Insurance Regulatory and Development Authority of India (IRDAI) has initiated various measures to facilitate wider access to insurance and strengthen customer experience as well as achieve the objective of ‘Insurance for all' by 2047. One of such measures was to incorporate a not-for-profit company under Section 8 of the Companies Act, 2013 named as Bima Sugam India Federation.
Bima Sugam aims to create and operate a centralized marketplace of insurance products and services.