ICICI Prudential Life Insurance Company plans to acquire minor stake in Bima Sugam India Federation

ICICI Prudential Life Insurance Company has approved the investment not exceeding 10% of the issued and subscribed share capital in the subsequent tranches, subject to commensurate increase in authorised capital of Bima Sugam India Federation.

Insurance Regulatory and Development Authority of India (IRDAI) has initiated various measures to facilitate wider access to insurance and strengthen customer experience as well as achieve the objective of 'Insurance for all' by 2047. One of such measures was to incorporate a not-for-profit company under Section 8 of the Companies Act, 2013 named as Bima Sugam India Federation.

Bima Sugam aims to create and operate a centralized marketplace of insurance products and services.