The advantages of availing of such an insurance policy are:
Worldwide Coverage - Depending on the insurance provider, cycle insurance policies provide financial assistance regardless of where your bicycle undergoes damage. Even if you meet with a cycling accident in a different country, such a plan will offer aid.
Protection against Fires and Riots - If your bicycle sustains damage due to accidental fires and/or rioting, insurance policies will provide the necessary financial assistance to repair or undo the damage.
Accidental Death Benefit - If you pass away due to bicycle accidents, the insurance policy for the cycle would offer a lump-sum payout to your surviving family members.
Regardless of your cycle’s price, opting for insurance can reduce your financial liabilities significantly.
8. Bite-Size Insurance
Bite-sized insurance policies refer to sachet insurance plans that minimize your financial liability for a very limited tenure, generally up to a year. These insurance plans allow you to protect your finances against specific damage or threats. For instance, particular bite-sized insurance may offer accidental cover of Rs. 1 Lakh for a year.
You can choose this policy when you think you might be particularly susceptible to accidental injuries. Another example is insurance cover for specific diseases. For instance, if your area is prone to water-borne diseases, such as cholera, you can pick a policy that covers cholera treatment and all associated costs for a 1-year period.
Benefits of Bite-sized Insurance
Benefits of Bite-sized Insurance
The primary benefit of bite-size insurance policies is that it allows you to avail financial protection at very limited prices.
The premiums are so low that it hardly makes any impact on your overall monthly expenditures. In comparison, the sum insured is significant.