IRDAI Chairman Ajay Seth stated that multiple insurance products are slated to launch on the Bima Sugam platform by September. He added that a consultation paper addressing distribution reforms should appear before the end of July. Seth highlighted trust as the key element for expanding access across India’s insurance sector. The Bima Sugam initiative, sometimes called the UPI of Insurance, is running slightly behind schedule. The platform seeks to combine life, general and health insurance services, allowing users to purchase, sell or renew policies more easily. It will maintain a commission-based model. Seth observed that the life insurance industry is performing steadily yet holds room for faster expansion. Life insurers offer financial protection and manage household savings, though they face strong competition in the savings segment. For inclusive insurance, he stressed that products need to be affordable, accessible and available. Awareness alone is insufficient; trust is equally vital to boost adoption.
