Bima Sugam Standardised Insurance Products: 2026 Rollout
Why in the news
At a meeting in New Delhi with insurance company chiefs, IRDAI discussed launching standard products on its digital platform Bima Sugam this year.
| Segment | Expected launch |
|---|---|
| Motor | July 2026 |
| Health | August 2026 |
| Life | September 2026 |
Key facts
- Industry committees of insurer representatives are designing standard products for each segment.
- Insurers still differ on pricing, underwriting and customer experience.
About Bima Sugam
- A proposed digital insurance marketplace to buy, sell and service policies in one place.
- Aims: access, transparency, quicker issue and claims, higher penetration.
Public Insurance Repository (PIR)
- Builds on the Insurance Information Bureau of India (IIB), set up in 2009.
- Consent-driven data store spanning issuance, claims, grievances and disputes.
Exam angle
- Regulator: IRDAI; rollout order: motor, health, life.