Delhi, January 2019: Toffee Insurance, a Gurgaon-based all-digital insurtech startup has recently
announced India’s first Salary Protect Plan (Kamai Bachao Yojna) Health insurance to protect loss of
income in case of hospitalization. Toffee has partnered with EKO, a digital lending platform for
domestic remittances. The idea is to enable previously underserved and disempowered Indians from
low- and lower middle-income populations to now access much-needed insurance services.
Toffee Insurance’s partnership with Eko is a part of the financial inclusion plan for the Next Half Billion
who represent the 500 million first-time internet users expected to come online within the next 5 years
via their mobile phones. For a migrant laborer working in a far-off metro, income loss can be
devastating. Insurance protection, while needed, is a forbidding prospect with lack of options and
accessibility. It is with this in mind that Toffee Insurance designed a product that is sensitive, simple
and designed especially for easy purchase and claims.
Toffee Insurance’s Salary Protect plan costs Rs. 449/- and is valid for 1 year from purchase date. The
policy has been underwritten by Apollo Munich. This policy is straightforward coverage plan of
Rs.1000 per day of hospitalization for up to 30 days. It is eligible for individuals between 18 yrs to 65
yrs of age and is created as an income replacement plan for daily wage earners. The policy supports
the developing gig-economy or anyone across daily wage earning, such as Uber, Ola drivers or
delivery boys from Swiggy and Zomato.
An industry that has long required handwritten, paper documentation and redundant processes for
insurance products has been turned upside down by Toffee Insurance making the claiming process
significantly simple, requiring only an uploaded photo of hospital documents by visiting any nearest
EKO Merchant, PAN India, to file a claim.
Toffee Insurance and EKO’s innovative business models and products are tailored to meet the needs of
the Next Half Billion (NHB) in accessible and affordable means. With this partnership, the largest
obstacle is overcome – as the EKO merchant serves as a micro-influencer. Once they have converted
the consumer online, completing their first digital transition, the merchant introduces Toffee
Insurance’s Salary Protect policy and can complete the seamless, all-digital process under 2 minutes.
EKO’s merchant network allows NHBs to complete their first digital transaction face-to-face with shop
owners, establishing trust and confidence.
