Govt to set up Bima Sugam portal to address existing protection gap across general insurance business

Tags: Economy/Finance National News

Replying to a question in the Lok Sabha on 13 February, Finance Minister Nirmala Sitharaman said that the government will set up a Bima Sugam portal.

An overview of the news

  • The portal will address the existing protection gap across life, health and general insurance businesses in the country.

  • According to the Insurance Regulatory and Development Authority of India, the portal will be the infrastructure of an insurance market where insurers, distribution networks and policy holders will meet virtually on a seamless digital platform.

  • The portal is expected to improve the accessibility and ease of purchasing insurance for policyholders.

  • It will also serve as a readymade digital platform for insurers and distribution networks.

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