Convert Life Insurance Premiums into monthly EMIs
Cheaper than a personal loan or monthly plan offered by insurers with instant approval
Lowest interest rates to repay your annual premiums
Instantly pay premium
Pay your annual premium instantly without any credit check or physical visits
Repay in equal EMIs
Repay in 3-11 months equated instalments at just 11.5% p.a. interest
Why choose us ?
100% digital BNPL for policy renewals
Opt for EMIs through a 100% digital journey right from your insurer’s payment page
Highly affordable than current EMI options
Avoid paying high interests on any personal loan or credit card EMIs. Our plans are cheaper than insurer’s monthly plans.*
Generate better returns on your ULIPs
Pay your annual ULIP premiums upfront & get better returns than opting for monthly SIPs
Our lending partner
FAQs
How does it work ?
Use Bimacred to pay your next life insurance premium and convert your annual premiums into monthly EMIs. During the repayment period, our NBFC partners, who are RBI regulated, temporarily hold your policy as collateral. Hence, we are able to offer industry low interest rates of just 11.5% p.a. Post completion, your policy is re-assigned back to your name.
Who is eligible for this option ?
Existing ULIP policy holders with our life insurance partners are eligible to use Bimacred to pay their annual premiums. We will soon be adding other types of life insurance policies as well.
Will I need a physical copy of my life insurance policy ?
No, you do not need the physical copy of your life insurance policy to avail this option.
Do I need a good credit history to get this option ?
No credit checks are required to use Bimacred.
What is the interest rate charged by Bimacred ?
We charge an industry low interest rate of 11.5% p.a. for providing this option.
Who will hold the custody of my policy till I repay the loan ?
Your policy will be assigned to RBI regulated NBFCs, who will hold it as collateral till you repay the loan amount. Once all the dues are paid, the policy will be re-assigned back to you without any intervention needed.
Why is Bimacred better than the monthly payment mode given by my insurer ?
Earn additional returns by investing a lumpsum amount at the start of the year instead of monthly SIPs for the same annual amount. With Bimacred, you get the flexibility of monthly payments without losing out on the compounding benefits of a lumpsum investment.
How can I pay my monthly EMIs ?
You can pay your monthly EMIs using UPI or netbanking.
What will happen if I do not pay my EMIs on time ?
If you do not pay your EMIs on time, additional interest will be charged on your account. The lender also reserves the right to surrender the policy & recover their dues, if the amount payable exceeds regulatory norms.
What happens to my insurance cover when I am paying my EMIs ?
Your insurance cover remains as it is during the tenure of the loan. However, if there is any claim made during the course of repayment, the lender will first recover their dues and the remaining amount will be settled to the customer.
What is Bimacred’s role in providing this option ?
Bimacred is a platform that facilitates the process of paying your annual premiums by taking a credit line from RBI regulated NBFCs and repaying the amount in monthly EMIs. We enable a seamless journey of assigning your insurance policy in the name of the lender and re-assigning it back at the end of the loan tenure. Neither do we touch the premium or EMI amounts nor do we take ownership of the insurance policy.
Are there any charges if I pay my dues in advance ?
There are no prepayment or foreclosure charges. You can repay the outstanding amount at any time to close your loan.
FOR INSURANCE COMPANIES
Why Make Us Your Trusted Partner
100% Digital journey
A digital Buy Now Pay Later (BNPL) payment option that integrates right into your checkout page or collection links
End-to-end assignment support
We facilitate end-to-end process of assignment and re-assignment between lender & user during loan disbursal and loan closure
Improve Persistency
Collect annual premiums upfront from users who are facing affordability issues and improve your retention
Reduce collection costs
Provide monthly equated payment options without investing in collection infrastructure, leading to better margins
