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Innovative insurance - the in-thing
Today insurance is the buzzword and you would be surprised to
hear of covers that never existed earlier being tailor made to
suit your requirements. Though at an infant stage unlike the covers
that exist in countries abroad, an effort in this direction has
nevertheless taken place.
Competition is hotting up in the insurance sector and almost
each day every insurance company worth its salt is in the news
for either introducing a new plan or spreading its presence to
major cities in India.
Though the unexploited potential is vast and leaves enough room
for all the existing players a never before change in the Indian
mindset to introduce covers that can be custom made to suit specific
requirements has definitely taken roots.
Tailor made covers:
For instance the famous showman of Bollywood, Subhash Ghai insured
his film' Yadein' for the first time in filmdom for Rs 18 crores
against any delays or damages incurred during the shooting of
the said film.
Similarly the dangers associated with immersions of Ganesh idols
during the recent Ganeshotsav celebrations with several lives
being lost every year was taken care of through insurance.
Or for that matter a local college for the first time ever, has
insured its students against accidents by going for a group insurance
policy from Reliance General insurance.
Insuring television crew: Insurance for the television crew,
was unheard of but not anymore. The Indian Television Academy
(ITA) tied up with Oriental Insurance for a personal accident
cover of Rs 5 lakh for its technicians, actors, stuntmen and women.
Thanks to the devastating earthquake early this year in Gujarat.
The Maharashtra government is mulling over the idea of introducing
changes in the housing bye-laws to make insuring buildings against
fire and earthquakes compulsory for co-operative housing societies.
To give a thrust to crop insurance Iffco-Tokyo, a joint venture
between the Indian Farmers Fertilizers Cooperatives (Iffco), Krishak
Bharti Cooperative (Kribhco), Godavari Fertilizers and Japanese
non-life insurer Tokio Marine decided to market insurance products
with fertilizer bags for farmers wherein the premium payment was
linked to the number of fertilizer bags a farmer buys.
The famous game show Kaun Banega Crorepati too has been bitten
by the insurance bug. 130 episodes of the Kaun Banega Crorepati
game show and the eight test matches between India and Australia
were insured for over Rs 10 crore and about Rs 100 crore respectively
with Oriental Insurance Company (OIC).
The risk cover covered equipments failures during shooting as
also post production, litigation, neutral calamity and safety
of participants.
So much for insurance. With private insurers entering the Indian
insurance industry, a lot of experimentation is taking place.
New innovative insurance covers may soon become common. And the
day is not far when you would be told - you name it, we have it.
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