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InsurTech platform Vital raises $3 million in pre-series A round led by BLinC Invest

Created by former co-founder of Truly Madly Rahul Kumar and head of product at Apollo Munich Health Insurance, Jayan Mathews, Vital looks at reimaging health insurance by providing personalised coverage for each member based on their individual needs.

June 16, 2021 / 10:38 PM IST
Representative image

Representative image

InsurTech platform Vital has raised $3 million in total with a pre-series A round led by venture capital company BLinC Invest.

Venture Catalyst, Survam Partners and several other angel investors also participated in the pre-series A round.

Created by former co-founder of Truly Madly Rahul Kumar and head of product at Apollo Munich Health Insurance, Jayan Mathews, Vital looks at reimaging health insurance by providing personalised coverage for each member based on their individual needs.

"We at BLinC Invest are excited to associate with the team in their endeavour to reimagine the entire value chain of health cover by going beyond just hospitalisation and help people change their way of managing health and wellness expenses," said Amit Ratanpal, Founder and MD, BLinC Invest.

Lower premiums is one of the key appeals with Vital. It offers customers an affordable monthly subscription with premiums up to 70% lower by introducing the concept of small deductibles for the very first time in India.

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"Our goal is to not only stand by our members when they are sick but also manage their health with holistic wellness offerings and timely interventions to keep them from falling sick which means lower claim costs hence lower overall premiums," said Rahul Kumar, co-founder of Vital.

Currently, in India,  Rs 24,000 crore worth of claims have been paid under medical insurance due to COVID-19-related hospitalisation and associated expenses as per data by General Insurance Council.
Moneycontrol News
first published: Jun 16, 2021 10:36 pm

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