Daily Current Affairs : 23-October-2024
Introduction: Bima Sugam is an innovative digital insurance platform developed by the Insurance Regulatory and Development Authority of India (IRDAI). It is part of the larger Bima Trinity initiative and aims to transform how insurance is accessed, purchased, and managed in India. The platform is designed to enhance accessibility, streamline processes, and promote transparency within the insurance sector.
The Development of Bima Sugam:
- Organization and Ministry:
Bima Sugam is developed by the IRDAI, which operates under the Ministry of Finance in India. This initiative is part of India’s broader efforts to modernize and digitize the financial services sector. - Part of Bima Trinity:
The platform is part of the Bima Trinity initiative, which also includes Bima Vistaar and Bima Vahak. These projects collectively aim to provide more efficient, accessible, and inclusive insurance solutions to people across the country.
Key Features of Bima Sugam:
- Digital Marketplace: Bima Sugam functions as a comprehensive digital marketplace. It enables life and non-life insurance companies to sell their products through a user-friendly platform, much like an e-commerce website. This allows customers to browse, compare, and purchase insurance policies at their convenience.
- Unified Platform for Services: The platform offers end-to-end digital services for customers. These services include:
- Policy purchase
- Policy renewal
- Claims settlement
- Portability of policies
- Grievance redressal
This unified approach makes it easier for users to manage all their insurance needs in one place.
- Paperless and Integrated: Bima Sugam promotes a paperless ecosystem by storing policies electronically. It also integrates with government databases, ensuring smooth operations and reducing paperwork.
- Bima Vahaks Portal: A special feature of Bima Sugam is the Bima Vahaks portal. This portal focuses on empowering women-centric intermediaries, known as Bima Vahaks, to distribute insurance products in rural areas. It aims to enhance insurance penetration in underserved regions, providing a unique way to reach remote populations.
Inclusivity and Efficiency: Bima Sugam strives to make insurance accessible to all, especially in rural and remote areas. By making the process more transparent, efficient, and paperless, it ensures a smoother experience for customers. The platform’s inclusive design is focused on promoting fairness and equity in the insurance industry.
Important Points:
- Bima Sugam Overview:
- Developed by the Insurance Regulatory and Development Authority of India (IRDAI).
- Part of the Bima Trinity initiative, which includes Bima Vistaar and Bima Vahak.
- Aims to streamline and democratize the insurance process in India.
- Key Features of Bima Sugam:
- Digital Marketplace: Functions like an e-commerce site for buying and selling life and non-life insurance products.
- Unified Platform: Provides end-to-end services including:
- Policy purchase
- Policy renewal
- Claims settlement
- Portability
- Grievance redressal
- Paperless & Integrated: Promotes a paperless ecosystem and integrates with government databases for seamless operations.
- Bima Vahaks Portal:
- A special portal for onboarding women-centric intermediaries, called Bima Vahaks, to distribute insurance in rural areas.
- Inclusivity and Efficiency:
- Aims to improve insurance accessibility for all, especially underserved populations.
- Focuses on transparency, ease of use, and reducing paperwork.
- Goal:
- To modernize India’s insurance sector, making it more efficient, transparent, and accessible for a wider range of people.
Why In News
Bima Sugam, an ambitious digital insurance platform developed under the Bima Trinity initiative by the Insurance Regulatory and Development Authority of India (IRDAI), is poised for launch, marking a significant step towards revolutionizing the insurance sector in India by making it more accessible, transparent, and efficient for millions of users across the country.
MCQs about Bima Sugam
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Who developed the Bima Sugam platform?
A. Ministry of Finance
B. Insurance Regulatory and Development Authority of India (IRDAI)
C. National Insurance Corporation of India
D. Reserve Bank of India
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Which of the following is not a key feature of Bima Sugam?
A. Digital marketplace for insurance products
B. Paperless and integrated policy management
C. Physical insurance claim submission
D. Bima Vahaks portal for rural distribution
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What is the purpose of the Bima Vahaks portal?
A. To provide discounts on insurance products
B. To distribute insurance products through women-centric intermediaries in rural areas
C. To integrate government databases with insurance companies
D. To allow customers to renew their policies
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What is the main goal of the Bima Sugam platform?
A. To provide a traditional paper-based insurance process
B. To make insurance more accessible, transparent, and efficient for users
C. To reduce government involvement in the insurance sector
D. To offer insurance products only to urban populations
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