Definition
Bima Bharosa
Bima Bharosa is IRDAI's online grievance portal where policyholders can register, track and escalate complaints against insurers.
Formerly the Integrated Grievance Management System (IGMS), Bima Bharosa lets consumers lodge complaints, monitor their status against IRDAI's prescribed turnaround times, and escalate if unresolved. It centralises grievance data across the industry, helping the regulator spot patterns of poor conduct.
It sits within the broader grievance redressal ladder: insurer's own cell first, then Bima Bharosa, then the Insurance Ombudsman, before courts. The portal is a practical, free first stop for policyholders facing claim delays, repudiations or mis-selling.
Related terms
- Insurance OmbudsmanThe Insurance Ombudsman is a quasi-judicial authority that resolves policyholder complaints against insurers quickly and at no cost to the complainant.
- Grievance RedressalGrievance redressal is the structured process for policyholders to raise and resolve complaints against insurers.
- IRDAIIRDAI is the Insurance Regulatory and Development Authority of India, which regulates and supervises the insurance industry and protects policyholders.
Plain-English explainer from The Dispatch Investors Encyclopedia. General information, not financial advice.