<p>Bite-sized insurance policies are the best products for the first-time buyers of insurance and are very easy to secure, according to insurance industry experts.</p>.<p>"India is a grossly underinsured country and more than 75% of the population does not have any kind of insurance and the government of India has taken many steps by introducing products like Pradhan Mantri Jeevan Jyoti Yojana (PMJJBY) for first-time insurance buyers that gives cover up to Rs 2 lakh with a small premium," said Sameer Bansal, Chief Distribution Officer, PNB MetLife.</p>.<p>Speaking at a <span class="italic">DH</span> Sparks webinar on "<span class="italic">Are bite-sized insurance products the way forward</span>?" organised by <em>DH</em>, he said, a small premium gets a small cover to start the journey of life insurance. These insurance policies require little documentation and no underwriting is needed.</p>.<p>“This is a good entry product. PNB MetLife is going beyond Rs 2 lakh cover and provides insurance up to Rs 4-5 lakh for a small premium amount as low as Rs 3 per day for a Rs 5 lakh insurance cover,” he said.</p>.<p>Bite-size insurance also known as small-ticket insurance cover is a non-comprehensive plan that caters to a specific requirement and comes with a low premium. The PMJJBY is available to people in the age group of 18 to 50 years having a bank account who give their consent to join / enable auto-debit. Aadhar would be the primary KYC for the bank account.</p>.<p>Gokuldas Pai, Chief Business Officer, Karnataka Bank said the year 2020 can definitely be named as the Covid-19 year as it has brought a lot of changes. The search for insurance has gone up by 30% on Google. "Insurance is one of the main factors for the protection of our income and social security. One should start buying insurance at a very young age to protect one's income, family and ensure happy retirement as Covid-19 has created havoc in our lives," he said.</p>.<p>Anuradha Ghorpade, Financial Advisor, PNB MetLife, Karnataka underscored the importance of taking insurance policies when it is not required. "Because, when you want it, you will not get it due to age and health factors. Due to health issues and age, the insurance policies may become unaffordable. So, it is better to insure yourself when you are young or when you start your career at a very young age, which is the time you may not need insurance," she said.</p>.<p>Moderating the webinar, Mrin Agarwal, Founder, Finsafe India Private Limited, said people are looking at life insurance more seriously after Covid-19 impacted our lives. “A lot of first-time buyers with different requirements are looking to buy insurance policies,” she said.</p>
<p>Bite-sized insurance policies are the best products for the first-time buyers of insurance and are very easy to secure, according to insurance industry experts.</p>.<p>"India is a grossly underinsured country and more than 75% of the population does not have any kind of insurance and the government of India has taken many steps by introducing products like Pradhan Mantri Jeevan Jyoti Yojana (PMJJBY) for first-time insurance buyers that gives cover up to Rs 2 lakh with a small premium," said Sameer Bansal, Chief Distribution Officer, PNB MetLife.</p>.<p>Speaking at a <span class="italic">DH</span> Sparks webinar on "<span class="italic">Are bite-sized insurance products the way forward</span>?" organised by <em>DH</em>, he said, a small premium gets a small cover to start the journey of life insurance. These insurance policies require little documentation and no underwriting is needed.</p>.<p>“This is a good entry product. PNB MetLife is going beyond Rs 2 lakh cover and provides insurance up to Rs 4-5 lakh for a small premium amount as low as Rs 3 per day for a Rs 5 lakh insurance cover,” he said.</p>.<p>Bite-size insurance also known as small-ticket insurance cover is a non-comprehensive plan that caters to a specific requirement and comes with a low premium. The PMJJBY is available to people in the age group of 18 to 50 years having a bank account who give their consent to join / enable auto-debit. Aadhar would be the primary KYC for the bank account.</p>.<p>Gokuldas Pai, Chief Business Officer, Karnataka Bank said the year 2020 can definitely be named as the Covid-19 year as it has brought a lot of changes. The search for insurance has gone up by 30% on Google. "Insurance is one of the main factors for the protection of our income and social security. One should start buying insurance at a very young age to protect one's income, family and ensure happy retirement as Covid-19 has created havoc in our lives," he said.</p>.<p>Anuradha Ghorpade, Financial Advisor, PNB MetLife, Karnataka underscored the importance of taking insurance policies when it is not required. "Because, when you want it, you will not get it due to age and health factors. Due to health issues and age, the insurance policies may become unaffordable. So, it is better to insure yourself when you are young or when you start your career at a very young age, which is the time you may not need insurance," she said.</p>.<p>Moderating the webinar, Mrin Agarwal, Founder, Finsafe India Private Limited, said people are looking at life insurance more seriously after Covid-19 impacted our lives. “A lot of first-time buyers with different requirements are looking to buy insurance policies,” she said.</p>
