Gurugram-based Toffee insurance has partnered with outdoor gear brand Wildcraft to provide insurance on backpacks. As mentioned on their website, the policy provides theft and loss coverage for a period of six months at Zero depreciation. If required, the customer can extend the duration of the policy for six additional months.

If you make a purchase of a backpack above Rs. 1,299, it’ll be insured for a period of 6 months free of cost. After six months if a customer plans to extend his insurance, he can do that at the cost of Rs. 50 for 6 months. All a customer need to do is send an SMS with the details provided while purchase to get the policy activated.

The policy covers loss and theft of the backpack for up to six months and has zero depreciation at the time of purchase, and it can be extended for a further six months. This offer is valid if you purchase any Wildcraft backpack that costs Rs. 1,299 or more from any of 145 authorised Wildcraft brand outlets in India.

At the moment, the bundled offer will be available over the “holiday season”, Toffee Insurance co-founder Rohan Kumar told Gadgets 360.

“The insurance product is not free, but instead is bundled within the cost of the bag as a customer value add. The bundled offer will be available over the holiday season.”

He said the company wants to continue offering this insurance policy after the holiday season is over. Besides to what he said above, he also added,

“Yes. This is a vertical that we will continue to explore. Pricing will be based on slab. We’ll look to extend this across the categories of equipment and accessories,”

The fine print for this policy mentions that the bundled insurance offer is valid only when activated within three days of purchase. The insurance is only for the backpack and not its contents, and to make an insurance claim in case of theft or loss, you need a police intimation report.

Backpack insurance is in line with Toffee Insurance’s aim of making insurance more accessible by providing easy-to-understand policies with small premiums. The company offers dengue insurance at Rs. 682 per year instead of an all-purpose health insurance at tens of thousands per year.

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