IRDA has approved BIMA Sugam which would be a one-stop platform for all insurance needs like :-

1. Buying insurance policy
2. Claim settlement
3. Agent portability
4. Policy portability

There would be an account for policyholders in a Demat format. This would enable more safety & there wouldn't be any need for maintaining physical documents creating ease for the policyholders & things would require no paperwork.

Policyholder & his family insurance policies can be kept by choosing one repository of their choice. This would make claim settlement easy & would limit frauds too.

Its a really good step towards transparency too.