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Key Points

IRDAI Chairman Ajay Seth expressed strong confidence that Insurance for All by 2047 will be achieved. He announced this during the launch of the Bima Sugam India Federation website in Hyderabad. The Bima Sugam platform is designed as a comprehensive digital ecosystem connecting all insurance stakeholders. This initiative is a critical component of Prime Minister Modi's Viksit Bharat 2047 mission.

Key Points: IRDAI Chief Ajay Seth Confirms Insurance for All by 2047 Vision

  • Bima Sugam platform aims to digitize and automate all insurance processes
  • It will serve as a unified marketplace for life, health, and motor insurance
  • The platform will improve transparency and empower policyholders online
  • Rollout will occur in phases with a focus on security and scalability
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Insurance for all by 2047 will be a reality: IRDAI Chief

IRDAI Chairman Ajay Seth announces Bima Sugam platform launch, a key digital step toward achieving Insurance for All by 2047 under PM Modi's Viksit Bharat mission.

"The vision of ‘Insurance for All by 2047’... will become a reality - Ajay Seth, IRDAI Chairman"

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.

- IANS

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Reader Comments

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Rohit P
Insurance for all by 2047 sounds ambitious but achievable with digital infrastructure. Hope they focus on making it affordable for middle-class families. Premiums are still too high for many of us.
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Arjun K
Finally! A unified platform for all insurance needs. Dealing with multiple companies and agents is such a headache. Hope the claims process becomes faster and more transparent.
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Michael C
As someone who works in tech, I appreciate the focus on security and scalability. But implementation will be key - hope they don't rush the rollout and compromise on data protection.
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Shreya B
My parents in our village still don't understand insurance properly. Hope this platform includes regional languages and simple explanations. Digital literacy is as important as the platform itself.
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Karthik V
Good vision but execution matters. We've seen many government digital projects fail to deliver. Hope this doesn't become another UPI success story on paper but failure in reality for common people.
Nisha Z
Real-time claims processing will be a game changer! Currently, it takes weeks to get claims settled. If this platform can reduce that to days, it will build so much trust in insurance products. 👍

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