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

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.

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.

No, you do not need the physical copy of your life insurance policy to avail this option.

No credit checks are required to use Bimacred.

We charge an industry low interest rate of 11.5% p.a. for providing this option.

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.

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.

You can pay your monthly EMIs using UPI or netbanking.

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.

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.

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.

There are no prepayment or foreclosure charges. You can repay the outstanding amount at any time to close your loan.

Customer problems that we solve

“My credit card charges me 16% for converting my insurance into EMIs. I need a cheaper way to convert my annual payments into 6 month EMIs”

ICICI Pru Life customer

Hyderabad

“Every year, the month where I have to pay my insurance premiums is always tough. My insurer doesn’t give me option to split my premium into 5-6 instalments.”

PNB MetLife customer

Bangalore

“Taking a loan by policy assignment takes a lot of time. I need to visit the branch and submit self-attested documents and the overall process takes more than 10 days.”

SBI Life customer

Bangalore

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

Revolutionize your premium collections with us today !