Concerned about malaria or chikungunya? You can always get insured for a paltry sum and claim on your hospitalisation bills. In other words these are bite-size insurance covers that address immediate issues and are highly effective too.
There is a plethora of innovative products available in the market to cater to the needs that were largely unmet in high-cost traditional insurance covers.
For instance, if you fall prey to a vector-borne disease then you can go for an insurance to cover the illness. You can buy a dengue insurance for only ₹49, ₹99 or ₹149. You can even buy a cover for diseases like chikungunya, malaria, japanese encephalitis, lymphatic filariasis and get a lump sum payout of ₹10,000 to ₹30,000, with an accidental death cover ranging between ₹1 lakh and ₹3 lakh. It is easy to settle a claim as the payment will be made on the actual hospital bills. The product catalogue of bitesize insurance plans also include cycle insurance, backpack insurance, online fraud protection, hospital cash and critical illness.
The beauty of the product is that the cost of a bite-size insurance can be less than the price of a 300 ml CocaCola bottle. And the cherry on the top is the swiftness of buying the product. Just a few clicks and you can have an insurance plan for specific needs. Insurers see this as a perfect gateaway for people who have traditionally stayed away from insurance.
“Bite-sized insurance products are gaining popularity not only among the younger generation but anyone who has not been formally introduced to insurance. Our focus is to make insurance accessible and affordable for the next half a billion or the five crore first-time internet users, who are expected to come online within the next five years through mobile phones. And that is how we will gauge the popularity of such offerings,” says Rohan Kumar, CEO, Co-founder, Toffee Insurance.
This story is from the January 2020 edition of Outlook Money.
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This story is from the January 2020 edition of Outlook Money.
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