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    Pakistan: SECP to unveil Takaful Technology in 2022

    Pakistan: SECP to unveil Takaful Technology in 2022

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    Pakistan: SECP to unveil Takaful Technology in 2022

    Pakistan: SECP to unveil Takaful Technology in 2022

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    Pakistan: SECP to unveil Takaful Technology in 2022

    Pakistan: SECP to unveil Takaful Technology in 2022

    Indonesia Witnesses Big USD 3.25 Billion Sukuk Sale

    Indonesia Witnesses Big USD 3.25 Billion Sukuk Sale

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

    OPay obtains approval of Egypt's CBE to issue prepaid cards

    OPay obtains approval of Egypt’s CBE to issue prepaid cards

    Reserve Bank of Australia left its cash rate at the most significant low of 0.1% on Tuesday

    Reserve Bank of Australia left its cash rate at the most significant low of 0.1% on Tuesday

    Cross River Bank gets USD3 Billion+ valuation and a crypto-first strategy

    Cross River Bank gets USD3 Billion+ valuation and a crypto-first strategy

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    Digital voice-based banking to become the new reality in 2022?

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    Led by Apax Digital, ClearBank raises £175m to accelerate global expansion

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    Pakistan's 1st fintech M&A deal: ZoodPay acquires Tez Financial Services

    Pakistan’s 1st fintech M&A deal: ZoodPay acquires Tez Financial Services

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    Abu Dhabi-based Borouge sets offer price for IPO at USD0.66 per share at a valuation of USD20 billion

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    New AI startup by Co-founders of DeepMind and LinkedIn raises USD 225 million

    New AI startup by Co-founders of DeepMind and LinkedIn raises USD 225 million

    In new move in 2022, IMF raises weighting of dollar, yuan in Special Drawing Rights basket

    In new move in 2022, IMF raises weighting of dollar, yuan in Special Drawing Rights basket

    Vodafone shares up after USD 4.4 billion UAE stake buy

    Vodafone shares up after USD 4.4 billion UAE stake buy

    Ather Energy raises USD128 million in series-E funding

    Ather Energy raises USD128 million in series-E funding

    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

    UK’s Morrisons to buy McColl’s ahead of Asda owners

    UK’s Morrisons wins race to buy McColl’s ahead of Asda owners

  • Markets
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    Pakistan: SECP to unveil Takaful Technology in 2022

    Pakistan: SECP to unveil Takaful Technology in 2022

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

    Brazil mills cancel new sugar export contracts, shift output to ethanol

    Brazil mills cancel new sugar export contracts, shift output to ethanol

    World’s No.2 producer of wheat, India, bans wheat exports in new move

    World’s No.2 producer of wheat, India, bans wheat exports in new move

    Australian stocks fall lower amidst worldwide sell-off; ASX 200 witnesses AUD 50 billion incineration

    Australian stocks fall lower amidst worldwide sell-off; ASX 200 witnesses AUD 50 billion incineration

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    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

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  • Infrastructure
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    Egypt’s Communication Ministry launches new Ashbal Misr Digital Initiative for 2022

    Egypt’s Communication Ministry launches new Ashbal Misr Digital Initiative for 2022

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    In 2022, Abu Dhabi real estate records a new boom with an influx of international investors

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    Stellantis sees India as profitable auto market amid challenges in China, Russia in 2022

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Tiger Global invests in Indian health insurance startup – Plum a sum of $15.6 million in Series A funding round

Plum offers health insurance at less than $1 per month with the B2B2C model

Shwetha S by Shwetha S
June 1, 2021
in Insurance, Startups, Top Stories
Reading Time: 2 mins read
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Tiger Global invests in Indian health insurance startup - Plum a sum of $15.6 million in Series A funding round

Tiger Global invests in Indian health insurance startup - Plum a sum of $15.6 million in Series A funding round

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Although India has a huge population of 1.39 Billion as of 2021 and stands as the second populous country in the world, a majority of the population does not hold any health insurance coverage.

With the decentralized method in the healthcare sector in India, insurance is optional, as per statistics around 500 million people were insured in the fiscal year 2020.

The start-up Plum plans to build a strong road ahead for affordable and easy solutions for companies and organizations to provide health insurance to their employees. The company raised $15.6 million in Series A funding to propel the initiative.

The leading investor Tiger Global led the new funding round, along with existing investors Sequoia Capital India’s Surge, Tanglin Venture Partners, and Incubate Fund.

The company follows a B2B2C model and offers health insurance coverage. The company’s pricing is as low as $1 per month per employee.

The startup takes pride as it built the initiative from scratch in addition to getting insurance companies on board. The company offers coverage on dental and pre-existing conditions.

As partners, Plum has Care Health, ICICI Lombard, New India Assurance, and Star Health.

Since there are fewer players in this segment that engages with businesses at an affordable price and providing flexibility, the startup, therefore, is enticing many firms to partner with them.  

The company offers benefits like coverage extension to self and to add family members. It is also luring to customers as the company lets the customers pay every month. Another distinguishing factor of Plum is the speed, it takes less than one hour to sign up with plum.

The fintech firm Razorpay partnered with Plum offering the client’s insurance coverage option with a one-minute sign-up with the three-click feature. The company envisions to cover over 10 million people in India by 2025 and spread out to international markets. Due to the uncertainties, more businesses are looking for insurance coverage for their employees as it helps the companies to keep the employees safe.

 As per research, the Indian Health Insurance Market is on the rise at a CAGR of 19% over the next 5 years. 2021 is expected to boost the health insurance sector in India with new schemes and trends that help people tackle unprecedented situations. Innovative products in 2021 like e-KYC that cuts the traditional approach and simplifies the insurance signup via digital platforms, new products specifically for Covid-19 start for as low as INR 100, On-demand insurance which creates convenience for the user to pay when required will benefit the people.

Tags: Fintech-RazorpayHealthIInsuranceICICILombardNewIndiaAssurancesecondpopulouscountryStarHealthThreeClickFeatureTigerGlobal
Shwetha S

Shwetha S

Shwetha Samson holds a Commerce degree and specializes in content writing. Her passion for creative writing allows her to write a wealth of content in finance and economics fields. She specializes in curating content based on relevant research. She believes that unlearning is integral in the process of continuous learning.

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Pakistan: SECP to unveil Takaful Technology in 2022

Pakistan: SECP to unveil Takaful Technology in 2022

May 25, 2022
Indonesia Witnesses Big USD 3.25 Billion Sukuk Sale

Indonesia Witnesses Big USD 3.25 Billion Sukuk Sale

May 25, 2022
Pakistan's 1st fintech M&A deal: ZoodPay acquires Tez Financial Services

Pakistan’s 1st fintech M&A deal: ZoodPay acquires Tez Financial Services

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