What is Pocket Insurance and What is out of pocket cost:

Pocket insurance refers to a type of insurance that provides coverage for specific events or items like gadgets, travel, accidents, and other similar type of situations. This article aims to explore the benefits, types, terms, and its concept of pocket insurance.

Discover the benefits of pocket insurance, a cost-effective and tailored insurance option for specific events. Learn about the types, concept of pocket insurance to make an informed decision.

This article provides a comprehensive overview of pocket insurance, a type of insurance that provides coverage for specific events or items like gadgets, travel, accidents etc. It will helping readers to understand this innovative insurance option.

We will cover the all angles of pocket insurance and try to understand what is pocket insurance, let’s start.

What is Pocket Insurance


Insurance is a vital aspect of our lives as it provides financial protection in times of emergencies. It has been an age-old practice where we opt for different insurance plans for various situations like life insurance, health insurance, vehicle insurance, etc. However, with the advancement of technology, insurance policies have also evolved. Pocket insurance is one such innovation among these.

This type of insurance has become an essential part of daily life. It gives the increasing risks of uncertainty. 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 you against minor risks or cover costs incurred due to mishaps of day-to-day life and commodities.

Now you know the concept of What is Pocket Insurance, why this concept has been started.

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Benefits of Pocket Insurance:

1. Cost-effective:
Pocket insurance is usually affordable, and you only pay for the coverage you require. It eliminates the need for purchasing an entire insurance policy that may be expensive, and you may not even require all the coverage it provides.

2. Tailored coverage:
Pocket insurance provides coverage for specific events, so you can choose the type of coverage that suits your needs. For example, if you only require coverage for your smartphone, you can opt for gadget insurance, and if you are a frequent traveler, you can go for travel insurance.

3. Convenience:
Pocket insurance is easy to purchase and does not require extensive documentation or formalities. You can buy pocket insurance policies online or through mobile apps, making it a convenient option.

4. Quick settlement:
Pocket insurance claims are usually processed quickly, and you can receive the compensation within a short period. This can be beneficial in times of emergencies where you require the funds immediately.

Types of Pocket Insurance:

1. Gadget Insurance:
Gadget insurance provides coverage for your electronic devices like smartphones, laptops, tablets, etc. It covers damages due to accidental drops, water damage, theft, and other similar situations.

2. Travel Insurance:
Travel insurance provides coverage for various situations during your travel, like trip cancellation, loss of baggage, medical emergencies, and other similar situations.

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3. Personal Accident Insurance:
Personal accident insurance provides coverage in case of accidental injuries, disability, or death. It covers medical expenses, hospitalization costs, and compensates for loss of income due to disability.

4. Two-wheeler Insurance:
Two-wheeler insurance provides coverage for damages to your two-wheeler due to accidents, natural calamities, theft, and other similar situations.

5. Pet Insurance:
Pet insurance provides coverage for veterinary expenses, accidental injuries, and other medical emergencies for your pets.

6. Top-up health insurance :
It is enhance your coverage of health insurance in a very low premium. So it is good option instead of taking a huge normal health insurance.

Terms of Pocket Insurance:

  1. Coverage: Coverage refers to the situations or events for which you can claim insurance.
  2. Premium: Premium is the amount you pay for the insurance policy.
  3. Deductible: Deductible refers to the amount you have to pay from your pocket before the insurance company pays the rest of the claim.
  4. Claim: Claim refers to the request you make to the insurance company to compensate for the damages or losses covered by the policy.
  5. Sum insured: Sum insured is the maximum amount you can claim from the insurance policy.

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Find below some categories of Pocket Insurances, provides by the Bajaj Finserv.

Bajaj Finserv offers over 480+ Pocket Insurance plans across deferment segments. One can avail of a specialised pocket plan from categories such as lifestyle, health, travel or assistance.

– Lifestyle: In this category around 11 Pocket Insurance plans are provided, including Eyewear Assure, Cycle Insurance, Baggage Insurance and more.

– Travel: In this category of Pocket Insurance around 25+ products for all types of travel enthusiasts, right from solo travelers, honeymooners and trekking adventure lovers are covered.

– Assistance: In this category around 65+ plans are provided, including Wallet Care, Mobile Device Protection, Cyber Security, Key Safeguard, AC Insurance etc.

– Health: In this category around 382+ insurance plans are provided, like COVID-19 Insurance, Infection Cover, Cancer Cover, Blindness, Animal Bite, Kidney Stones Insurance etc.

Here are some of the most popular Pocket Insurance plans on offer:

– Mobile Device Protection Plan

Pocket insurance has become increasingly popular in recent years for several reasons. Firstly, traditional insurance policies often offer coverage for a wide range of situations, making them more expensive and less tailored to individual needs. Pocket insurance, on the other hand, provides coverage for specific events or items, allowing customers to select only the coverage they need, making it a cost-effective option.

Additionally, pocket insurance policies often have lower premiums and fewer restrictions compared to traditional policies. This makes them more accessible to a wider range of people, including those who may not have been able to afford traditional insurance in the past.

Moreover, pocket insurance policies are usually easy to purchase online, making the process of acquiring insurance quick and convenient. Customers can select the type of coverage they need, pay the premium, and receive their policy documents all online.

Finally, the rise of technology and mobile applications has made it easier for insurance companies to offer pocket insurance. With the availability of mobile applications, customers can purchase and manage their policies from their smartphones, making it even more convenient and accessible.


Q. Do I need to buy pocket insurance if I already have regular insurance policies?
Ans: It depends on your needs. Pocket insurance provides coverage for specific events, so if you require additional coverage for those situations, you can opt for pocket insurance.

Q. Is pocket insurance affordable?
Ans: Yes, pocket insurance is usually affordable as you only pay for the coverage you require.

Q. Can I buy pocket insurance policies online?
Ans: Yes, you can buy pocket insurance policies online or through mobile apps.

Q. What is the claim settlement process for pocket insurance?
Ans: Pocket insurance claims are usually processed quickly, and you can receive the compensation within a short period. You need to file a claim with the insurance company, and they will evaluate it and provide compensation accordingly.

Q. What is the duration of pocket insurance policies?
Ans: The duration of pocket insurance policies may vary depending on the type of coverage and insurance company. Some policies may be valid for a few months, while others may be valid for a year or more.

Q. Can I cancel my pocket insurance policy?
Ans: Yes, you can cancel your pocket insurance policy by informing the insurance company. However, the cancellation terms and conditions may vary depending on the policy and the insurance company.

Q. Is pocket insurance suitable for everyone?
Ans: Pocket insurance is suitable for people who require specific coverage for situations like gadgets, travel, accidents, pets, etc. It may not be suitable for people who require extensive coverage for various situations.

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Pocket insurance is a useful and convenient option for people who require coverage for specific events or items. It provides cost-effective, tailored coverage and quick settlement of claims. Different types of pocket insurance policies are available, including gadget insurance, travel insurance, personal accident insurance, two-wheeler insurance, and pet insurance.

Understanding the terms of pocket insurance policies is essential to make an informed decision. Pocket insurance is a suitable option for people who require specific coverage, but it may not be suitable for people who require extensive coverage for various situations.

Below are the some words which are generally use to search for understand the concept that what is pocket insurance.

  1. Pocket insurance
  2. Specific coverage
  3. Gadget insurance
  4. Travel insurance
  5. Personal accident insurance
  6. Two-wheeler insurance
  7. Pet insurance
  8. Cost-effective insurance
  9. Tailored coverage
  10. Quick settlement of claims

I hope you like this information and find here that the What is Pocket Insurance. If you really think that you get something extra and it helped you. Please share it with your loved ones, Infolips will highly appreciate you, thanks a lot for your valuable time!

Happy info-lipsing!!!

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4] What Is Credit Card?
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By Santosh Bharnuke

Hello friends, I am Santosh Shantaram Bharnuke from Maharashtra, Moha. I am interested to collect information on different subjects and same information would like to convey to you through this website.

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