Insurance covers priced at Rs 10 or even less: Know about sachet policy

Just like regular insurance policies, one must exercise caution while opting for sachet policies

Have you ever been offered insurance worth lakhs for just Rs 10? A couple of months ago, MobiKwik and Chola MS rolled out a general insurance product in the Personal Accident category that offered insurance covers, starting from Rs one lakh, available at an annual premium as low as Rs 20. You also have insurance plans you can get for just one rupee. Such sachet, or bite-sized policies as they are called, are offered by IRCTC, Ola and Pradhan Mantri Suraksha Bima Yojana. 

What are sachet/bite-sized insurance policies?

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