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Informist, Thursday, Oct. 30, 2025

 

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--IRDAI head: Bima Sugam to list policies, facilitate sale in next 2 qtrs 
--IRDAI head:Boosting digital public infra is next step for insurance sector 
--IRDAI head:To hold consultations on better affordability of insurance pdts 
--IRDAI head on insurance pdts affordability:To issue discussion paper soon 
--CONTEXT: IRDAI head Seth speaks at Business Standard's event 
--IRDAI head:Need to address how to increase affordability of insurance pdts

 

MUMBAI – The next step forward for India's insurance sector includes making the products more affordable and strengthening the digital public infrastructure to facilitate the sale of products, according to Insurance Regulatory & Development Authority of India Chairman Ajay Seth. The insurance sector regulator, which recently rolled out insurance e-marketplace Bima Sugam, will also soon issue discussion papers and hold consultations with stakeholders to address affordability of products, Seth said.

 

Seth pointed out that after the latest round of goods and services tax rationalisation, the GST rates on food, and term and health insurance are the same--nil. So the government equates insurance as necessary as food, Seth said at the Business Standard's BFSI Insight Summit here. The GST rationalisation helped make the products cheaper but more can be done to improve affordability.

 

Further, a strong digital public infrastructure has helped the banking sector and capital markets stand the test of time, Seth said, stressing on the need to strengthen digitisation in the insurance sector. The chairman unveiled the Bima Sugam website in September, which will serve as an e-marketplace. The platform will list policies and begin facilitating sale in the next two quarters, Seth said.

 

The government, in order to facilitate the insurance sector, had in February also announced that it will allow 100% foreign direct investment to address capital needs. Parliament is likely to soon pass the Insurance Amendment Bill 2025 to enable the change. Meanwhile, Seth said the domestic entities must also ramp up investment in the sector to truly address the capital needs.  End

 

Reported by Krity Ambey and Sagar Sen

Edited by Vandana Hingorani

 

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