India’s insurance sector has taken a step toward digital transformation with the launch of the Bima Sugam India Federation (BSIF) website.
The platform was officially introduced at the Insurance Regulatory and Development Authority of India (IRDAI) headquarters in Hyderabad, with IRDAI chairman Ajay Seth leading the event alongside industry executives and BSIF representatives.
The new website is the first public-facing component of India’s planned Digital Public Infrastructure (DPI) for insurance.
This initiative supports the government’s “Insurance for All by 2047” objective, which is part of the broader Viksit Bharat 2047 vision.
The DPI is expected to facilitate greater access to insurance, enhance transparency, and support policyholder empowerment.
Ajay Seth, IRDAI chairman, spoke at the launch, describing Bima Sugam as a significant move toward establishing India’s digital infrastructure for the insurance sector.
“This initiative will empower policyholders, deepen insurance penetration, and ensure transparency and fairness across the value chain. The launch of the website is an important milestone, and I am confident that with collective industry commitment, the vision of ‘Insurance for All by 2047’ – as part of the Prime Minister’s mission of Viksit Bharat 2047 – will become a reality,” he said.
The Bima Sugam website is designed as a central platform for customers, insurers, and intermediaries.
Rakesh Joshi, chairperson of BSIF, acknowledged the regulator’s role.
“Our sincere gratitude goes to IRDAI for their vision, guidance, and continuous support in shaping this mission. With this website, we take the first visible step towards building an inclusive, seamless, and technology-driven insurance ecosystem for the country,” he said.
Prasun Sikdar, managing director and CEO of BSIF, said the Bima Sugam website serves as the organization’s official portal for both the public and industry stakeholders.
“It provides clarity on our vision, governance, and progress, while bringing customers, insurers, and intermediaries together on a common platform. This is the first milestone in a journey that will transform insurance access and transparency for every Indian household,” he said.
The BSIF has indicated that the platform’s features will be introduced in stages, with a focus on security and regulatory compliance.
The marketplace will become fully operational as insurers and partners complete the necessary technical integrations.
In a separate development, IRDAI recently convened a meeting with insurance company CEOs and appointed actuaries at its Hyderabad office.
The session, chaired by Ajay Seth, centred on policyholder protection and industry growth strategies.
A key point of discussion was the recent removal of Goods and Services Tax (GST) on life and health insurance products. The industry welcomed this change, and insurers were encouraged to ensure that policyholders benefit from the tax relief.
Seth highlighted that this adjustment responds to longstanding requests from both the industry and consumers, and he urged insurers to use the opportunity to make insurance more accessible and affordable.
The meeting also addressed the need to extend insurance coverage beyond major cities, focusing on rural and informal sectors. Participants discussed expanding government-sponsored insurance for vulnerable groups, improving claims processing, and strengthening grievance redressal systems.
Further discussions focused on the importance of establishing robust standards for market conduct, compliance, and risk management.
The creation of a standing forum within the Life Council to review court decisions and standardise industry practices was also proposed.
Concluding the meeting, Seth emphasised that the measures discussed are intended to foster trust and broaden insurance accessibility, with a focus on simplifying and making coverage more inclusive.
“Guided by the vision of Viksit Bharat by 2047, the sector has to advance towards stronger protection, innovation, affordability, and contributing towards nation building. Within this larger national aspiration lies the goal of Insurance for All by 2047 – ensuring every citizen has adequate life, health, and property cover, and enterprises across the country are safeguarded with robust insurance solutions, and thereby laying the foundation for a resilient, secure, and empowered India,” he said.
