Toffee Insurance Partners Wildcraft to Launch Backpack Insurance in India

Toffee Insurance, an insuretech startup based in Gurugram, has partnered with outdoor gear brand Wildcraft to insure backpacks. The policy covers theft of the backpack and is valid for up to six months and has zero depreciation at the time of purchase, and it can be extended for a further six months. This offer is valid if you purchase any Wildcraft backpack that costs Rs. 1,299 or more from any of 145 authorised Wildcraft brand outlets in India.

For the first six months, all you need to do is send Toffee Insurance an SMS via details provided at the time of purchase and your insurance policy is activated. After six months, you can pay Rs. 50 to insure backpacks that cost between Rs. 1,299 and Rs. 5,000. Insurance for backpacks in the Rs. 5,000 to Rs. 10,000 range can be extended by paying Rs. 100.

At the moment, the bundled offer will be available over the “holiday season”, Toffee Insurance co-founder Rohan Kumar told Gadgets 360. “The insurance product is not free, but instead is bundled within the cost of the bag as a customer value add. The bundled offer will be available over the holiday season.” He said the company wants to continue offering this insurance policy after the holiday season is over. “Yes. This is a vertical that we will continue to explore. Pricing will be based on slab. We'll look to extend this across the categories of equipment and accessories,” Kumar said.

The fine print for this policy mentions that the bundled insurance offer is valid only when activated within three days of purchase. The insurance is only for the backpack and not its contents, and to make an insurance claim in case of theft, you need a police intimation report.

Backpack insurance is in line with Toffee Insurance's aim of making insurance more accessible by providing easy-to-understand policies with small premiums. The company offers dengue insurance at Rs. 682 per year instead of an all-purpose health insurance at tens of thousands per year.