Under the arrangement, Bharti Life is also expected to examine distribution agreements with Bharti Airtel and 360 ONE.
The measure sets out updates affecting enrolment controls, subsidy eligibility, plan certification and Exchange administration.
Brewer Lane Ventures led the funding round, joined by global insurer Arch, Avid Ventures, Blank Ventures, Box Group, Crystal Venture Partners, SV Angel and Verissimo Ventures.
Rich Bielen has led Protective as president and CEO since 2017.
