Four insurance covers that might become essential post coronavirus pandemic

New Delhi: The covid-19 pandemic has provided a shot in the arm for the health insurance industry in India. The prospect of hospitalisation due to covid-19, and high medical costs in private hospitals have driven more Indians to sign up for private health insurance, but there has also been a rise in demand for other insurance policies and covers.

Cyber Insurance

As companies see most of their employees working from home for next few months many of them are opting for cyber insurance to hedge the risk of data breach and disruption.

Industry experts say that many cybercriminals are specifically targeting organisations to steal data and or gain access to certain sensitive information that can be used to extort money from the company. Industry trackers say that many large corporations were also targeted by ransomware during the lockdown.

Home Insurance

Consumers residing calamity prone regions can consider buying a home insurance policy in order to be protect themselves from sudden, untold loss.

According to experts, there has been a year-on-year increase in natural calamities in India along with uncertainty about frequency and the magnitude of damage.

Pay-as-you-use Insurance

Amid coronavirus outbreak, several insurance companies are introducing 'pay as you drive' policies for the customers. This unique usage-based motor insurance, popularly known as ‘Pay As You Drive’, allows customers to pay the premium depending on how many kilometers the car has traveled.

It is ideal for the customers who have multiple vehicles and may not use each vehicle as much; therefore, they may not have to pay a large premium amount. Also, If you are someone who mostly relies on public transport or even use your vehicles rarely due to medical complications, then this will help you cut cost on your vehicle insurance. 

Bite-size insurance

Amidst muted sales and low penetration, insurance companies are taking a leaf out of the FMCG playbook and introducing sachet-size products at low premiums to get more people to purchase cover.

Companies are successfully selling cover for range of issues — from vector borne diseases such as dengue and malaria, credit card protection, flight delay, personal accident from participating in a sport, at the gym and even from firecrackers, emergency hospital cash, to cyber security plans — at premiums as low as ₹200.

Compared to a comprehensive insurance cover, these policies are typically for a specific requirement and condition and, therefore, the cover is lower.

Source: Times Now News