Healthtech Startup SaveIN Unveils No-Cost EMI Plans to Tap the Hotting Up Health-Finance Segment

With these EMI-based healthcare plans, SaveIN Credit Card holders can avail of several services including dermatology, ophthalmology, wellness, and more.

Gurugram-based healthcare fintech platform, SaveIN, has expanded its range of offerings by launching no-cost EMI plans. These plans are available to more than 5 Cr credit card holders across various banks.

With these EMI-based healthcare plans, SaveIN Credit Card holders can avail of several services including dermatology, elective surgeries, hair transplant, dental, ophthalmology, wellness, alternate therapies, fertility, and more.

Sharing thoughts, Jitin Bhasin, founder & CEO, SaveIN, said, "With the launch of our no-cost EMI plans for credit card holders, we aim to make quality healthcare available and affordable for millions of credit card customers in India at the click of a button. This product not only provides financial flexibility for need-based events in personal health but also ensures a secure and transparent process for our users.”

This initiative aims to revolutionise healthcare by providing customers with easy access to a variety of services through its extensive network of 5000+ healthcare providers.

How SaveIN’s Latest No-Cost EMI Plans Work

Customers can now visit any healthcare provider in the SaveIN network, select their credit card offer by scanning the SaveIN QR code and pay their bills using customised EMI-based payment plans on their cards, based on eligibility.

The entire process is conducted in a secure environment, utilising an RBI-approved payment gateway. The payable amount will be collected in monthly installments, seamlessly integrated into the regular credit card billing cycle.

The startup provides a digital application process, extending on-demand credit to customers through healthcare partners. Applicants undergo real-time creditworthiness assessments and are allotted a credit limit for their specific healthcare needs, from banks and non-bank finance partners of SaveIN.

With these features, SAVEIN seeks to offer convenience and flexibility for customers, allowing them to manage healthcare expenses. Moreover, the features are specifically designed to enhance customer experience and affordability in segments that are not covered by traditional health insurance plans and hence require very high out-of-pocket expenses.

The Y-Combinator-backed startup is India’s first fintech platform for healthcare. It aims to redefine how people access quality care. With a vast network of over 5000 healthcare providers, SaveIN offers diverse healthcare services through innovative and inclusive financial and payment solutions. Currently, per the startup, more than two lakh such customers have applied for no-cost EMIs on SaveIN in the first two years of its business.

Latest Developments in the Health Insurance Arena

Recently, leading hospital chain Narayana Health secured approval from the Insurance Regulatory and Development Authority of India (IRDAI) to set up its wholly-owned subsidiary, Narayana Health Insurance Limited.

This regulatory nod allows the healthcare provider to diversify its operations into the health insurance sector through the subsidiary, offering integrated healthcare solutions. The approval positions Narayana Health Insurance Limited to contribute to the evolving landscape of health insurance in India, providing innovative and integrated healthcare solutions to a broader audience.

The IRDAI has set ambitious goals for achieving 'Insurance for All' by 2047, and the entry of Narayana Health Insurance Limited aligns with this objective. However, the overall insurance penetration in India remains at 4%, with a reduction from 4.2% in 2021-22 to 4% in 2022-23, according to the IRDAI annual report.

In December 2023, Standalone Health Insurance Companies (SAHIs) experienced a notable 26.24% year-on-year growth in premiums, reaching INR 2,915.37 Cr compared to INR 2,309.35 Cr in December 2022.

In the same month, Indira IVF, the largest network of infertility treatment hospitals in India, partnered with SafeTree, a leading insurtech, to launch India’s first insurance to support couples with infertility.

The insurance offers a proactive approach for the first 24 months with medical, dietary and psychological consultations to help couples under the age of 35 years conceive naturally.