InsurMonthly Offers Affordable Insurance Plans

Millions of people in India struggle with high medical costs. Bengaluru-based startup InsurMonthly Offers Affordable Insurance Plans to solve this problem. 

Founded in 2019 by Rahul Singh, the company offers affordable insurance plans in Bengaluru. It combines health insurance with wellness services in a single subscription model.

According to a report by the National Insurance Academy, over 31% of India’s population has no medical insurance. That’s almost 40 crore people. 

For these individuals, even a minor health issue can lead to huge expenses. InsurMonthly aims to change this by making insurance more inclusive and affordable.

A New Way to Approach Health Insurance

Rahul Singh started InsurMonthly after noticing a gap in the market. He worked with top financial firms like IndusInd Bank and Aditya Birla Finance. 

There, he saw that financial services were designed for the wealthy. However, affordable health solutions were not available for everyone.

Singh decided to rethink the way insurance worked. Most companies charge extra for wellness services, making plans expensive. 

InsurMonthly does the opposite. It offers wellness services like doctor consultations, full-body checkups, and discounted pharmacy options. These are bundled with insurance at a lower price.

Singh said, “We want to make health and wellness accessible to all. Our plans focus on being comprehensive and affordable.”

The subscription plans start at Rs 228 per month for employees and Rs 623 per month for individuals. These plans aim to make affordable insurance plans in Bengaluru accessible for everyone.

Helping Small Businesses

Small businesses often find it hard to provide health benefits for employees. InsurMonthly makes it easier for them. Its subscription plans are designed for startups and small companies. 

These plans allow businesses to provide health benefits without spending too much.

InsurMonthly’s client list includes over 120 businesses, covering more than 40,000 people. 

Companies like Skootr, Lendbox, and Suntech Global already use these plans. This shows how affordable insurance plans in Bengaluru can support both businesses and individuals.

Growing Rapidly in the Health Insurance Market

The health insurance market in India is growing fast. In 2022, it was worth $12.86 billion. It is expected to grow at a rate of 11.55% until 2030. InsurMonthly is aiming to lead this growth by offering unique services.

In March 2022, the company raised Rs 1 crore in pre-seed funding led by AngelBay. It plans to raise $2 million in the next financial year to expand further.

InsurMonthly is also working with hospitals, clinics, and wellness centers. These partnerships will provide discounted memberships and health programs. Singh said the company wants to cover one million families and five million employees in the next four years.

Affordable Insurance Plans in Bengaluru: What Lies Ahead?

Affordable insurance plans in Bengaluru are transforming how people access healthcare. 

InsurMonthly is at the forefront of this change. By combining insurance with wellness, the company is solving a major issue for individuals and businesses.

However, challenges like rising healthcare costs and increased competition remain. 

The big question is whether the startup can maintain its affordability and innovation. With its current growth, the future looks promising for the startup.

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