BimaPay Finsure, a fintech platform, launched a financing for corporate insurance premiums. The initiative will allow businesses to pay premiums in easy equated monthly instalments (EMIs) instead of bearing the burden of full upfront costs.
The company aims to finance over ₹20 crore worth of premiums by the end of FY26. This solution covers all sectors, including IT, logistics, healthcare, manufacturing, and more, along with products such as group medical, fire, and group personal accident insurance.
BimaPay has a digital financing solution that allows companies to pay premiums in instalments with the policy as the only collateral. While BimaPay facilitates, the finance provided by collaborating lending firms.
“The corporate insurance premium market in India is vast, with many businesses needing to secure group health, fire, and statutory insurance. However, the lack of structured financing options makes it difficult for companies, especially MSMEs, to afford large upfront payments,’‘ Hanut Mehta, Co-founder & CEO of BimaPay Finsure, said in a release.
“Our solution addresses this gap by allowing businesses to pay premiums in instalments, using the policy itself as the only security. We’re partnering with insurance companies, intermediaries, and NBFCs to expand access and make this model widely available,’‘ he added.
By offering instalment-based options, BimaPay aims to support a wide range of industries in maintaining robust insurance coverage while freeing up working capital and improving financial planning.