Bima Sugam 2025: ₹60 Lakh Cr Insurance Market Goes Digital, 7 Points
Delhi
🚀 IRDAI’s Big Move: Insurance for All by 2047 in a ₹100 Lakh Crore Economy
1️⃣ Big Launch
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Who: Ajay Seth, IRDAI Chairman
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When: September 17, 2025
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What: Launch of Bima Sugam India Federation (BSIF) website
2️⃣ National Vision
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Goal: Insurance for All by 2047
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Mission: Part of Viksit Bharat 2047
3️⃣ Financial Impact
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Current Size: ₹60+ lakh crore (FY2024)
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Penetration: 4.2% of GDP (vs global 7.2%)
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Future Goal: ₹100+ lakh crore insurance economy by 2047
📊 Insurance Market: Today vs 2047 (Projections)
| Parameter | Today (2024) | Target 2047 | Impact |
|---|---|---|---|
| Industry Size | ₹60+ lakh crore | ₹100+ lakh crore | Massive expansion |
| Penetration (of GDP) | 4.2% | ~8%+ | Closer to global average |
| Policyholders | ~75 crore | 150+ crore | Double coverage |
| Claim Settlement Time | Weeks/Months | Real-time Digital | Faster payouts |
| Paperwork | High | Zero (Digital only) | Cost savings for insurers & customers |
4️⃣ Key Features of Bima Sugam
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Unified Hub: Life, health & general insurance in one place
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Paperless Process: Buy, renew & settle claims online
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Transparent Pricing: Compare multiple policies instantly
5️⃣ Industry Support
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Backed by Life Insurance Council & General Insurance Council
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Designed as India’s largest digital insurance marketplace
6️⃣ Roadmap Ahead
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Website Go-Live: December 2025
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Next Phase: Policy renewals & automated claim settlement
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Expected Savings: Claims processed faster, saving billions annually
7️⃣ Benefits for Policyholders
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Easy Access: Multiple products, single platform
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Affordable Premiums: Driven by competition
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Direct & Transparent: No agents, no hidden costs
📌 SEO Keywords
Bima Sugam 2025 | IRDAI insurance platform | Digital insurance India | Insurance for All 2047 | Online insurance comparison India
⚠️ Disclaimer – The Profit India
This article is for information purposes only. The Profit India does not provide financial, legal, or insurance advice. Readers should cross-check details and consult certified professionals before making financial or insurance decisions.
