CoverSure launches prepaid insurance gift cards targeting Gen Z and first-time buyers
CoverSure has introduced app-based prepaid insurance gift cards, loadable from ₹100 to ₹10,000, for buying or renewing health, life and motor policies. The launch, timed ahead of Raksha Bandhan, is aimed at widening insurance access through gifting and corporate distribution.
What happened
Insurance aggregator CoverSure launched prepaid insurance gift cards on its app, targeting Gen Z and first-time buyers. The cards can fund new or renewed
Key facts
- ₹100 to ₹10,000 prepaid card load range
- 23 insurance partners
- 80 lakh people hold term insurance in India
- 5 to 6 crore people covered under health insurance
- 50% to 60% of insurance policies lapse within five years
Why this matters
Insurers, fintechs, retailers and corporate-gifting platforms could view CoverSure as a partnership target for embedding prepaid policy access into loyalty, employee-benefit and festive-gifting ecosystems.
What to watch
- Post-festival card sales, redemption rates and the share of recipients who purchase a first policy versus renew an existing one.
- Average card denomination and the proportion of policies requiring additional customer payment.
- Announcements of insurer, broker, wallet, retail, corporate-benefits or e-commerce distribution partnerships.
- Regulatory guidance on prepaid instruments, insurance solicitation, KYC, gift-card expiry, refunds and unredeemed balances.
- Competitor launches from insurers, insurtechs, digital wallets or employee-rewards platforms.
- Evidence that cards are being used as employee rewards, customer loyalty incentives or gig-worker benefits rather than personal gifts.
- Partner with quick-commerce, gifting, fintech-wallet and Raksha Bandhan marketplace channels to sell digital cards at checkout.
- Create issuer and insurer integrations that let gift balances be applied directly after KYC and underwriting, with clear top-up flows.
- Pursue bulk-distribution deals with employers, gig platforms, banks, NBFCs and loyalty-program operators.
- Bundle cards with youth-relevant products such as personal accident, health top-ups, two-wheeler cover and bite-sized term-life protection.
- Use redemption data to retarget recipients with renewal reminders, family-policy offers and higher-value coverage recommendations.