The millennial guide to getting insurance against online scams and gym injuries
Everything you need to know about bite-sized insurance
Just when you think you’re winning at life and crushing your goals, the universe tends to throw you one of its trademark curveballs. Take the case of Tanaya Nadkarni, a 37-year-old dentist from Mumbai, who embarked on her 2024 fitness journey with a determined stride towards the treadmill. Little did she know that fate had other plans. On her very first attempt she stumbled, crashing to the ground, her dignity shredded and ankle contorted.
As fellow gym-goers rushed to her aid, Nadkarni laughed off her misfortune. The real pain kicked in a few days later, when she faced her medical bills. “I assumed my insurance would cover it, but I was wrong (most policies do not cover OPD, or outpatient department, costs). Lesson learned: Never hit the gym without proper coverage,” she says.
Is bite-size insurance right for you?
What Nadkarni didn’t know was that India’s insurance industry is experiencing exponential growth. According to the Insurance Regulatory and Development Authority of India (IRDAI), the industry is forecasted to reach USD 222 billion by 2026, which would make India the sixth-largest insurance market in the world.
This growth has also led to the emergence of innovative solutions like ‘sachet’ or ‘bite-size’ insurance, which focus on specific requirements and have lower premiums and coverage. Think of it as the insurance equivalent of those mini shampoo sachets you find in hotel bathrooms—cute, compact and seemingly perfect for your needs.
“One of their biggest advantages is that they offer coverage for everything from health to travel, even home appliances and lifestyle needs,” says Mayank Jha, an independent insurance agent based in Mumbai, who has been selling policies for over 30 years. “They require minimal documentation for underwriting [risk guaranteeing], unlike conventional policies. Many health policies don’t even need medical checkups.”
But before you whip out your wallet and declare yourself the queen of bite-size insurance, there’s a catch. While these policies are perfect for Gen Z and first-time buyers without insurance, their coverage may not be sufficient, especially for individuals with dependents or higher risks. Which means, if you’ve got a family to feed or you’re prone to frequent accidents, you might want to think twice.
Plus, the claim settlements are not as reliable as Virat Kohli’s batting. So, if you’re considering hopping on the bite-size insurance bandwagon, remember to read the fine print and understand the inclusions and exclusions. Manish Kumar, a medico-legal consultant based in Noida, also suggests keeping a term insurance plan (coverage for a specified period) handy for your dependents—after all, you wouldn’t want your policy to leave them high and dry.
While there are numerous options available, here are five scenarios where a bite-size insurance plan may come in handy.
For committed gym enthusiasts
Picture this: You are at the gym, turning heads with your ‘beast mode’ workout. As you bend down for your second rep of front squats, your knees buckle, and you collapse like a sack of potatoes. Not only do you embarrass yourself, but also end up with a strained back and a bruised ego.
What to get: Bajaj Markets Gym Injury Insurance
Who can get it: Anyone in the 18 to 70 age group
Premium cost: ₹499 yearly
What is covered: With gym injury insurance, you’re covered for up to ₹2 lakh, which can help with medical bills and treatment costs. Plus, its comprehensive personal accident cover ensures compensation if you’re injured during your workout.
Expert take: The risk of injuries and accidents during workouts cannot be overlooked. “Check if your traditional health plans cover the costs of medical treatments and physiotherapies. Otherwise, it might make sense for frequent gym-goers to purchase a specialised one,” says Kumar.
For anxious smartphone owners
There you are, enjoying a blissful afternoon nap. The next thing you know, your little nephew decides to test the laws of gravity by balancing your new smartphone on the edge of a table. Spoiler alert: gravity wins. With a sickening thud, your precious device plummets to the ground, its screen shattering into a kaleidoscope of cracked glass.
What to get: Fonesafe Lite by CPP Group India
Who can get it: Anyone with a mobile phone
Premium cost: Starts at ₹649 yearly (depending on the value of the handset)
What is covered: With this screen insurance, you get comprehensive coverage that protects your device against accidents, including liquid damage. It provides 50 per cent coverage of the device or invoice value, for up to two incidents of screen and liquid damage.
Expert take: “While premium smartphones boast scratch and fall resistance to a certain extent, budget models may not offer the same level of durability. If you’re accident-prone or have young children, you might want to invest in this plan,” says Jha.
For the rain-averse
Ah, monsoon, the season of blissful chai sessions and cosy snuggles. You’re all wrapped up in bed with your favourite read, when suddenly, you feel an itch on your arm. Fast forward to a week later, and there you are, stumbling out of the doctor’s office, with a fever hotter than the sun. Yep, the season’s romance is interrupted by a bout of malaria.
What: Monsoon Insurance by Aditya Birla Health Insurance
Who can get it: Open to all
Premium cost: ₹ 649 yearly
What is covered: You get protection against illnesses that are common in the rainy season, such as dengue and other vector-borne infections, as well as monsoon-related injuries. Key features and benefits include coverage of up to ₹50,000, as well as pre and post-hospitalisation expenses and daily hospital room rent of up to ₹2,000 (for ICU).
Expert take: “The monsoon brings its own challenges. From slippery roads to increased risk of malaria and dengue, uncertainties increase during this season. Such a plan provides a safety net to manage unexpected expenses that may arise due to monsoon-related accidents or mishaps,” says Jha.
For frequent road-trippers
You embark on what was supposed to be the road trip of a lifetime. As you hit the open road, singing along to cheesy ’80s tunes and basking in the glory of your newfound freedom, disaster strikes. The car breaks down. Suddenly, that insurance policy isn’t just a piece of paper—it’s your ticket out of this debacle.
What to get: Road Trip Cover by CPP Group India
Who can get it: Anyone who can provide an identity and address proof
Premium cost: ₹599 for 10 days
What is covered: This plan safeguards against unexpected emergencies like vehicle breakdowns or loss of wallet and cards. It includes comprehensive roadside assistance, 24/7 card-blocking service, hotel and travel assistance up to ₹50,000 in India and ₹1 lakh abroad, and complementary personal accident cover up to ₹3 lakh.
Expert take: “Nothing ruins a holiday faster than an unexpected car breakdown or accident, which can quickly drain your finances. It can be particularly cumbersome for groups on vacation, or those travelling with kids and elderly citizens. These plans target such people,” says Kumar.
For phishing victims
Imagine this: You’re in the middle of your (online) grocery run, and just about to pay the bill, when a flashy message pops up. You click the link by mistake, and before you know it, you’ve earned the title of ‘The World’s Most Gullible Person’ and your bank account resembles a barren desert.
What to get: OneAssist UPI Protection Program
Who can get it: Any Indian citizen over the age of 18
Premium cost: ₹599 yearly
What is covered: You’re covered for up to ₹10,000 in case of cyber frauds such as account hacking, or if you’ve been cheated into sharing your UPI or mobile wallet password. It also offers the same coverage for digital theft, phishing, skimming, counterfeit cards and ATM frauds, along with card-blocking facilities. Your mobile wallet transactions are also protected, and emergency hotel and ticketing services of up to ₹40,000 are offered if you are stranded away from home after an online financial fraud.
Expert take: “With UPI fraud incidents at an all-time high, securing your finances is paramount and ensures peace of mind. You can block all your financial cards, wallets and UPI with a single phone call, adding an extra layer of security to your transactions. While such a plan can benefit anyone, it could be especially useful to senior citizens, who are particularly vulnerable to such frauds,” says Jha.
Ultimately, whether you’re surfing the web at home or hitting the gym for a vigorous workout, it’s crucial to have a strong insurance game. Life has a knack for surprising us with unexpected twists and turns—it’s better to anticipate the worst while striving for the best possible outcomes.
