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Consider the following statements with reference to Bima Sugam:
1. It is an e-commerce platform that facilitates both buying and claim settlement of insurance policies.
2. It onboards all companies that offer life and non-life insurance products.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
Consider the following statements with reference to Bima Sugam:1. It i...
Recently, the Insurance Regulatory and Development Authority of India (IRDAI) has approved the setting up of Bima Sugam.
  • It is like an e-commerce platform where insurance companies can sell their products.
  • It onboards all the companies that offer life and non-life insurance products under one roof.
  • It aims to provide an 'end-to-end' digital journey to all policyholders like from buying insurance policies to renewals to claim settlement to portability to grievance redressal
  • This marketplace serves as a one-stop solution for all insurance stakeholders, including customers, insurers, intermediaries and agents, thereby, promoting transparency, efficiency, and collaboration across the entire insurance value chain
  • It will be a unified platform, which will be integrated with various government databases, insurers, intermediaries, insurance repositories, etc., for fetching customer details, providing product information, and buying and servicing Insurance policies.
  • Bima Sugam aims to eliminate the paperwork as you can simply have your policy in an electronic format.
  • Customers can view all their policies — life, health and non-life insurance — in one single application or window under Bima Sugam.
Hence both statements are correct.
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Consider the following statements with reference to Bima Sugam:1. It is an e-commerce platform that facilitates both buying and claim settlement of insurance policies.2. It onboards all companies that offer life and non-life insurance products.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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