IRDAI: ‘Bima Sugam’ will make health insurance affordable, know what will be its benefit

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Author: Siddharth PriyadarshiPublish Date: Mon, 05 Sep 2022 02:45 PM (IST)Updated Date: Mon, 05 Sep 2022 02:45 PM (IST)

New Delhi, Business Desk. The Insurance Regulatory and Development Authority of India (IRDAI) is trying to provide health insurance at affordable rates to all the citizens of the country. IRDAI Chairman Debashish Panda had said a few days ago that when we complete 100 years of independence in 2047, all citizens of the country should have health insurance.

Expensive treatment in operations, distribution and hospitals is the biggest reason for the cost of health insurance in the country. The high cost makes it difficult for a large section of the society to buy insurance. To get rid of this, such avenues have to be found, so that insurance becomes affordable for the common man.

Insurance will change easily

According to media reports, the Insurance Regulatory and Development Authority of India is working on a new insurance platform ‘Bima Sugam’. It will be a one stop solution, through which people will be able to get insurance products of all companies from one place. For this, amendments to the rules have already been started in the sandbox which will help in innovation. This will also encourage start-ups who are coming up with new solutions. Debashish Panda, Chairman, IRDAI also believes that there is a need to bring in parametric insurance products and cover OPD services while taking such things forward.

Fast growing health insurance sector

At present, the health insurance market in the country is around Rs 60,000 crore. It is estimated that it will grow at 30-35 per cent annually in the coming few years as against 19 per cent per annum in the last five years.

Edited By: Siddharth Priyadarshi

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