Buying insurance can be a little tougher task. There are several options you have at your disposal, but finding the best among them can really be intimidating. There are several different options you can choose from. But finding the best option among the rest may not be an easy task. This is specifically what Toffee Insurance plans to change. What is Toffee Insurance and how it works? Let us try analyzing it in this Toffee Insurance review.
What is Toffee Insurance
Toffee Insurance tries to be different. In fact, it is an attempt at addressing the issues faced by the users of the online or digital mode of insurance.
The founders, Nishant Jain and Rohan Kumar have an experience of working with Apollo Munich and came to a conclusion that the insurance models have been designed for an offline model only. Though there are several insurance companies that work in the online sphere, the products do not seem to be efficient for the online mode of functionality.
That is precisely what prompted them to opt for Toffee Insurance. It has been designed with an aim to simplify the experience of online insurance space. The service is specifically designed for the under 30 customers.
How Does Toffee Insurance Work
Toffee Insurance does not offer any insurance policies on its own. It essentially works with the existing insurance companies. What makes it a better option in comparison to the other similar options is the fact that it does not come with an unusually large number of options. It has a few specialized packs in tune with the requirements like Toffee Dengue Insurance, Toffee Everyday Commuters Insurance, etc.
You just need to choose the plan that meets your needs and Toffee takes care of handling everything else right from choosing the provider to choosing the perfect policy.
The complete process is simple and easy to follow. Choose a plan that you want to get insurance for. For instance, health insurance. Enter your name, contact details and name a nominee. That does it. You will need to make a payment and you are done. When making the payment, Toffee redirects you to the official website of the service provider.
How Toffee Insurance Differs from Traditional Insurance
Traditional insurances trend to be comprehensive. For example, if you opt for health insurance – you will get a complete coverage across all illnesses. This increases the cost of the plan. How about a scenario where you want to be insured for a particular case?
The unbundling the use cases is what Toffee aims at. Unbundling will be helpful in providing cheaper and simpler insurance plans. The crux of the matter is to sell insurance in a non-insurance kind of marketing technique. It is made simpler and created in such a way that it will not look like a financial product. That should explain the name Toffee – it sells smaller insurance policies just the way toffees are sold in a store.
Toffee Insurance Review
The company has partnerships with Apollo Munich, Future General, and HDFC Ergo. They have initiated talks with other players including Religare and ICICI. Toffee Insurance converts the insurance to a commodity.
In fact, the technology is all about simplifying the insurance sector and making it compatible and useful for almost everyone. And yes, the plans have been approved by IRDA. They are completely safe and you can definitely opt for the same.