Good news! These small ticket insurance policies cover wallets, mobiles to lost stuff in cabs

Having an insurance policy is part of sensible financial planning and is a great risk management technique. Generally, people think insurance policy covers areas like health, auto, home and life. But over the years, insurance companies have developed policies to protect customers against all kinds of troubles ranging from lost wallet, an injury that occurs while exercising to even damaged mobile screens. 

In fact, there are numerous real insurance policies that can even be termed as strange. They may seem weird to a common man but they protect the person from a real risk and that to at a minimal premium. Here is a list of certain policies being offered by insurers:

Coverage for a lost wallet: There are insurance companies that offer coverage for a wallet that is lost during a journey. The policy provides a cover of up to Rs 2.5 lakh and can be taken by spending just Rs 1,900. It covers losses that occur due to card frauds and provides cash assistance for making PAN and Driving Licence. 

Coverage for losses in Cabs: One can also avail an insurance policy for the losses that may happen during rides on cabs like Ola and Uber. The insurance offered at a premium of Re 1 each provides a coverage of Rs 5 lakh. The policy covers you from accidents to delays that happen in catching flights. 

"We are providing coverage against dengue at a premium of Rs 49 and travel insurance premium is decided on the basis of the trip. We insure each trip in private taxis like Ola and Uber. These products which are beneficial for the customers will work for a very long time", says Sanjeev Mantri, Executive Director, ICICI Lombard General Insurance. He added, "What you are seeing is the tip of the iceberg, the whole game is about to come". 

Coverage for home appliances: A person can avail an insurance for home appliances which are used on a daily basis by paying a small premium of Rs 489 annually. The policy covers the appliances against damages, thefts and fires. 

Coverage against accidents: There are policies that cover you against accidents, which can occur while travelling to the office or back to home. They provide a death coverage of up to Rs 1 lakh and treatment coverage up to Rs 95,000. These policies can be availed by paying a meagre premium of Rs 430 annually. 

Insurance companies are not selling these products directly to the customers. In fact, they are riding on someone else by using platforms like Amazon, Flipkart, Ola and Uber. It is a high volume game", said Deepak Yohannan, CEO, MyInsuranceClub.com. 

Coverage on mobile phones: People can also avail a comprehensive coverage of their mobile phones as well as their screens. The premium of these insurance policies are determined by the value of the phone.  

WATCH ZEE BUSINESS VIDEO HERE

Jewellery coverage while travelling: A person can insure his/her jewellery against theft or losses while on a journey. 

Coverage against Injuries while exercising: Similarly, there are companies that offer insurance coverage against injury that occurs during exercise, mosquito bites which leads to diseases like Dengue among others.  

Note: Such products are being launched only with online aggregators but can be availed only after completing the KYC norms. Several of these covers have been launched with selected brands.