Bimaplan is an affordable digital insurance platform focused on providing life and health insurance products to underserved populations in India. Bimaplan leverages technology to reach vulnerable households, aiming to deliver financial security to over 150 million families who are often left out of traditional insurance markets.
Founded in 2021 by Vikul Goyal, a serial entrepreneur with a successful exit from Carcrew, Bimaplan addresses a significant gap in India's insurance sector. The platform partners with insurance underwriters to design contextual microinsurance products tailored for low- and middle-income groups. By utilizing India's rapidly growing mobile and digital infrastructure, Bimaplan is able to distribute policies at scale and at lower costs, making insurance accessible and affordable for the next billion Indians.
Bimaplan’s approach is data-driven and digital-first, streamlining the insurance buying process for both consumers and partners. Their technology stack supports simplified onboarding, policy management, and claims, reducing barriers for populations with limited exposure to financial products.
What Technology Enables Bimaplan?
Bimaplan operates as an insurtech company, using cloud-based and mobile technologies to facilitate seamless insurance distribution and management. The company’s digital platform integrates with insurers and distribution partners, enabling:
- Digital policy issuance and management
- Contextual product recommendations based on customer profiles
- Simplified onboarding and claims processes through mobile devices
The rise in mobile penetration and government-supported digital identity infrastructure in India has been a key enabler for Bimaplan’s growth and vision.
Who Uses Bimaplan?
Bimaplan primarily serves low- and middle-income households across India—segments historically underserved by mainstream insurance providers. Their solution is particularly relevant for rural populations, gig economy workers, and other vulnerable groups seeking affordable financial protection. The platform also works with insurance providers and distribution partners to expand reach and efficiency.
Who Are Bimaplan’s Competitors?
Bimaplan operates in India’s rapidly evolving insurtech and microinsurance sector. Notable competitors and peers in this space include:
- Digit Insurance: A digital-first general insurance provider offering car, health, and travel coverage.
- Acko General Insurance: The first fully digital general insurance company in India.
- Riskcovry: An insurtech platform enabling digital insurance distribution for enterprises.
- Plum Insurance: Focused on group health insurance and digital-led solutions for businesses.
- GramCover: A digital insurance platform targeting low- and middle-income segments with affordable and accessible solutions.
While these companies share the mission of digitizing insurance access, Bimaplan differentiates itself with a specific focus on microinsurance and the next billion underserved Indians, targeting both urban and rural segments with contextual products.
Use PromptLoop to Uncover Company Data
Looking for more company insights like this? PromptLoop helps you go deeper, providing unique data points and analysis on companies like Bimaplan and many others. Automate your research and find the information that matters most. Discover how PromptLoop can accelerate your market intelligence. Get A Free Demo to learn more.