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What is Bima Sugam, and Who Will Benefit from it?

Bima Sugam platform will offer simplified and easy-to-understand insurance plans primarily aimed at customers seeking straightforward coverage and premiums.

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Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

Key takeaways

  • Bima Sugam will be an online platform where you can effortlessly choose from various insurance options.
  • The simplified structure and clear terms of the Bima Sugam platform will enhance transparency.
  • Bima Sugam will promote greater inclusivity.
  • The platform will bring significant advantages to you as policyholders by consolidating insurance operations into a single, user-friendly space.

Insurance has long been a pivotal instrument for financial security and risk mitigation in a country as vast and diverse as India. Nevertheless, the complexity of insurance products has sometimes posed challenges for many citizens.
The Insurance Regulatory and Development Authority of India (IRDAI) will introduce the Bima Sugam scheme to tackle these issues and simplify insurance procedures. This innovative initiative has the potential to revolutionize the insurance horizon, making it more straightforward and more accessible for a wide range of policyholders.

What is Bima Sugam?

Bima Sugam will be an online platform where you can select from various schemes provided by different companies, catering to all insurance needs- life, health, or general coverage.

It will offer various claims, from health coverage to death claims, in a paperless mode using policy numbers. The platform’s online process will identify, purchase, settle claims, and manage policy renewals

Benefits of Bima Sugam

The Bima Sugam scheme will offer several advantages, making it an attractive option for various demographics:

Transparency

The simplified structure and clear terms of Bima Sugam policies will enhance transparency. You will be able to easily understand what your coverage includes without the confusion of intricate clauses and jargons.

Accessibility

Bima Sugam by IRDAI will enhance inclusivity by serving individuals who struggle with the complexities of conventional insurance products, thereby making insurance more readily available to a broader demographic.

Ease of Purchase

The streamlined nature of the Bima Sugam platform will make the purchase process simpler and quicker. This ease of acquisition will encourage more people to opt for insurance, promoting financial security for a more significant population segment.

Who Will Get the Benefits of Bima Sugam?

  • The plan will help customers because it will significantly lower the commissions they get and make the paperwork for processing claims much less.
  • It will give you everything you need for your insurance in one place. You can buy insurance, pay for it, and get your claims sorted in one spot. You will not have to go to different insurance companies’ websites.
  • You can keep all your insurance details in one storage space, making it easier for your family or whoever you choose to manage your policies if something happens to you.

Final Thoughts

Bima Sugam in insurance is a significant leap forward in the Indian insurance sector, aiming to make insurance more understandable and accessible for a broader demographic. Its simplified structure, transparent terms, and focused approach will bridge the gap between traditional insurance products and potential policyholders who find them challenging to navigate. This initiative represents a pivotal step toward ensuring that insurance is not only a tool for the financial security but also an understandable instrument that is within reach for all segments of society.

Kotak e-Term

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Features

  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**

Ref. No. KLI/22-23/E-BB/2435

T&C

- A Consumer Education Initiative series by Kotak Life