The word ‘insurance’ often brings to mind run-of-the-mill products such as car, term, home and health insurance. But, the industry it seems has not been as serious as the surface portrays. On deeper research, you can unearth some really unconventional insurance products that you may have never imagined existed. They range from mildly amusing to downright bizarre!
Take a look:
Body part insurance
Celebrities, actors, models and sports persons, often insure their most valuable body parts. Consider this, when playing for Real Madrid, footballer David Beckham insured his legs for 146 million and his face for 40 million owing to his advertising appeal. Closer home, one celeb example that stands out is that of Akshay Kumar. The actor oft known as khiladi, signed up for Rs 35-crore personal accident insurance cover when shooting for the movie Holiday.
Kidnap or Ransom insurance
If you consider yourself a worthy target for kidnappers and ransomers, you could insure yourself and your family members through a kidnap/ ransom insurance. Also, companies that operate in areas notorious for kidnapping avail this insurance product for their employees.
Your typical kidnap or ransom insurance will cover the ransom payment, fee of consultants hired for crisis management, medical and travel related expenses, among others. Some insurers currently offering this policy in India include Tata AIG, HDFC Ergo, SBI General Insurance and New India Assurance.
Pets are considered an extended part of the families they belong to. As the cost of pet maintenance and healthcare of pet is on the rise, you would be wise to consider pet health insurance plans. While loss of a pet can never be compensated but a pet insurance policy does help you protect yourself financially. These pet health insurance plans would provide cover right from minor expenses such as vaccinations, to bigger ones including hostpitalization.
Most policies are dog-centric, however some insurers do offer protection to cats, horses, cows and buffaloes. The insured pet is usually covered against death caused by an accident or by disease contracted during the pet insurance term. The cover could be extended for risks such as accidental death in transit, breeding risk, and loss of
dog owing to burglary or break-in. Some insurers offering pet insurance include New India Assurance, Oriental Insurance and Bajaj Allianz.
‘Yes, I do’ is what most of us would wait to hear at a wedding ceremony. The huge marriage wedding expense incurred could come to a naught due to such reasons as bride or groom’s last-minute change of heart, death in the family or even natural calamities. But with a wedding insurance policy in place, you can recover from such expenses.
For a wedding insurance policy, the sum insured is calculated on the basis of expenses incurred in venue booking, hotel and travel booking, card printing and decoration. The wedding insurance could also cover additional unforeseen expenses such as the photographer’s last-minute absence or damage caused due to party revelry!
Amateur sports person insurance
To help you nurture the budding sportsperson in your child without hesitation, Indian insurers have found a new product — the amateur sports person insurance policy. This policy understands the risks that accompany a rigorous practising schedule of any sport. It covers the policyholder’s sporting equipment, personal accident risks, accidental bodily injury caused when practising or third-party liability arising out of a sporting accident.
Moral of the story:
You could just imagine the risk that you may have to face, and an insurance product would be out there to protect you from it!