Bimaplan

Bimaplan works with insurers to create over-the-counter (OTC), low-premium insurance products to cater to low- and middle-income people, with annual premiums in the range of INR 350-3,500 ($5-50).

The startup addresses India's insurance protection gap by focusing on reaching underserved demographics -- the "missing middle" -- through its embedded insurance platform.

The startup uses a mix of content and community-led approach to offer low-ticket insurance products that can be purchased even on WhatsApp.

The company is looking at around 130 Mn households with an annual income ranging between INR 1.5-5.5 Lakh.

Bimaplan targets blue-collar, white-collar and informal sector workers as part of its underserved customer base.

Low-ticket insurance products can be purchased even on WhatsApp, using a content and community-led distribution approach.

Micro-agents have the opportunity to earn supplemental income; they can use the content that Bimaplan offers or make their own content depending on what their respective communities understand best.

Bimaplan collaborates with organizations serving rural and semi-urban customers, enlisting them as channel partners to distribute insurance products through its integrated platform.

The startup works with insurers to create over-the-counter (OTC), low-premium insurance products to cater to low- and middle-income people.

Bimaplan intends to utilize funding to improve and scale its technology platform while introducing new products, and to bolster its distribution network by expanding current channels and launching new sectors.

Bimaplan's insurance partners underwrite all policies, which are co-branded and distributed by the startup.

Bimaplan plans to explore affiliate partner channels, including banking correspondents and microfinance institutions (MFIs).