With an increase in number of Indian tourists indulging in Adventure Sports like bungee jumping, parasailing and mountaineering, insurers see a new market. Bajaj Allianz has for the first time come out with a specialized personal accident policy to cover such risks, which until now were excluded.
The Global Personal Accident Cover is targeted at travelers who engage in adventure sports and allows them to choose from a host of covers, such as adventure sports, air ambulance evacuation and accident hospitalization. While most of the covers are available worldwide, the air ambulance evacuation is available only in India.
“The personal accident cover that is sold in India is a 40-year-old product. But the customer behaviour has changed considerably. Today, many travelers engage in adventure sport activities like bungee jumping or mountaineering. An accident would require immediate response within the golden hour, which is not available under the conventional policy,” said Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance.
For a premium of Rs 4,000, the policy covers personal accident cover up to Rs 50 lakh and will also cover accident hospitalization and air ambulance. In addition, the policyholder can also get EMI protection, where the insurance company will pay the monthly instalments of any personal loan taken by the insured. Singhel said that the cover is available for everyone within 70 years of age at the same premium. “We have seen senior citizens also engage in adventure sports,” he said.