CoverSure Enters Insurance Gifting Space, Target 1 Million Families and INR 100 Crore in 12 Months

CoverSure Enters Insurance Gifting Space, Target 1 Million Families and INR 100 Crore in 12 Months

Mumbai, Aug 20: CoverSure, a customer-first insurance platform and IRDAI-licensed Corporate Agent, today entered corporate, social, and personal gifting as a new route to insurance adoption, introducing a suite of Insurance Gift Cards built on a single conviction: that protection is among the most meaningful things one person can give another. The cards are co-branded with Oxymoney, an RBI-licensed Prepaid Payment Instrument (PPI) issuer.

Gifting in India has moved past the standard mithai box and generic hamper toward something more personal, chosen for what it says about how well the giver knows the receiver. Insurance, at its core a promise of protection and longevity, fits that shift naturally, yet has never been part of India’s gifting tradition the way gold or festive cash has. In simple terms, an Insurance Gift Card is a stored value a recipient can put toward the insurance cover that best fits their own life, chosen and timed by the person who will actually be protected, not the giver.

CoverSure is targeting ₹100 crore in insurance gifting value over the next 12 months, with the ambition of reaching 1 million families through this route, positioning gifting as a scalable, additional channel for insurance adoption rather than a one-off campaign.

“Insurance has always been sold, never gifted. We wanted to change that,” said Saurabh Vijayvergia, Founder and CEO, CoverSure. “Every other form of care in India- gold, sweets, blessings- has a place in how we celebrate the people we love. Protection deserves the same place. That is what we are making possible today, without having to say the words out loud.”

Rather than purchasing a pre-selected policy on someone’s behalf, the giver provides a stored value that the recipient can put towards insurance. The recipient retains full control over the insurer, policy, type of cover and timing, and can apply the balance towards a new policy or the renewal of an existing one. This resolves a quiet but persistent difficulty in gifting insurance: the giver rarely knows the recipient’s existing policies, financial responsibilities, protection gaps or renewal dates. The decision, as it should, stays with the person being protected.

The Insurance Gift Card is available in four formats for different occasions and gifting needs. The Corporate Closed-Loop Gift is a customised card that can be redeemed exclusively on CoverSure across multiple insurance products, along with savings and wellness benefits. It is designed for employee rewards, festive gifting, customer engagement, and partner programmes. The Open-Ended Gift Card up to ₹1,000 allows recipients to use the value towards eligible insurance or non-insurance offerings on CoverSure, including in parts, making it suitable for personal gifting and employee appreciation. The Open-Ended Gift Card above ₹1,000 offers additional CoverSure benefits and access to its insurance management and protection services, making it suitable for family gifting and special occasions. The DIY Insurance Gift Card allows the giver to choose the insurance category, occasion and message, with options across Term, Health, Motor, Travel and Personal Accident insurance. Together, the four formats offer different ways to support the recipient’s insurance needs while leaving the final choice with them.

The launch is timed to a wider shift in how the country thinks about long-term wellbeing. In a nation widely regarded as the diabetes capital of the world, the Central Board of Secondary Education has directed schools to set up “sugar boards” educating children on the risks of excess sugar and encouraging healthier choices. CoverSure reads this as a sign that health and security are increasingly treated as things to protect deliberately rather than assume, at both a national and a household level, and sees gifting as a natural entry point for the same instinct.

India issued 41.84 crore insurance policies in FY2024–25, yet insurance penetration remained at 3.7% of GDP, against a global average of 7.3%. The gap points to the need not only for greater access, but for more reasons for people to act on their protection needs.

This mismatch is compounded by how differently the two industries are growing. India’s gifting industry, valued at an estimated $75 billion and expanding at roughly 14% annually, stands in sharp contrast to insurance, which continues to grow at only negative to low single-digit rates in policy volumes, a trajectory CoverSure believes can shift only if the industry attaches itself to larger, already-thriving traditions rather than standing alone as a financial product.

“We are looking at gifting as an additional route through which people can be introduced to insurance by the ambassadors of insurance, i.e. existing policyholders, rather than treating insurance as just another festive product,” Vijayvergia added. “A company, a family member or a friend provides the starting value, but the recipient decides whether it goes towards health, life or motor insurance, and when. It is a small gesture that can begin a lifetime of protection.”

The initiative follows CoverSure’s earlier awareness campaign, #ChitthiAayiHai, run with India Post, which sent more than 10,000 barcode-enabled inland letters to families across 15 cities, urging policyholders to share their insurance details with the people who would one day need them. The gift cards extend the same belief: that insurance grows not through advertising, but through care made visible.

CoverSure expects the corporate segment to be central to the initiative. Companies can build the cards into employee-reward and recognition programmes or extend them to customers and channel partners, reaching families who are often more financially exposed than assumed. For personal gifting, the cards suit festivals, birthdays, anniversaries and other milestones. The offering sits within CoverSure’s broader claim-first, customer-first model, where the claims experience is designed to be straightforward rather than buried in fine print.