Plan B For The Dreaded C

The coronavirus has led to a rise in demand for health insurance plans. And a Covid-specific product can be used to supplement existing coverage

- Monica Bathija

Insurance startup Toffee Insurance had been working on an insurance product for the past couple of quarters, and when the pandemic came along, they tweaked it, keeping in mind both the health and economic consequences of COVID-19.

The plan, which starts at ₹600, is “a sort of Netflix-style subscription plan for insurance, where you pay one monthly EMI and we give you cover for your life, health and home”, says Rohan Kumar, CEO and co-founder of Toffee Insurance.

The plan has seen demand, he says, because of its affordability and simplicity. “Someone who’s earning in the bracket of ₹3 to 6 lakh right now, who has a lot of uncertainties in terms of his employment, can still manage to afford to pay ₹600-700 a month,” he says. The plan includes life insurance of up to ₹75 lakh and health and household insurance of up to ₹5 lakh each, the logic behind home insurance being that the risk might arise post-COVID. “We felt that as COVID-19 starts to spread, and we were seeing this in other geographies, as unemployment grows, you will start to see an increase in crime, in robberies and theft. So why don’t you cover that as well?” he says.