among India's largely uninsured population.
What is IRDAI's role in developing and regulating Bima Sugam?
**IRDAI (Insurance Regulatory and Development Authority of India) developed Bima Sugam** as part of its digital transformation agenda. **Platform aims to simplify insurance for consumers while reducing intermediation costs**.
