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Insurance for adventure sports now offered in India: Is it any excellent?

Pushing the beach with a cocktail in hand and a book in the other is not everyone's idea of a best holiday. Some of you might wish to climb a mountain or go bungee-jumping. Whether for purely an adrenaline rush or as a part of your fitness regime, experience or extreme sports holidays are increasingly popular. Not simply weekend trips, people are planning full-fledged getaways where they get a chance to attempt their hand at difficult activities. However, till the other day, neither your travel insurance coverage plan nor the personal mishap strategy covered this risk. Last week, Bajaj Allianz General Insurance released an add-on adventure sports cover with its Global Personal Accident Plan to fill this gap becoming the only Indian insurance provider to do so.

" The traditional items readily available in the market are 40-year-old and fail to cover the new-age risks associated with the altering way of life requirements of Indian clients. The brand-new personal mishap insurance plan is trying to break the standard norm of a one-size-fits-all product method by permitting the customer the flexibility to choose the regards to their policies based on their requirements," states Abhijeet Ghosh, head, health administration, Bajaj Allianz General Insurance. Apart from experience sports protection, the plan provides other unconventional add-ons such as fracture care, EMI payment cover and loan protector cover for an accident.

Being the first to offer this cover has an inherent advantage-- no competition. If you are checking out any of these extreme sports in India, Bajaj Allianz is your only insurance option. Worldwide, an experience sports cover is not brand-new and quite popular. So, if you are going on a foreign vacation, there are other strategies to compare this product with. Here is a rundown on what this new strategy has to offer and how does this plan compare if you are taking a trip overseas.

Scope of Add-on Cover
The adventure sports add-on from Bajaj Allianz is a swelling amount advantage policy to cover the threat of accidents while participating in experience sports. You can get a cover of as much as Rs 1 crore under the strategy to insure death or any permanent disability that the insurance policy holder may be at danger of while taking part in the sports.

It does not cover a partial disability or short-lived injuries. Significance, you won't get a claim for losing a toe or a finger, neither will your health center costs be spent for. If you currently have a life insurance coverage policy, the only extra threat this strategy is covering is a total permanent disability.

The cover is strictly for non-professional activities where the policyholder participates in a sports for leisure only. A vital condition is that the activity needs to be carried out under the existence of a qualified professional for it to be an insurable threat. If you engage in any of the insured high-risk sports without the guidance of a skilled expert, the company would decline your claim. "This is to make sure that appropriate precaution was carried out prior to any accident occurred," says Ghosh.

The add-on plan is connected to the base cover and you can go with 25%, 50% or a 100% payout of the sum guaranteed in case of death or total disability due to participation in an extreme sport. The premiums would differ accordingly: For a Rs 1-crore sum insured where the base cover is just for death, you will have to pay out an additional Rs 4,300 for an adventure sports death for 25% payment, a Rs 8,600 for 50% payment and Rs 17,200 for a 100% payment.

This premium is over and above that you pay for personal accident death cover. There is no rate distinction on the basis of gender or age, since the strategy is linked to the base-PA cover, your career will identify your premium.

The optimum payment under this plan is Rs 1 crore. Even if you have a '3 -crore sum insured under the base policy and have actually chosen for a 100% payout for the adventure sports cover, the claim payout will still be Rs 1 crore in case of death or permanent disability.

Worldwide Alternatives
Internationally, sports experience covers are not offered in addition to personal mishap policies. They are either standalone plans or a part of your travel insurance coverage. What distinction does it make? To start with, they are generally concentrated on hospitalization and accident threat instead of on death cover. Likewise, since the base cover is not a personal accident cover, the prices does not alter according to your profession, but the activity you choose.