Insurance e-Marketplace:  As of now, to buy insurance, people have to visit each company's website or contact agents or an online insurance broker. This is a common practice to buy insurance in India, but soon it is going to change as the process will be easier. Insurance regulator IRDAI gave it approval to ONDC to launch an electronic marketplace 'Bima Sugam'. It will be an insurance infrastructure where information about all insurance companies will be available.

Insurance companies may own this marketplace. Through the Bima Sugam platform companies can do their business. Customers will be allotted an insurance account number. The insuranceholder will be able to move from one company to another through that account number.

Also read: 7th Pay Commission: Central Government Employees To Get Arrears Of 2 Months With Salary Hike; Details

IRDAI Chairman Debish Panda has said that it will prove to be a step like UPI for the insurance industry.

Facilities of Bima Sugam

In addition to buying and selling insurance on the Bima Sugam platform, customers will also be able to make claims here., Online distributors can also be a part of this platform. In the statement issued by IRDAI, it has been said that this marketplace will be for all the stakeholders of the insurance sector. Customers, insurers, agents, etc, all will be available in one place. This will bring transparency to the entire system, said the IRDA.

Also read: Credit Card New Rule: RBI Allows Credit Card Users To Change Billing Cycle More Than Once