Plancover - Business Insurance

What Plancover - Business Insurance does

PlanCover, operated by HII Insurance Broking Services Pvt. Ltd. (HIBS), is an Indian insurance marketplace and brokerage platform headquartered in Gurugram, Haryana. Founded in 2013 and holding IRDA Direct Broker License No. 447 (valid through February 2028), the company aggregates business, group, and personal insurance products from leading Indian insurers including TATA AIG, Reliance General Insurance, Birla Sun Life Insurance, Bajaj Allianz, ICICI Lombard, Exide Life Insurance, and Bharti AXA. Its primary customer segment is small and medium-sized businesses, supplemented by startups, large enterprises (Bharti Airtel, Reliance Group, Incred), and individual consumers seeking personal lines coverage.

The technology stack is a web-based insurance marketplace consisting of customer-facing quote comparison portals, policy administration with login-based access, and claims management systems supporting both cashless and reimbursement claims processing. The platform is operationally supported by a team of IRDA-licensed/certified insurance brokers providing personalized consultation, alongside a 24/7 call center that has cumulatively handled over 300,000 claims and administers group insurance programs covering 100,000+ lives. The product portfolio spans commercial general liability, professional indemnity, directors & officers liability, workers compensation, cyber risk, product liability, factory/warehouse, marine, fire, engineering, and group lines (health, accident, term life, travel), plus personal lines (health, car, travel, COVID-19, and health insurance portability).

The business model is commission-based: PlanCover earns broker commissions from insurers on premiums placed through its marketplace. Go-to-market is sales-led and hybrid, combining digital self-serve (free online quote forms, SEO-driven content marketing) with high-touch broker-assisted sales for business and group accounts. Pricing is quote-based and tailored to individual business needs, with no publicly disclosed pricing. The company appears to be privately held with no external funding rounds or M&A activity disclosed in the source material.

Name

Plancover - Business Insurance

Legal name

HII Insurance Broking Services Pvt. Ltd.

Website

https://plancover.com

Company type

Private

Founded year

2013

Operating status

Operating

Short description

PlanCover is an Indian IRDA-licensed insurance marketplace and brokerage platform (operated by HII Insurance Broking Services) aggregating business, group, and personal insurance products from leading insurers, primarily serving SMEs and select large enterprises.

Ownership category

akta.pro rank

Product category

Insurance Brokerage

NAICS

Insurance Agencies and Brokerages (524210), Agencies, Brokerages, and Other Insurance Related Activities (5242)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Insurtech-Enabled Brokerage (Digital Brokers & Aggregators) (FSAEADAN)

akta.pro secondary industry

Data, Analytics & AI for Insurance (Risk, Pricing, Personalization) (FSAGAGAE)

Keywords

• Insurance brokerage
• Business insurance
• Group health insurance
• Commercial liability insurance
• Insurance marketplace

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Insurance Broker Commissions: PlanCover operates as an IRDA Licensed direct broker (Life & General) earning commissions from insurance companies for policies sold through their marketplace. As an insurance broker, they earn commissions from insurers based on premiums collected from customers. The company has strong relationships with leading insurance companies including TATA AIG, Reliance General Insurance, Birla Sun Life Insurance, Bajaj Allianz, ICICI Lombard, Exide Life Insurance, and Bharti AXA.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

PlanCover is an IRDA-licensed insurance marketplace and brokerage platform (operated by HII Insurance Broking Services Pvt. Ltd.) that aggregates insurance products from multiple top-ranked insurers including TATA AIG, Reliance General Insurance, Bajaj Allianz, ICICI Lombard, and Bharti AXA. The platform offers business insurance (group health, liability, cyber, fire, marine), group insurance, and personal insurance products, with certified brokers providing end-to-end support from quote comparison to claims servicing.

Product overview

PlanCover is an insurance marketplace and brokerage platform operated by HII Insurance Broking Services Pvt. Ltd. (HIBS), an IRDA-licensed insurance broker in India. The platform offers a comprehensive portfolio of insurance products across three main categories: (1) Business Insurance - including Marine, Fire, Errors & Omissions, Professional Indemnity, Directors & Officers Liability, Workers Compensation, Commercial General Liability, Cyber Risk Liability, Product Liability, Factory/Warehouse, Contractors All Risk, Engineering All Risk, Doctors Professional Indemnity, Carrier Legal Liability, Office Package, Standard Fire & Special Perils, Industrial All Risk, Business Interruption, Electronic Equipment, Marine Sales Turnover (STOP), Product Recall, and Public Liability Insurance; (2) Group Insurance - including Group Health, Group Accident, Group Term Life, and Group Travel Insurance; and (3) Personal Insurance - including Health, Car, Travel, Coronavirus (COVID-19), and Health Insurance Portability products. The platform provides free quote generation, claims support, and policy administration services through both digital platforms and dedicated 24/7 call center support.

Differentiator

Problem solved

Functional benefit

Products and services

• Group Health Insurance Comprehensive group health insurance plans for employees, providing coverage for hospitalization, medical expenses, and related benefits for small and medium businesses.
• Group Accident Insurance Group accident insurance providing coverage for accidental death, disability, and injury benefits for employees under group policies.
• Group Term Life Insurance Group term life insurance offering financial protection to employees' families in case of death during the policy period.
• Group Travel Insurance Group travel insurance covering employees traveling for business purposes, including medical emergencies, trip cancellations, and lost luggage.
• Commercial General Liability (CGL) Insurance Insurance covering legal liabilities arising from bodily injury, property damage, advertising injury, and personal injury caused by business operations.
• Cyber Risk Insurance Cyber liability insurance covering first-party and third-party losses from data breaches, cyber attacks, ransomware, and IT system failures, including network interruption, data restoration, and regulatory fines.
• Product Liability Insurance Insurance covering legal liabilities for bodily injury or property damage to third parties caused by defects in products or faulty packaging.
• Factory/Warehouse Insurance Comprehensive insurance covering losses due to damages to goods, building, and machinery stored on and outside premises, including stocks, plant & machinery, furniture, fixtures, and specific items like bullion and artwork.
• Personal Health Insurance Individual health insurance policies covering hospitalization, medical treatment, and healthcare expenses for individuals and families.
• Personal Car Insurance Vehicle insurance coverage for personal cars including comprehensive and third-party liability coverage.
• Personal Travel Insurance Travel insurance covering medical emergencies, trip cancellations, lost luggage, and other travel-related risks for individuals traveling domestically or internationally.
• Coronavirus (COVID-19) Insurance Specialized COVID-19 insurance products including Corona Kavach (indemnity-based) and Corona Rakshak (benefit-based) policies, plus group COVID-19 policies from insurers like Chola MS, Reliance General, and Digit Insurance.
• Health Insurance Portability Platform enabling policyholders to transfer existing health insurance policies from one insurer to another while retaining accrued benefits, accessible through HealthInsurancePortability.com.

Quantifiable outcome

• 300,000+ claims managed successfully
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core.

• TATA AIGcoreOthersTop-ranked insurance company partner providing access to general insurance products through PlanCover's marketplace. PlanCover has strong relationships with leading insurers offering best pricing and comprehensive product access.
• Reliance General InsurancecoreOthersLeading general insurance provider partner. PlanCover offers Reliance General Insurance products including Covid-19 group policies with hospitalization coverage.
• Birla Sun Life InsurancecoreOthersLife insurance partner offering life and general insurance products through PlanCover's marketplace platform.
• Bajaj AllianzcoreOthersMajor insurance company partner providing comprehensive insurance products available through PlanCover's broker services.
• ICICI LombardcoreOthersLeading private sector general insurance company partner offering diverse insurance products through PlanCover's marketplace.
• Exide Life InsurancecoreOthersLife insurance provider partner in PlanCover's network offering life insurance solutions.
• Bharti AXAcoreOthersInsurance partner offering general and life insurance products through PlanCover's distribution network.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• PolicyBazaar: India's largest online insurance aggregator and most direct competitor. Both operate digital marketplaces aggregating multiple insurers' products for retail and SME customers across life, health, and general insurance lines; key differentiator is PolicyBazaar's significantly larger scale and venture funding.
• Turtlemint: Insurtech platform distributing insurance via a network of agents and direct digital channels across life, health, and general insurance. Both focus on serving SMEs with multi-carrier distribution, though Turtlemint uses a point-of-sale agent network whereas PlanCover uses salaried licensed brokers.
• InsuranceDekho: Insurtech broker aggregator enabling online comparison and purchase of life, health, motor, and other policies. Operates an equivalent model of multi-carrier aggregation with online + assisted sales, serving the same SME and retail segments.
• Onsurity: Technology-led group health insurance and employee benefits platform for SMEs and startups in India. Directly competes with PlanCover's group health insurance offering by digitizing plan selection, enrollment, and renewals for small business employee benefits.
• Coverfox Insurance: Indian digital insurance broker comparing and selling policies across health, motor, life, and travel. Operates a similar marketplace-plus-advisory model targeting comparable customer segments, making it a direct head-to-head competitor for PlanCover's SME and individual offerings.
• RenewBuy (incl. Paytm Insurance): Multi-line insurance aggregator selling motor, health, life, and SME policies online. Operates a digital-first marketplace model comparable to PlanCover's but with stronger marketing reach through Paytm ecosystem integrations.
• Unisure Insurance Brokers: IRDA-licensed insurance broker operating in India and globally offering commercial insurance and risk advisory for SMEs and corporates. Comparable in regulatory standing and multi-line approach, with stronger enterprise/SME commercial P&C focus versus PlanCover's group health skew.

Emerging players

• Plum: Group health and employee benefits insurtech serving Indian SMEs and startups. Competes with PlanCover's group health book by offering bundled benefits (health, dental, wellness) via a fully digital self-serve experience targeted at tech-forward employers.
• Acko General Insurance: Digital-first Indian insurance carrier selling directly to consumers and SMEs. Adjacent competitive threat rather than pure peer: Acku underwrites insurance rather than aggregating, but its direct-to-customer model competes for the same digital-native SME buyers that PlanCover targets.

Broad incumbents

• Bajaj Capital: Large established Indian insurance and financial product distributor with broad offerings across life, health, and general insurance. Competes for SME and enterprise insurance distribution but operates through traditional offline channels and a wider portfolio beyond insurance.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/plancover
• Facebookfacebook.com/PlanCover
• LinkedInlinkedin.com/company/www-plancover-com

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

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 Plancover - Business Insurance