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Discover Pocket Insurance | Expert Opinion by Ranajay Sengupta

By Ranajay Sengupta - Jun 29,2022
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What is Pocket Insurance

As the name suggests, Pocket Insurance plans are affordable, tailor-made insurance policies that offer financial coverage for a wide range of problems. They work just like conventional insurance plans, but the only difference is that their premium amount is considerably lower. The term “pocket” suggests that the products are cost-efficient and affordable for a first-time insurance buyer while providing all the benefits of a conventional and more expensive insurance plan.

Why it’s Best Suited for Everyone

Pocket insurance is a small ticket, innovative, contextual, customizable, pay-per-use, low involvement offering which can be bought to protect your valuable purchases from damage, loss or theft. What makes it attractive for the digital generation, who are apprehensive about buying a full-blown insurance cover, is that the bite-sized insurance products can be the first step towards availing protection through an insurance policy.

Pocket Insurance products are affordable, easy to purchase with 2 click checkout, provide all the benefits of a full-blown insurance policy and come with minimal terms and conditions. Also, the wide range of products ensures that you can always pick and choose a plan that is best suited for you.

How and Why Was This Product Introduced

Insurance penetration in India is still at a fairly nascent stage with a significant number of people considering the products to be expensive, with terms and conditions/fine prints which are difficult to understand and the time-consuming process of getting one. Due to this, while there is growing awareness of health and life insurance products, it is still out of reach for the masses.

Pocket insurance as a category was launched to address exactly these challenges and the products are designed in such a way that they are simple, easy to understand, affordable and can be availed instantaneously. The core philosophy behind the design of pocket insurance products are –

– Affordable ticket size (products are starting from as low as ₹19)

– Completely digital and paperless, the buying experience with end-to-end purchasing can be done in less than 5 minutes

– Pre-underwritten products with no hidden clauses

– Policies are issued instantly and risk coverages start from the moment you end the purchase journey

– Innovative range of products, one can insure literally anything they can think of, starting from their spectacles, keys, shoes, and wallets to their electronic appliances, mobiles and health and travel

– Highly innovative products which are not available anywhere else

– Claims can be raised online and settlement happens within a defined time

Pocket Insurance as a category makes it easy for people from all walks of life to get security for the things they value most and lead a life without worrying about financial losses that may arise due to unforeseen emergencies.

The goal of Pocket insurance is to pursue customer delight by redesigning insurance products basis changing customer expectations, needs and requirements, which provides coverages for everyday risks and hazards, which is not provided by conventional insurance policies. Thereby getting more and more people to bring under the ambit of insurance coverage and ultimately, insure the uninsured.

One of its Kind in India

Bajaj MARKETS offers 120+ insurance products to provide coverage for your health, lifestyle, travel and finances. No one can boast of such a diverse portfolio of products in India!

How it’s Beneficial for You

Insurance has become an essential part of daily life, given the increasing risks of mishaps and human-induced disasters. While conventional insurance policies cover financial expenses incurred on major health issues or damage to substantial investments like houses or cars, they do not secure against risks or cover costs incurred due to mishaps of day-to-day life and commodities.

Pocket insurance products can help in resolving this problem and help individuals receive financial coverages against expenses caused due to small uncertainties of life that can quickly disrupt one’s finances.

Insurance Plans That You’ve Never Even Heard About! 

Bajaj Markets boasts 120+ innovative pocket insurance products which are available exclusively on the platform, some of the innovative products are-

  • Spectacle insurance, which provides coverage for your eyewear in case of accidental damage
  • Dengue and Malaria cover
  • Footwear insurance
  • Watch Secure, which provides coverage in case your expensive timepiece is damaged or stolen
  • The Cyber Security cover protects your losses in case of a breach or a hack where your identity or financial information is compromised due to cyber crimes such as phishing, SIM jacking, etc.
  • ATM Assault cover, which provides coverage in case you are assaulted and your cash is stolen after withdrawing from an ATM

These unconventional, bite-sized insurance plans are sure to change the way insurance, as an offering, is perceived. We aim to provide Indian citizens with maximum protection while securing every aspect of their lives.

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Bajaj Finserv Direct Limited ("BFDL") is primarily engaged in distribution of financial products and services through its digital platform (“Bajaj Finserv MARKETS”) and inter alia renders services of customer acquisition, providing preliminary credit support activities, fulfilment services and post-acquisition customer services to Banks, NBFCs, HFCs. BFDL is also a registered Corporate Agent (Composite) under valid IRDAI registration number: CA0551 valid till 10-Apr-2024 for solicitation and servicing of Insurance Products. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522