Plum

Name

Plum

Legal name

Plum Benefits Insurance Brokers Pvt Ltd

Website

https://plumhq.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

501–1,000 employees

Ownership category

akta.pro rank

Product category

Employee Benefits Insurance

NAICS

Footwear Merchant Wholesalers (42434), General Merchandise Retailers (455)

SIC

Wholesale-Groceries, General Line (5141), Wholesale-Jewelry, Watches, Precious Stones & Metals (5094)

akta.pro primary industry

Dropshipping & Supplier Fulfillment Services (CRAFAMAJ)

Keywords

• Group health insurance
• Employee benefits platform
• Insurance brokerage services
• AI claims automation
• Corporate insurance distribution

Headquarters

HQ city

Bengaluru

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Insurance Brokerage Commissions: Primary revenue stream: Plum Benefits Insurance Brokers Pvt Ltd (IRDAI Registration No: 897, Direct Broker for Life & General) earns commissions on group health insurance, group term life, group personal accident, super top-up, personal health, personal term life, and business insurance products placed with Tier-1 insurance partners including HDFC ERGO, ICICI Lombard, Tata AIG, Bajaj Allianz, Reliance General, and Future Generali.
2. Healthcare & Care Programs: Recurring revenue from Plum Care Programs, Telehealth subscriptions, Mental Health programs, and Health Checkups sold to employers; healthcare vertical expected to grow from 20% to 40-45% of revenue mix within two years.
3. Personal Insurance Premiums: Direct-to-consumer revenue from personal health insurance, personal term life insurance, and super top-up plans sold through the Plum app; example pricing: 35-year-old can secure ₹10 Lakhs coverage for as low as ₹4,000/month.
4. Super Top-Up Insurance: Additional coverage of up to ₹1 crore on top of existing base health insurance, with plans up to ₹20L, ₹50L, or ₹1Cr; example pricing ₹1,248/year for ₹20L cover (parent).

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Core offering

Plum is an IRDAI-registered Direct Broker (Life & General) that distributes group health, group term life, group personal accident, personal, and business insurance policies underwritten by Tier-1 Indian insurers to businesses and individuals. It wraps these products with an AI-driven claims automation platform, an Admin/Employee Experience suite, and a Healthcare-for-Teams offering covering Plum Care programs, Telehealth, Health Checkups, and Mental Health services.

Product overview

Plum is a single unified employee health benefits and insurance platform sold under the Plum brand, built as a core benefits-and-claims administration suite with modular add-on product lines for groups, individuals, and businesses. The platform combines Employee Insurance (Group Health Insurance, Group Term Life Insurance, Group Personal Accident Insurance) with a Healthcare-for-Teams suite (Plum Care, Telehealth, Health Checkups, Mental Health), a Personal Insurance layer (Personal Health Insurance, Personal Term Life Insurance, Super Top-Up), and a Business Insurance layer (Cyber Insurance, Directors and Officers Insurance, Errors and Omissions Insurance, Employee Dishonesty Insurance, Commercial General Liability Insurance, Asset Insurance), all delivered through Plum's Admin Experience, Employee Experience, Plum Care Experience, and Claims Experience surfaces and supported by AI capabilities such as PolicyGPT and AI-driven claims automation.

Differentiator

Problem solved

Functional benefit

Brands

• Plum Care: Care programmes for teams including dedicated care managers, telehealth access, mental health support, and nutrition experts spanning preventive, primary, and crisis care.

Products and services

• Group Health Insurance Customised group health insurance policies for Indian startups, SMBs, and enterprises, offered in partnership with Tier-1 insurers, with bundled claims administration, an admin dashboard, analytics, and an employee app.
• Group Term Life Insurance Group term life cover for employees with optional accidental death, critical illness, and child education riders, nominee management, instant claim assistance, and tiered sums insured from ₹10 lakh to ₹50 lakh+.
• Group Personal Accident Insurance Group personal accident cover providing lump-sum payouts for accidents, with supplementary benefits such as physiotherapy and counselling, 24x7 assistance, and an all-in-one employee app.
• Plum Care Care programme combining early health risk assessment, risk stratification, and continuous engagement with a dedicated care manager, general physicians, mental health professionals, and nutrition experts, sold standalone or bundled with insurance.
• Telehealth 24x7 virtual doctor consultations covering 23+ specialties with 8+ language options, digital health records, prescription delivery, and in-app video consultation, reporting 98% CSAT and a 4.9/5 app rating.
• Health Checkups At-home preventive health checkups offering 80–108 biomarkers depending on workforce segment, with AI-powered insights, at-home sample collection across 4,000+ Indian locations, and a follow-up doctor consultation.
• Mental Health Mental wellness programme with licensed therapists in 10 Indian languages, a suicide prevention helpline, video consultations, crisis intervention, dedicated care managers, and preventive self-help tools, reporting 91% satisfaction and 4x ROI for employers.
• Personal Health Insurance Individual and family health insurance plans from Tier-1 insurers such as Max Bupa, Star Health, and HDFC ERGO, offering optional critical illness, maternity, and AYUSH riders, cashless network access, and Section 80D tax benefits, sold direct-to-consumer via the Plum app.
• Personal Term Life Insurance Individual term life cover supplementing employer group term life, with critical illness, accidental death, and disability riders, pan-India availability, 100% tax-free nominee payout under Section 80C, and recommended sum assured of at least 15x annual income.
• Super Top-Up Insurance Top-up health cover of up to ₹1 crore layered over an existing base policy, with plans at ₹20 lakh, ₹50 lakh, and ₹1 crore, cashless access at 7,800+ hospitals, no medical check-ups required, and portability after leaving an employer.
• Cyber Insurance Cyber liability insurance for Indian businesses covering first-party losses (ransomware, data restoration, business interruption, forensics, PR) and third-party liability (privacy lawsuits, regulatory defence under the DPDP Act), with sums insured from ₹50 lakh to ₹50 crore+.
• Directors and Officers Insurance Directors and Officers liability insurance with Side A/B/C cover protecting founders, board members, and CXOs from personal liability arising from shareholder disputes, regulatory action (SEBI/MCA/RBI/NCLT), employment claims, M&A conflict, and financial misstatements, with sums insured from ₹1 crore to ₹100 crore+.
• Errors and Omissions Insurance Professional liability cover protecting businesses from financial losses arising from negligent acts, errors or omissions, unintentional breach of contract, or failure to render professional services to a third party.
• Employee Dishonesty Insurance Business insurance covering financial losses due to criminal acts linked to money or securities committed by one or more employees.
• Commercial General Liability Insurance Liability cover for businesses against financial risks arising from third-party death, bodily injury, or property damage.
• Asset Insurance Asset Protection / Portable Equipment Insurance safeguarding businesses from losses arising from damage to physical assets.

Quantifiable outcome

• 78% of claims processed without human intervention, up from 34% in 2022
• +11 more outcomes

Named customers1 record

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability10 records

Feature9 records

Partnerships

Nine partnerships are on record, tiered core — tier-1 insurer partner, core — tier-1 personal health insurer and core — foundational ai technology partner.

• HDFC ERGOcore — tier-1 insurer partnerChannel Partner/ Reseller/ DistributorHDFC ERGO is one of Plum's Tier-1 insurance partners for underwriting group health insurance, personal health insurance, and cyber insurance products. Plum distributes HDFC ERGO policies (e.g., HDFC ERGO Optima Secure for personal health).
• ICICI Lombardcore — tier-1 insurer partnerChannel Partner/ Reseller/ DistributorICICI Lombard is one of Plum's Tier-1 insurance partners, with deep partnership enabling smooth underwriting of group health insurance and other lines. Visible on Plum's admin dashboard for premium reconciliation.
• Tata AIGcore — tier-1 insurer partnerChannel Partner/ Reseller/ DistributorTata AIG is one of Plum's Tier-1 insurance partners underwriting cyber insurance and other lines distributed via Plum's platform.
• Bajaj Allianzcore — tier-1 insurer partnerChannel Partner/ Reseller/ DistributorBajaj Allianz is one of Plum's Tier-1 insurance partners for cyber insurance and other lines distributed through Plum's broker platform.
• Reliance General Insurancecore — tier-1 insurer partnerChannel Partner/ Reseller/ DistributorReliance General Insurance is one of Plum's Tier-1 insurance partners underwriting policies distributed via the platform.
• Future Generali India Insurancecore — tier-1 insurer partnerChannel Partner/ Reseller/ DistributorFuture Generali is one of Plum's Tier-1 insurance partners for cyber insurance and other products distributed through Plum's broker platform.
• Max Bupa Health Insurancecore — tier-1 personal health insurerChannel Partner/ Reseller/ DistributorMax Bupa is one of Plum's exclusive Tier-1 insurance partners for personal health insurance plans curated for Plum customers, offering tax benefits under Section 80D and 1:1 expert consultations.
• Star Health Insurancecore — tier-1 personal health insurerChannel Partner/ Reseller/ DistributorStar Health is one of Plum's exclusive Tier-1 insurance partners for personal health insurance plans distributed via the Plum platform with hassle-free claims support.
• OpenAIcore — foundational ai technology partnerTechnology or IntegrationPlum's PolicyGPT AI-powered chatbot is built on OpenAI's GPT-3 architecture to help customers understand their health insurance policies. Launched in April 2023.

Scale indicators15 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Policybazaar: India's largest insurance aggregator and web aggregator, directly competing with Plum in distributing health, life and group insurance online; both target Indian consumers and businesses with a digital, broker-led model and similar Tier-1 insurer partnerships.
• Acko General Insurance: Digital-first Indian insurer and insurtech selling health, motor and group insurance directly to consumers and employers; competes with Plum on group health distribution, AI-led claims experience, and tech-led customer NPS in the same Indian SMB and enterprise segment.
• Digit Insurance: India-based, venture-backed digital insurer offering health, term life, group and commercial insurance directly; competes with Plum on group health for employers and on AI-driven claims automation within the same Indian market and customer segment.
• Onsurity: India-based employee benefits and health insurance platform providing group health, term life and wellness subscriptions to SMBs and enterprises; the closest head-to-head competitor to Plum's core group insurance + healthcare-for-teams proposition for Indian startups and mid-market companies.
• Pazcare: Employee benefits and group insurance insurtech in India covering health, term life and personal accident for startups and enterprises; competes with Plum on group insurance distribution, HR/payroll integrations, and tech-led claims experience for similar buyer personas.
• Coverfox: India-based IRDAI-licensed insurance broker offering health, life and motor insurance online to consumers and businesses; competes with Plum's brokerage and personal insurance modules and shares the digital broker / Tier-1 insurer partnership model.

Broad incumbents

• Lemonade: AI-native, mobile-first insurer using chatbots and behavioural economics to sell renters, home, pet, car and term life insurance; broader geographic scope but a comparable AI-first claims, NPS-driven playbook that Plum explicitly emulates in its marketing and tech stack.
• Practo: India's leading telehealth and digital health platform offering online doctor consultations, health records and corporate wellness; Plum's Telehealth and Mental Health modules directly overlap with Practo's enterprise and consumer health offerings in the same Indian market.
• Zoho People: Global HRIS and people-ops suite with operations in India that increasingly integrates benefits administration and insurance offerings; relevant both as a competitor for employer mindshare and as a potential channel partner through which Plum's embedded insurance products can be distributed.

Emerging players

• Keka HR: India-based HR and payroll platform increasingly bundling group health insurance, wellness and benefits for SMBs and mid-market; comparable as a competitor for employer wallet share and a potential embedded distribution partner for Plum's insurance products.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/getplumhq
• Facebookfacebook.com/getplumhq

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Plum