Buying insurance in India may soon become simpler and cheaper. Starting June 2026, the Bima Sugam platform is expected to introduce zero-commission standard insurance products, according to ET Now. This move is expected to make policies more affordable and easier for customers to understand.
The platform is being positioned as a one-stop solution where people can buy, renew and even make claims without dealing with multiple intermediaries.
WHAT CHANGES FOR CUSTOMERS?
The biggest shift is the removal of commissions. Instead of agents earning a cut, insurers may pay a small platform fee of around 5–7%. This could bring down premiums, as companies save on distribution costs.
Customers can also expect standardised products. These policies are likely to come with a basic structure along with a few add-ons, making it easier to compare and choose without confusion.
PHASED ROLLOUT OF PRODUCTS
The launch will happen in stages over the next few months.
Motor insurance for new vehicles is likely to go live first in June 2026. Renewal policies may follow from August. Around the same time, health insurance products are also expected to be introduced on the platform.
Term insurance plans, which offer life cover, are likely to be added by September 2026.
If the rollout goes as planned, the platform could change how people in India look at insurance—making it less complicated and more accessible.
