Context:
Bima Sugam digital insurance platform launches soon: IRDAI
Bima Sugam:
- An online platform designed to help customers choose suitable insurance schemes from multiple options provided by various companies.
- Covers all types of insurance needs, including life, health, motor, and travel insurance.
- Apex decision-making body – IRDAI (Insurance Regulatory and Development Authority of India)
- Features –
- Simplifies and digitizes the insurance marketplace.
- Facilitates policy purchases, renewals, claim settlements, and agent and policy portability.
- Assists consumers with all insurance-related queries.
- Acts as a single window for policyholders to manage their insurance coverage.
- Provides end-to-end solutions for purchasing, servicing, and settling insurance needs.
- Enables insurance companies to access validated and authentic data in real-time.
- Interfaces with intermediaries and agents to sell policies and provide services, reducing paperwork.
- Stakeholders –
- Life and general insurance companies will each own a 47.5% stake.
- Brokers and agent bodies will each own a 2.5% stake.
IRDAI (Insurance Regulatory and Development Authority of India)
- A regulatory body aimed at protecting the interests of insurance customers.
- Founded in 1999
- Operates under the IRDA Act 1999
- Under the jurisdiction of the Ministry of Finance.
- Powers and functions of IRDAI are outlined in the IRDAI Act, 1999, and the Insurance Act, 1938.
- Functions –
- Regulates and promotes the development of the insurance industry.
- Monitors insurance-related activities to ensure compliance with laws and regulations.
- Other initiatives of IRDAI –
- Integrated Grievance Management System
- Saral Jeevan Bima – A standard term life insurance product
- Saral Pension – An immediate annuity plan
Source: The Hindu
Previous Year Question
Consider the following:
1. Hotels and restaurants
2. Motor transport undertakings
3. Newspaper establishments
4. Private medical institutions
The employees of which of the above can have the ‘Social Security’ coverage under Employees’ State Insurance Scheme?
[UPSC Civil Service Exam – 2012 Prelims]
(a) 1, 2 and 3 only
(b) 4 only
(c) 1, 3 and 4 only
(d) 1, 2, 3 and 4
Answer: (d)
