We give field theory descriptions of the time-reversal invariant quantum spin Hall insulator in 2 + 1 dimensions and the particle-hole symmetric insulator in 1 + 1 dimensions in terms of massive Dirac fermions. Integrating out the massive fermions we obtain a low-energy description in terms of a topological field theory, which is entirely determined by anomaly considerations. This description allows us to easily construct low-energy effective actions for the corresponding fractional topological insulators, potentially corresponding to new states of matter. We give a holographic realization of these fractional states in terms of a probe brane system, verifying that the expected topologically protected transport properties are robust even at strong coupling.