By Ira Alok Puranik

Copyright indiatimes

India’s insurance watchdog IRDAI has officially announced the launch of the much-awaited Bima Sugam portal. However, it has not gone live yet, with various media reports suggesting that the first phase of the platform is set to go live in December this year. Previously, as per reports by GIC (General Insurance Council), the first phase of Bima Sugam was expected to be launched this year, in April. However, it got delayed. Income Tax GuideIncome Tax Slabs FY 2025-26Income Tax Calculator 2025New Income Tax Bill 2025As per the press release, “The rollout of platform features will follow a phased approach, ensuring the highest levels of security, compliance, and scalability. In line with the Board-approved roadmap, the marketplace will progressively go live with real transactions as insurers and ecosystem partners complete necessary integrations over the coming months”.What is Bima Sugam?As per a gazette notification dated March 20, 2024, “Bima Sugam shall be a one-stop solution for all Insurance stakeholders such as consumers, insurers, intermediaries or insurance intermediaries and insurance agents to promote transparency, efficiency, collaboration across the entire insurance value chain”. Bima Sugam, which is backed by Life Insurance Council and General Insurance Council, has been touted as a one-stop place to purchase and compare all kinds of insurance policies, be it life, health, motor or more. Through this platform, policyholders will potentially be able to buy, compare various insurance policies. Other reports also suggest that claim settlement and policy renewal will be made possible via Bima Sugam, simplifying the entire insurance journey for policyholders. As per Prasun Sikdar, MD & CEO, Bima Sugam India Federation, “The Bima Sugam website is our authentic gateway for the public and the industry. It provides clarity on our vision, governance, and progress, while bringing customers, insurers, and intermediaries together on a common platform. This is the first milestone in a journey that will transform insurance access and transparency for every Indian household.” GIC describes Bima Sugam as an “Amazon-like one-stop digital platform” for insurance. As per GIC’s website, “Bima Sugam would be a revolutionary digital platform that innovates, develops, and integrates advanced technologies to automate and digitise the processes for multiple stakeholders. The stakeholders include insurance companies, policyholders, intermediaries, insurance repositories and external data sources, etc.As per Dr Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance & Chairman General Insurance Council, “The launch of the Bima Sugam website marks a historic step towards making insurance simple, seamless, and accessible to every Indian. It is proof of what the industry can achieve when we come together, not as competitors, but as collaborators. With the regulator’s vision and the united commitment of all insurers, Bima Sugam will transform India’s insurance landscape and set a global benchmark in digital public infrastructure.”