Reliance General launches insurance gift card under sandbox guidelines

Reliance General Insurance has launched ‘Insurance Gift Card’ which will enable buyers to gift an insurance product.

The product has been approved under the sandbox guidelines of the Insurance Regulatory and Development Authority of India (IRDAI). The company said in a statement that the product is designed keeping in mind the gifting scenario in India during the festive season.

So far, no such insurance gift cards exist in the Indian market.

Under the sandbox method, entities can launch and test a product with a select group of people for a period of six months.

This will work as a prepaid card and is available with denominations of Rs 500 and Rs 1,000. The card can be purchased from the company website.

Once the card is purchased online, there will instructions to redeem the voucher that is received. This card can be shared electronically with the person you’re gifting it and the bearer can buy a health insurance protection using it.

The usage period of the gift card would be six months from the date of purchase and is refundable if unused.

Rakesh Jain, CEO, Reliance General Insurance said, "In India, gifts are like blessings, a small token on every festive or celebratory occasion is a way to express care towards our loved ones. And this year with the pandemic around, people are more concerned about the health of their friends and family, so what can be better than gifting protection of health insurance."