Satchet insurance also called bite-size insurance is gaining popularity in India. This small-ticket insurance plan focuses on a specific need. It’s low cover at low premium.
You must be familiar with shampoo sachets and detergent satchets, sold mainly in rural areas. These satchets target the low end market or the one time use customers.
Now, insurers are taking the satchet insurance market to the next level. Both customers and investors are showing a lot of interest in bite-size insurance plans.
Some popular examples of satchet insurance are the insurance you get from the train ticket on the IRCTC website. Insurers like Toffee Insurance, Digit Insurance and Mobikwik offer bite-size insurance plans. IndianMoney.com is rolling out a term life plan through its insurance broking arm IndianMoneyInsurance.com.
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The key replacement insurance compensates you if the key is lost or stolen. You are also covered for a break-in and reimbursement of car rental costs.
See Also: Why You Need A Term Insurance Plan?
Lost your wallet? There’s wallet insurance where you are compensated for emergency travel and hotel expenses. There’s 24/7 card blocking service and free PAN card replacement.
There’s insurance against identity theft. You are compensated for money lost in the identity theft. You are reimbursed for legal and other expenses.
The financial investment in an event stands protected. The props, wardrobe, equipment and sets are covered with event insurance.
See Also: What is a Term Life Insurance Policy?
Your designer clothes and wedding dress stands protected with designer clothes and Wedding dress insurance. This is protection against fire, theft and damage to the dress.
These satchet insurance plans cover all types of risks and serve a specific need, making it a favorite with the millennial. Life insurers are offering low cost term life plans to cater to a growing need. These plans offer low sum assured at low premiums and can be availed with your mobile wallet.
These low cost life insurance plans are affordable and cater to the low and middle-income group. The premiums are around Rs 20 a month for Rs 1 Lakh cover. This is a premium of Rs 240 a year for life cover of a Lakh. You could get life cover of Rs 2 Lakhs for premium of just Rs 480 a year.
The Health insurance sector is benefiting from satchet insurance or bite size insurance. There are small-ticket health insurance plans available for protection against specific illnesses like dengue and malaria. (Vector-borne diseases).
Third-party liability insurance cover is compulsory for driving/riding two-wheelers and cars in India. These insurance plans are generally availed for 3-5 years. Most vehicle owners don’t drive/ride vehicles all the time. If you drive/ride the vehicle for a limited time period, opt for satchet or bite size insurance, where insurers track the use of the vehicle and charge premiums accordingly.
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