An individual’s protection portfolio is considered complete if it includes term, health, motor and personal accident insurance covers. However, a range of new products are waiting to be recognised for their utility
A host of exotic non-life insurance products are available now. Find out if they deserve a spot in your portfolio.
While public sector general insurers offer this cover, it has gained popularity after being sold through e-commerce portals. Essentially, it covers damage to screen, liquid as well as accidental damage and theft, depending on the plan variant you choose. The policy is linked to the IMEI of the phone and not the user. However, you really don’t need this cover if your mobile phone costs less than Rs 10,000.
Insurer/Intermediary: Digit Insurance Cover: 20% of the mobile phone’s invoice value Premium: Rs 900 Scope of coverage: Screen damage (In the basic variant; premium variants cover damage to the phone and theft)
Bajaj Allianz and HDFC ERGO offer cyber liability covers, catering to smart device users. The covers provide protection against data loss, online impersonation, unauthorised online transactions through the policyholder’s bank account, debit or credit card fraud by a third party and even the cost of dealing with virtual trolls, also expenses incurred on consultation or legal disputes. Experts are of the opinion that there is no doubt around the utility of such covers as they fulfill a genuine need.
Insurer/Intermediary: Bajaj Allianz General Insurance and HDFC ERGO Cover: Rs 5 lakh-50 lakh Premium: Rs 2,151-10,044 Scope of coverage: Online unauthorised purchases, data loss, identity theft, cyber bullying and legal costs, depending on the insurer and product.
Cab ride insurance
The product covers riders against a range of risks while booking a cab, including missed domestic flights, loss of baggage, personal accident cover, burglary at home in case of outstation trips etc. Such covers have a nominal premium and ease of buying but you must understand the terms and conditions attached. For example, missed flight due to delayed arrival at the airport is covered upto Rs 5,000, but not if you don’t take care to start on time. Similarly, the compensation to be paid for lost baggage does not extend to valuables, money or electronics, though laptops are covered.
Insurer/Intermediary: ACKO General Insurance in association with Ola Cabs Cover: Varies as per the cover components. For instance, cover of missed flights is Rs 5,000, while the risk of permanent disabilities is covered up to Rs 5 lakh. Premium: Rs 1-39 Scope of coverage: Personal accident cover, missed flight, loss of baggage, home contents insurance, depending on the type of ride.
This category has seen renewed interest of late. The policy covers both rider and the cycle for theft, damage and personal accident in a tiered pricing format. The policy does not cover repairs pertaining to general wear and tear of the cycle. It is a niche product that will appeal to a limited number of users who own high-end bicycles and use them often.
Insurer/Intermediary: Toffee Insurance in a tie-up with general insurers Tata-AIG and Chola MS Cover: Rs 1 lakh Premium: Rs 180-1,800 Scope of coverage: Theft and accidental damage to the cycle and personal accident cover for the rider policyholder.