Bima Sugam's capital requirement goes up significantly to Rs 500 crore

The capital requirement for the insurance regulator’s ambitious project, Bima Sugam, an online marketplace to buy, service, and sell insurance products, has increased to Rs 500 crore from the previously envisaged Rs 100–200 crore, according to multiple sources aware of the development.

 

During the two-day Bima Manthan held in Hyderabad, insurance companies were informed of the revised capital requirement for Bima Sugam, amounting to Rs 500 crore over 4–5 years. Of this, Rs 330 crore must be provided immediately, with the remaining Rs 170 crore to be contributed after two years.

 

Bima Sugam India Federation (Bima Sugam), a not-for-profit entity