CoverSure has entered the corporate, social and personal gifting space with the launch of Insurance Gift Cards, introducing a new approach that positions insurance protection as a meaningful gift for families, employees, customers and loved ones.
The customer-first insurance platform and IRDAI-licensed Corporate Agent has partnered with Oxymoney, an RBI-licensed Prepaid Payment Instrument issuer, to offer the co-branded gifting solution.
CoverSure is targeting Rs 100 crore in insurance gifting value over the next 12 months and aims to reach one million families through the initiative. The company sees gifting as an additional and scalable channel for expanding insurance adoption.
Unlike a conventional insurance purchase, the Insurance Gift Card provides recipients with stored value that can be used towards an insurance product of their choice. The recipient retains control over the insurer, policy type, coverage and timing, allowing them to select protection based on their individual needs.
Saurabh Vijayvergia, Founder and CEO, CoverSure, said the company aims to bring protection into India’s broader culture of gifting and care.
He said, “Insurance has always been sold, never gifted. We wanted to change that. 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.”
The Insurance Gift Card portfolio includes four formats designed for different occasions and requirements. The Corporate Closed-Loop Gift Card can be customised for employee rewards, festive gifting, customer engagement and partner programmes, with redemption available exclusively on CoverSure across insurance products, savings and wellness benefits.
The Open-Ended Gift Card, available up to Rs 1,000, allows recipients to use the value towards eligible insurance and non-insurance offerings. The higher-value Open-Ended Gift Card provides additional CoverSure benefits and access to insurance management and protection services.
CoverSure has also introduced a DIY Insurance Gift Card, enabling users to select the insurance category, occasion and personalised message. Available categories include Term, Health, Motor, Travel and Personal Accident insurance.
The company believes the concept can help address a key challenge in insurance adoption by allowing existing policyholders, companies, friends and family members to introduce protection through a more personal and relevant route.
CoverSure also expects corporate adoption to play an important role, with organisations able to integrate Insurance Gift Cards into employee recognition, rewards, festive programmes, customer engagement and channel partner initiatives.
The launch builds on CoverSure’s earlier awareness initiative, #ChitthiAayiHai, which was conducted with India Post to encourage policyholders to share important insurance information with their families.
With the new offering, CoverSure aims to connect the idea of insurance with everyday acts of care, making protection a more visible part of how individuals, families and organisations celebrate important relationships and occasions.
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