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Small-Bit Insurance

Toffee Insurance, a one-year-old company, has developed a novel idea to make insurance popular among the masses in India.

Small-Bit Insurance

Start-ups are changing the rules of business in India and the insurance sector too is up for a disruption now. Toffee Insurance, a one-year-old company, has developed a novel idea to make insurance popular among the masses in India. The idea is simple: bite-sized insurance for everyday moments. Founded by Rohan Kumar and Nishant Jain, Toffee Insurance is doing 500 policies a day.

Though the company provides individual insu­rance through its website, it is stronger on the B2B side. Bicycle insurance is the most popular product, ­followed by backpack. The company has unbundled the insurance products to make premiums very cheap and a 90-second online transaction lands ­policy in your email box.

“Most insurance in India is bundled and comes with so many products you don’t require that it makes the premium ­unaffordable,” says Toffee Insurance advisor Vivek Mehra. “So, we just followed the philosophy of unbundling the insurance by offering micro-insurance, so it ­becomes cheaper.”

He adds that the products already ­existed and Toffee Insurance doesn’t make its own products. They just take what is unsold and match it to the need of the people with price as a priority. Mehra points out that insurance agents and big companies don’t sell these products ­because they don’t find it worthwhile to go door to door and sell it.

Mehra says micro-insurance is the only way to promote insurance in a price-sensitive country like India.

The company has partnership with insurance firms likes Apollo Munich, HDFC Ergo, ICICI Prudential, Religare and Tata AIG, and several product manufacturers, including Hero Cycles and Wildcraft (bags and adventure gear), to offer product-­based insurance. The insurance is off­ered when people buy these products.


Fitness Insurance

  • For injuries due to running, cycling, gymming and more
  • Premium: Rs 430 annually

Daily commute insurance

  • For accidental injuries while commuting in any vehicle like auto, bicycle, rickshaw and bus.
  • Premium: Rs 430 annually

Dengue insurance

  • To cover all expenses related to dengue
  • Premium: Rs 682 annually
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