Will Insurance for All by 2047 Become a Reality?
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Synopsis
The IRDAI is committed to realizing the ambitious goal of 'Insurance for All by 2047.' This initiative, part of the Prime Minister's 'Viksit Bharat 2047' vision, is poised to revolutionize India's insurance landscape through the launch of the Bima Sugam platform, enhancing accessibility, transparency, and efficiency for all stakeholders.
Key Takeaways
- IRDAI is confident about achieving 'Insurance for All by 2047.'
- Bima Sugam aims to digitize and automate insurance processes.
- The platform will enhance transparency and fairness in the insurance sector.
- Collective industry effort is essential for realizing this vision.
- The phased rollout will ensure security, compliance, and scalability.
New Delhi, Sep 17 (NationPress) The Insurance Regulatory and Development Authority of India (IRDAI) is optimistic that the goal of ‘Insurance for All by 2047’—integral to the Prime Minister’s ‘Viksit Bharat 2047’ initiative—will become a reality, stated its chairman, Ajay Seth, on Wednesday.
He made this announcement during the unveiling of the official website for Bima Sugam India Federation (BSIF) at the IRDAI headquarters located in Hyderabad.
Describing Bima Sugam as a crucial advancement in establishing India’s digital public infrastructure for insurance, Seth emphasized that the platform will enhance policyholder empowerment, foster transparency and fairness, and facilitate greater insurance adoption across the nation.
He characterized the launch of the website as a significant achievement, asserting that collective efforts from the industry will be vital in realizing this ambitious vision.
"Today’s website launch is a key milestone, and I firmly believe that with united industry dedication, the dream of ‘Insurance for All by 2047’, as part of the Prime Minister’s Viksit Bharat 2047 mission, will come true," Seth remarked.
Supported by the IRDAI, Bima Sugam is envisioned as a groundbreaking digital platform aimed at connecting all insurance stakeholders.
It seeks to automate and digitize operations for insurers, policyholders, intermediaries, repositories, and external data sources.
The platform is designed to meet all insurance requirements, from life and health to motor and travel, enabling individuals to manage their policies and claims effortlessly online.
In the long run, Bima Sugam will transform into a consolidated marketplace for insurance, a digital policy repository, an e-KYC and consent utility, and a real-time claims processing gateway.
According to Rakesh Joshi, Chairperson of Bima Sugam India Federation (BSIF), the website signifies the onset of a comprehensive, technology-driven insurance ecosystem.
Prasun Sikdar, MD and CEO of BSIF, added that the platform will act as the genuine digital interface for both the industry and consumers.
The platform will be implemented in phases, with marketplace functionalities and actual transactions becoming available once insurers and partners finalize their integrations.
Officials indicated that the development plan will emphasize security, compliance, and scalability to accommodate increasing adoption and a large user base in the future.
Point of View
It is crucial to recognize the effective steps being taken by the IRDAI towards making insurance accessible to all. This initiative, while ambitious, reflects a progressive approach to integrating technology within the insurance sector, which is essential for national growth and welfare.
NationPress
20/09/2025
Frequently Asked Questions
What is Bima Sugam?
Bima Sugam is a digital platform developed by the IRDAI aimed at connecting all stakeholders in the insurance sector, enhancing transparency and accessibility.
What is the goal of 'Insurance for All by 2047'?
'Insurance for All by 2047' is an initiative to ensure that every individual in India has access to necessary insurance services by the year 2047.
How will Bima Sugam benefit policyholders?
Bima Sugam will empower policyholders by facilitating easier management of policies and claims through a user-friendly digital interface.
When will the Bima Sugam platform be fully operational?
The platform will be rolled out in phases, with full functionality expected once necessary integrations with insurers and partners are completed.
What are the key features of Bima Sugam?
Key features include automation of processes, a unified marketplace for insurance, a digital repository for policies, and real-time claims processing.
