Insurance gets adventurous

Yes, Indians have most certainly become more adventurous. Right from bungee jumping to parasailing, river rafting, long-distance biking and mountaineering, we also want to feel the rush of adrenalin. Be it on a vacation within India or abroad, more and more Indians are asking for destinations which have adventure sports.

These sports are high on the rush of adrenalin but equally high on risk. We have read numerous reports of people dying due to bungee jumping or such sports. Recently we read of an Indian dying while on the Everest expedition. And the insurance companies are seeing an opportunity there. Bajaj Allianz has for the first time come out with a specialized personal accident policy to cover such risks, which until now were excluded. There is one from Max Bupa, United India, Cholamandalam Travel Insurance and its only growing.

But at the same time, did you know that there is something known as “Kidnap and Ransom insurance policy?” Well, this is a very well-guarded secret but most insurance companies offer this protection. Kidnap, extortion and hijacking are covered. The policy pays for expenses linked to the event, including hiring of specialist consultants to mitigate the situation, negotiate and evacuate. Ransom, up to certain limits, can also be covered. Mostly purchased by HNI and companies for their employees. These policies are naturally issued with a lot of discretion by the insurance companies.