The significance of the toy tiger lies in its stark contrast to the dangerous live tigers the Maharaja had been hunting throughout his life.
Its role in his death brings up the themes of irony and fate central to the story. It illustrates -- despite human efforts to control or escape destiny, it can manifest in the most unexpected and trivial forms.
The toy tiger symbolises -- the ultimate futility of the Maharaja’s efforts -- points to the folly of those who believe they can master fate through power or violence