Skip to content
Free updates Login
SSCBankingNABARD / RBI

IRDAI Asks Insurers for ₹300 Crore for Bima Sugam

24 February 20251 min read
BANKING & FINANCEIRDAI AsksInsurers for ₹300Crore for BimaSugam24 February 2025safalsetu.com

Why in the news

At the two-day ‘Bima Manthan’ meet between insurers and the regulator, IRDAI told companies to fund the upcoming Bima Sugam platform with ₹300 crore before February ended.

Key facts

  • About ₹5 crore per insurer; SBI Life, HDFC Life, ICICI Prudential have board approval, as do LIC, New India Assurance, ICICI Lombard.
  • Capital need for Bima Sugam now stands at ₹500 crore, against an earlier estimate of ₹100-200 crore.
  • Phase I is expected in mid-2025 after delays; the Bima Vahak portal is set for a soft launch in April 2025.

About Bima Sugam

  • Nicknamed the “UPI moment for insurance”: one digital platform to compare, buy and manage life, health and general insurance.
  • A low-cost option for distributors.

Bima Trinity

PartRole
Bima SugamCentral digital insurance marketplace
Bima VistaarRural-focused insurance product
Bima VahakNetwork of women-led insurance agents

Exam angle

  • Regulator: IRDAI; event: Bima Manthan.
  • Funds sought: ₹300 crore.

Test yourself

1. How much did IRDAI direct insurers to infuse into Bima Sugam by the end of February?

IRDAI asked for ₹300 crore; total capital need is ₹500 crore.

2. Which Bima Trinity component is a network of women-led insurance agents?

Bima Vahak is the women-led agent network.

3. Bima Sugam is often described as the 'UPI moment' for which sector?

It is a one-stop digital insurance marketplace.

This topic is part of Daily Current Affairs 23 & 24 February 2025 (15 topics).

All topics of the dayDay quizFebruary 2025

Read more