India’s Government E-Marketplace Boosts Insurance Coverage
India’s government e-marketplace has facilitated insurance coverage for over 13 million individuals in the financial year 2024-25. The platform, which was introduced in January 2022, offers a range of insurance services including health, life, and personal accident insurance policies.
The e-marketplace ensures that only insurance providers approved by the Insurance Regulatory and Development Authority of India are onboarded, establishing a reliable and trusted mechanism for availing insurance services. Through this platform, buyer organisations can seamlessly procure group Mediclaim, personal accident, and term insurance policies for their employees, thereby offering financial security to a vast number of beneficiaries.
One of the main advantages of the government e-marketplace insurance services is that it facilitates direct transactions between government buyers and insurance providers without intermediaries. This streamlined approach has significantly expedited the process while also reducing insurance premiums, thereby ensuring cost savings for government organisations.
Beyond life and health insurance, the platform has also added insurance covers to include a comprehensive range of insurance services such as asset insurance, transit and marine insurance, liability insurance, livestock insurance, motor insurance, crop insurance, and cyber insurance. The broad spectrum of services ensures that various insurance needs are met through a single, transparent, and efficient platform to enhance accessibility and cost-effectiveness in availing insurance services.
