The Insurance Regulatory and Development Authority of India (IRDAI) has given its approval for the setting up of insurance e-marketplace Bima Sugam for buying, selling, and servicing insurance policies as well as settling claims."This .
IRDAI has approved eight principle-based regulations at its recently held board meeting. The primary ones include Bima Sugam — an online marketplace for insurance policies, product regulations regarding the surrender charges of the insurance policies, and regulations for the protection of policyholders. All you need to know
The IRDAI, at its board meet, has finalised key regulations relating to Bima Sugam, higher surrender values in endowment policies and policyholder protection, besides rural and social obligations as also registration, capital structure and amalgamation of insurers.
Bima Sugam will list insurance products from all life, health, and general insurance categories, providing a comprehensive one-stop shop for insurance needs.
Prime Minister Narendra Modi is seeking a record-equalling third straight term in upcoming elections that will be held over almost seven weeks from April 19.