HDFC Life has authorised an investment of Rs 6.6 crore in Bima Sugam. Bima Sugam India Federation was established on June 18, 2024, in accordance with Section 8 of the Companies Act, 2013. The Insurance Regulatory and Development Authority of India (IRDAI) gave its approval for the establishment of Bima Sugam earlier this year.
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This digital platform will consolidate various insurance policies into one convenient marketplace for consumers. Users can easily compare, purchase, and manage life, health, and general insurance policies through a single window.
Functioning as an e-commerce platform for insurance products, Bima Sugam aims to bring together all life and non-life insurance companies under one virtual roof. Offering a comprehensive digital experience for policyholders, Bima Sugam is committed to providing services ranging from policy purchases and renewals to claims processing, portability, and grievance resolution in a seamless manner.
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HDFC Life said: “The Board in its meeting held today has approved an aggregate investment in Bima Sugam not exceeding 10% of the paid‐up equity share capital of Bima Sugam, for cash, at par, subject to commensurate increase in the authorised share capital of Bima Sugam. Out of the above, at present, the Company is investing Rs 6.6 crore (comprising of 66 lakh equity share(s) having a face value of Rs10 each) in the equity share capital of Bima Sugam.”
How is Bima Sugam expected to work?
Bima Vistaar, Bima Sugam and Bima Vahaak are part of the Bima Trinity. With Bima Sugam, customers can access all their insurance policies – including life, health, and non-life coverage – within one application or window.
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Through Bima Sugam, users can conveniently check their policy details, renewal dates, and submit service requests.
Bima Sugam aims to make insurance policies more cost-effective. Unlike traditional insurance web aggregators that charge a fixed commission, Bima Sugam enables insurance companies to directly sell policies, potentially reducing intermediaries’ commissions and leading to lower premiums for policyholders.
