New Delhi, Sep 17 The Insurance Regulatory and Development Authority of India (IRDAI) is confident that the vision of ‘Insurance for All by 2047’ -- part of the prime minister’s ‘Viksit Bharat 2047’ mission -- will become a reality, its chairman Ajay Seth said on Wednesday.
He was speaking at the launch of the official website of Bima Sugam India Federation (BSIF) at the IRDAI headquarters in Hyderabad.
Calling Bima Sugam a critical step in building India’s digital public infrastructure for insurance, Seth said the platform will empower policyholders, improve transparency and fairness, and help deepen insurance penetration across the country.
He described the website launch as an important milestone, adding that collective industry effort will be key to achieving the ambitious target.
"The launch of the website today 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," Seth added.
Bima Sugam, backed by IRDAI, is being developed as a revolutionary digital platform to connect all insurance stakeholders.
It aims to automate and digitise processes for insurers, policyholders, intermediaries, repositories, and even external data sources.
The platform will cover all insurance needs, from life and health to motor and travel, and allow individuals to manage policies and claims seamlessly online.
Over time, Bima Sugam will evolve into a unified marketplace for insurance, a digital repository for policies, an e-KYC and consent utility, and a real-time claims servicing gateway.
Rakesh Joshi, Chairperson of Bima Sugam India Federation (BSIF), said the website marks the beginning of an inclusive, technology-driven ecosystem for insurance.
Prasun Sikdar, MD and CEO of BSIF, added that the platform would serve as the authentic digital interface for both the industry and consumers.
The platform will be rolled out in phases, with marketplace features and real transactions enabled once insurers and partners complete integrations.
The roadmap, officials said, will prioritise security, compliance, and scalability to handle rising adoption and large volumes of users in the future.
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