BimaPay Finsure targets Rs 20 crore premiums in FY26 for maiden corporate product

Hanut Mehta, CEO, BimaPay Finsure

BimaPay Finsure, which soft-launched a corporate product on June 5, is targeting Rs 20 crore premiums from the new line in FY26, said co-founder and CEO Hanut Mehta.

"Internally, we’re working with a Rs 20–30 crore range. If things go well, we may exceed even that," he said during an interaction with Moneycontrol.

Unlike traditional insurance plans that require large annual payments upfront, this corporate product, currently in its pilot phase, lets businesses pay premiums for group medical, fire, and personal accident insurance in EMIs without collateral, making coverage more accessible and manageable.

"If successful, we will plan a nationwide scale-up," he said.

Explaining the rationale behind the move, Mehta said, "For three years, we’ve focused on retail health premium financing. But our insurance partners flagged repeated requests from MSME (micro, small and medium enterprises) clients who struggled with upfront premium payments. Traditional financing options weren’t built for insurance. That created a compelling opportunity."

The company’s answer is a fully digital financing journey for corporates, albeit slightly slower than the real-time retail experience.

“Underwriting a business takes longer. So, while it won’t be real-time yet, we are promising a turnaround within two to three hours,” he said.

The pilot phase involves average ticket sizes of Rs 10–20 lakh.

"We’ve limited insurer partnerships and capped premiums at Rs 70-80 lakh per deal. But once we understand the ecosystem better, we’ll go real-time and scale fast," the CEO said.

On distribution, Mehta confirmed that the company would follow a B2B2C model. "Insurance companies and agents will offer this EMI option to their corporate clients," he said.

Despite the new corporate product, BimaPay remains a retail-focused business.

"Our mix will be 70-80 percent retail and 20–30 percent group. The volume of retail policies, with average premiums of Rs 40,000 to Rs 50,000, will always outpace corporate ones, which are in the Rs 15-20 lakh (premium) range," said Mehta.

He added, "Retail is quicker to underwrite, and the population-level demand is massive. For us, as a technology platform rather than a lender, retail is core."

Asked about potential non-performing assets risks, Mehta said, "We’re targeting an NPA below 0.2–0.3 percent, like in retail. Corporates buying employee benefits or statutory insurance cannot risk lapses, the incentive to repay is very high."

Responding to concerns about slower growth in group insurance premiums across the industry, Mehta said, “True, group policies are less profitable than retail for insurers. But they’re strategic. A group policy often acts as a gateway for insurers to cross-sell to employees life, health and liability covers.”

On expansion, he said, “For retail, 70 percent of our volumes come from Tier 2 and Tier 3 cities. For corporates, it’s not about geography, it’s about size. Smaller and mid-sized enterprises lack access to affordable credit. That’s our sweet spot.”