Some insurance products in bite-size or toffee-size or sachet-size have increased in demand as they provide you cover for certain needs at a lower cost.
Innovative Policies in Insurance Market: New breed of insurance policies are bringing a lot of changes in the insurance sector. Insurance-cum-Technology (InsureTech) companies are launching unconventional insurance products to suit the needs of the tech-savvy younger generation. Low cost insurance products have been launched for certain needs like mobile phones, fitness, airline tickets, cover for short trips, cyber security. Known as bite-size or toffee-size, the demand for these insurances has also increased.
These are the new insurtech companies
Toffee Insurance is an insurtech startup that provides products such as insurance against theft or damage to bicycles and accidental injuries related to fitness activity or sports.
Digit Insurance has launched Home Content Insurance which provides cover to people residing in rented accommodation to protect their belongings. Startups like Symbo Insurance, beatO, Acko, Digit, Policybazaar, Coverfox, Vetina Pawtect, RenewBuy, Plum, Qubehealth, Onsurity, Liberty have launched various innovative insurance plans.
(1) Cycle Insurance: Cycle Insurance is a comprehensive insurance product that protects your bicycle from accidental damage or loss, theft and fire. Not only this, death benefit is also given in the accident. If you want to get a sum insured of Rs 25,000 and accident cover of Rs 2 lakh, then you have to pay a premium of Rs 1,499 if you want to get a sum insured of Rs 899 and Rs 50,000 and accident cover of Rs 3 lakh.
(2) Mashk Rakshak Insurance: Mashk Rakshak policy is a fixed benefit based health insurance cover, which provides hospitalization cover for diseases caused by mosquito bites (Dengue Fever, Malaria, Filariasis, Kala Azari, Chikungunya, Japanese Encephalitis, Zika Virus) provide.
If you take a family floater Mashk Rakshak insurance plan, then you have to pay a premium of up to Rs 3,000 annually and Rs 1,000 for an individual plan.
(3) Save Earning Insurance: This plan has been launched to cover the loss of earnings if a daily wage worker or a house worker falls ill and is hospitalized.
This scheme is only for the people dependent on daily earnings to earn such daily. For this, a premium of Rs 500 will have to be paid annually. 1000 per day is available for hospitalization.
(4) Daily Commuter Insurance: Accidents arising during daily commute are covered by paying a premium of Rs 450 annually. Under this, the nominee gets up to Rs 95,000 for hospitalization, tests and medicines and Rs 1 lakh on death or permanent disability.
(5) Pay As You Drive: This is for people who do not travel often, especially for those who work from home or have their home and office nearby. This facility can be used to avail up to 30% off. It also monitors the driving skills of the driver. The premium rates are based not only on the model of the car, its age but also the distance traveled and the experience of the driver.
(6) Pet Insurance: Insurance startups have launched special plans for your pets and especially for expensive breed dogs, which provide cover for diseases as well as death. The premium is decided on the basis of breed, size, gender (higher for female) and age of the dogs. The basic cover of a dog from 8 weeks to 2 years is available for Rs 1,500 to 22,500 annually.
(7) Marathon Insurance: Marathon insurance covers accidents and medical emergencies during the event. This policy also provides runner cover in case the event is canceled by an organizer or if the participant cannot run due to health issues, accident.
(8) Flight Cancellation Insurance: If you have to cancel a flight ticket at the last minute for any reason, airlines deduct a hefty cancellation charge. To avoid this, flight cancellation insurance has been launched. If you cancel your flight even 24 hours in advance, you are reimbursed Rs 5,000. The premium starts from Rs 399, which can go up to a maximum of Rs 700.
(9) Fitness Insurance: By paying Rs 450 annually, you get insurance for accidents related to fitness activities. Under which the nominee gets up to Rs 95,000 for hospitalization, tests and medicines and Rs 1 lakh on death or permanent disability.