Every year, the festival of Diwali is celebrated with fireworks and enthusiasm, but this period also witnesses incidents of burns, injuries, and house fires. According to the Fire Service, there was a 53% rise in fire and emergency calls during last year’s Diwali (2024). Considering these incidents, fintech companies are now introducing micro-insurance schemes. Following PhonePe, homegrown insurtech company CoverSure has launched a special Diwali plan called “Phataka Insurance.”
CoverSure’s ₹5 Plan: Coverage up to ₹50,000To address the risks of accidents and damage caused by fireworks, CoverSure has introduced the “Phataka Insurance” plan. Priced at just ₹5, the plan provides coverage for 10 days. It offers compensation of up to ₹50,000 in case of accidental death and up to ₹10,000 for burns or minor injuries. The policy can be purchased digitally through CoverSure’s app or website with just a few clicks and is activated instantly. CoverSure’s founder and CEO, Saurabh Vijayvargiya, said the aim is to let people celebrate safely, as even a small mistake during Diwali can change one’s life.
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PhonePe’s ₹11 Festive CoverEarlier, PhonePe had relaunched its “Phataka Insurance” plan priced at ₹11 (including GST). This policy provides insurance coverage of up to ₹25,000. It covers the entire family — the policyholder, spouse, and two children — and remains valid for 11 days. For example, if purchased on October 12, it remains active until October 23. The plan includes benefits such as hospitalization, day-care treatment, and accidental death coverage.
Why Is This Insurance Important?Every Diwali, over 1,000 people across India suffer firework-related injuries, with treatment costs ranging from ₹25,000 to ₹1 lakh. For families without health or accident insurance, these micro-insurance plans serve as affordable safety nets. With premiums as low as ₹5 to ₹11, such coverage helps reduce the sudden financial burden that may arise due to unexpected accidents during the festive season.