IRDAI approved ‘Bima Sugam’ portal

IRDAI approved ‘Bima Sugam’ portal : Insurance Regulatory and Development Authority of India (Irdai) has recently approved the launch of Bima Sugam portal. It is an online marketplace, under which all insurance companies can sell life and non-life insurance on a single platform.

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The portal will be operationalised from 1 January 2023. Aggregators like PolicyBazaar, brokers, banks and insurance agents will act as facilitators or bridges to sell insurance policies through Bima Sugam to individuals.