In this age of constant changes, life remains one of the most unpredictable assets that we cling on to. We are totally unaware of what tomorrow holds for us, though we do have a thousand dreams lined up to be fulfilled. Most of us would shudder to imagine what life is going to be for the ones we leave behind if, by the turn of fates, we are not around to live the future with them. We definitely do not want our loved ones to be left in the lurch and shelve the dreams owing to financial crunch. Thus, we end up taking insurance policies to secure the future of the ones we care for. Insurance ensures that our absence is compensated, monetarily, to a certain extent.
Most of us hold conventional life insurance policies which cover our life, health, cars and home. These are the basic policies which give us a feeling of security against all odds that may befall us, by chance. Have you ever spared a thought to assess if these conventional policies are enough to cover all kinds of exigencies that you may have to stumble upon? Keeping in mind the varied possibilities of untoward incidents that you might have to face in life, the life insurance companies have come up with various unconventional insurance policies which you may not have ever heard of.
Let us look at some of them.
Body Parts Insurance
Many renowned sports personalities and actors in India have insured their various body parts as they feel that the particular body part is the most precious asset they possess. Sports icon Sania Mirza has insured her hands for a huge sum of money, many eminent cricketers have followed suit by insuring various body parts for large sums of money. Indian actors like Amitabh Bachchan, Rajnikant and none other than the Nightingale of India, Lata Mangeshkar are said to have insured their voices, Priyanka Chopra her smile, Akshay Kumar his body for whopping sums of money.
Kidnap or Ransom Insurance
This insurance is availed by individuals who consider themselves to be a probable target for being kidnapped. Companies operating in kidnap prone areas also avail this kind of insurance for their employees. A standard kidnap for ransom insurance covers the ransom payment, travel expenses related to the kidnapping and fees of hired professionals to solve the case. Tata AIG, SBI General Insurance, New India Assurance and HDFC Ergo are a few of the Insurance companies who offer kidnap for ransom insurance to their clients.
It is said that marriages are made in heaven. Until the couple finally reaches the altar to say “I do”, there might be a last-minute change of mind for either of them, a death in the family or some unforeseen natural calamity owing to which the marriage can be called off. In big fat Indian weddings, a huge amount of money is involved in all the rituals and functions of the marriage. If wedding insurance is in place, then the expenses involving venue and hotel bookings, travel bookings, cards printing, decorations and catering can be recovered in case of cancellation of the wedding. Certain unforeseen expenses such as damage caused by party revelry and absence of the photographer on the D-Day might also be covered in some wedding insurance policies.
These days, pets are considered to be an integral part of a family. So, when you decide to bring a pet home, you decide to sign up for pet insurance almost under the same breath. The pet insurance policies have been introduced to the market keeping in mind the rising expenses for the maintenance, vaccinations and health hazards of the pets. No insurance can ever replace the pet you hold dear, but it can definitely help you recover some of the expenses that you incur in order to provide the best possible health amenities for it starting from its vaccinations to hospitalisation. Most of the pet insurers are dog-centric but there are some who also provide policies for cats, cows, buffaloes and horses. Bajaj Allianz, Oriental Insurance and New India Assurance are some of the Indian companies who offer Pet Insurance policies.
Amateur Sportsperson Insurance
Some Indian Insurance companies are offering a new product called amateur sports person insurance policy. This insurance policy allows you to nurture the aspiring sportsperson in your child, without any hindrance. This insurance policy covers the risks involved in the rigorous practising schedule of any sport. This policy covers the sports equipment, accidental injuries to any part of the body during the course of practice sessions, any third-party liability resulting from any sporting accident or any personal accident risk of the policyholder.
No matter how bizarre or amusing the above policies might apparently sound, you only get to know the worth of it if you ever happen to face the actual risks involved in any such untoward incident. So, it is always prudent, to give it a thought and take the right decision while the sun is still shining bright, so that you are covered for a forthcoming rainy day!