The insurance sector in India has
boomed in the last two decades with more and more demand for insurance policies
on life, health, personal accident cover, motor insurance, etc. But now the
sector is expanding its horizons to unchartered territories which were traditionally,
the bastion of their western contemporaries.
Taking cues from their Hollywood
counterparts, our Bollywood stars too are not leaving any stone unturned. While
reigning superstars like Aamir Khan and Rajnikanth have insured their films,
India’s nightingale LataMangeshkar has insured her voice. Incidentally,
Rajnikanth insured his voice too and even obtained a copyright for it, suggest
reports.
Most people harbour this erroneous
belief that an art and antiques insurance policy would entail protecting their
items from theft. While this is partially true, an insurance cover for these is
much more than that. Here, a policy covers the antique or art work from
everything like an accident, damage caused by fire and transportation risk
among others.
Body part insurance is yet another segment which has caught
the imagination of Bollywood celebrities. The latest to be bitten by this bug
are starlets Mallika Sherawat and Minissha Lamba. The duo have spent lakhs
insuring their assets while among male stars, John Abraham has jumped on the
bandwagon.
Indian sports stars too are not far behind in this arena.
There have been recent reports of tennis ace Sania Mirza getting her hands
insured.
Wedding insurance is yet another unique
policy that has found takers in India. Factors like theft/damage to wedding
dress, jewellery, cancellation of wedding and damage caused by an unforeseen
accident and fire are some of the primary reasons for which wedding insurance
is done. Yet another segment is pet insurance where animal lovers are willing
to pay a good premium to ensure the costs related to their pets in terms of
accidents, maintenance and medical treatment are taken care of.
Long term care insurance is designed to
keep the insured comfortable and happy in their sunset years. On the other
hand, a disability insurance takes care of the insured where he may have
incurred permanent or temporary disability that impacts his life.
Many of us have spent precious minutes
or hours looking for the lost keys of our car or household. Now, it is the
burden of the insurance company to provide a cover for these lost keys. What’s
more is that in case your keys don’t get replaced in the first 24 hours then
the insurer can provides you the cost of hiring a car.
The other interesting insurance policy
is the personal identity protection. It covers your losses owing to a lost
wallet, assault at an ATM and also a robbery at ATM after you’ve withdrawn the
money from there.
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