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Consider the following statements regarding ‘Bima Sugam’ online platform.
- It will serve as a one-stop destination for insurance-related needs.
- The platform aims to centralize data and facilitate policy porting.
- Insurance Regulatory and Development Authority of India (IRDAI) owns a majority stake in the platform.
How many of the above statements is/are correct?
- a)Only one
- b)Only two
- c)All three
- d)None
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding ‘Bima Sugam’ o...
Statement 3 is incorrect.
- The Insurance Regulatory and Development Authority of India (IRDAI) is creating the ‘Bima Sugam’online platform, which is described as a ‘game-changer’ and a ‘UPI moment’ for the insurance sector.
- It will serve as a one-stop destination for insurance-related needs, including policies, portability, agent changes, and claims.
- The platform aims to centralize data, facilitate policy porting, offer a wide range of policy choices, reduce intermediary commissions, and enable the acceptance of new products.
- The launch date for Bima Sugam is set for June 2024, following delays from the original deadlines.
- Ownership: Life insurance and general insurance companies will own a 47.5 per cent stake each, while brokers and agent bodies will own 2.5 per cent each.
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Consider the following statements regarding ‘Bima Sugam’ o...
Explanation:
Statement Analysis:
It will serve as a one-stop destination for insurance-related needs: This statement is correct as 'Bima Sugam' online platform aims to provide a comprehensive solution for insurance-related requirements.
The platform aims to centralize data and facilitate policy porting: This statement is correct as one of the objectives of the platform is to centralize insurance data and enable policy portability.
Insurance Regulatory and Development Authority of India (IRDAI) owns a majority stake in the platform: This statement is incorrect. The IRDAI does not own a majority stake in the 'Bima Sugam' platform.
Therefore, only the second and third statements are correct, making option 'B) Only two' the correct answer.
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Consider the following statements regarding ‘Bima Sugam’ online platform. It will serve as a one-stop destination for insurance-related needs. The platform aims to centralize data and facilitate policy porting. Insurance Regulatory and Development Authority of India (IRDAI) owns a majority stake in the platform.How many of the above statements is/are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer?
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Consider the following statements regarding ‘Bima Sugam’ online platform. It will serve as a one-stop destination for insurance-related needs. The platform aims to centralize data and facilitate policy porting. Insurance Regulatory and Development Authority of India (IRDAI) owns a majority stake in the platform.How many of the above statements is/are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding ‘Bima Sugam’ online platform. It will serve as a one-stop destination for insurance-related needs. The platform aims to centralize data and facilitate policy porting. Insurance Regulatory and Development Authority of India (IRDAI) owns a majority stake in the platform.How many of the above statements is/are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding ‘Bima Sugam’ online platform. It will serve as a one-stop destination for insurance-related needs. The platform aims to centralize data and facilitate policy porting. Insurance Regulatory and Development Authority of India (IRDAI) owns a majority stake in the platform.How many of the above statements is/are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'B'. Can you explain this answer?.
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