Bima Sugam: After months of build-up, Bima Sugam, the IRDAI-initiated project billed as the world’s largest online marketplace for insurance, has gone live with the launch of its official website, the Bima Sugam India Federation (BSIF) announced on Wednesday in Hyderabad.
The site will initially function as an information and guidance hub, with full transactions enabled over the coming months as insurers and ecosystem partners complete integrations, BSIF said, adding that the phased approach gives the industry time to adapt and test at scale.
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The launch event at the Insurance Regulatory and Development Authority of India’s (IRDAI) headquarters was attended by IRDAI Chairperson Ajay Seth, industry leaders, and Bima Sugam’s leadership. Seth described the platform as an important move for India’s Digital Public Infrastructure (DPI) in insurance, stating that it would help policyholders, increase access, and make things clearer throughout the process, supporting the national aim of “Insurance for All by 2047” as part of the Viksit Bharat 2047 vision.
Positioned as a one-stop, low-cost utility that brings insurers, intermediaries, and customers onto a single rail, Bima Sugam aims to let users buy, renew, service, and claim policies across life, health, and general segments, from term savings, annuities, and ULIPs to motor, travel, property, marine, and agriculture.
Policy documents will be stored securely on the platform. Unlike private aggregators that primarily distribute products, Bima Sugam is designed to support end-to-end servicing and claims on a common, interoperable backbone. All insurers are members, and most hold equity stakes in BSIF, the operating federation.
“The website is an authentic gateway for the public and the industry, clarifying vision, governance and progress,” said BSIF MD & CEO Prasun Sikdar, calling the launch a first milestone toward simpler, more transparent insurance access. Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance and Chair of the General Insurance Council, said the collaborative model “sets a global benchmark in digital public infrastructure.”
According to the board-approved roadmap, live transactions on Bima Sugam will go live in phases once integrations conclude, with a focus on security, compliance and scalability.
