The World of Adventure Insurance: Protecting Your Thrills in India
For the longest of times, adventure sports and activity was excluded from the protective umbrella of insurance. People who would get an adrenaline rush out of high octane adventure sports, usually had to pay a price for the same, they were excluded from being insured. This was done as insurance companies are risk averse and generally do not prefer to extended coverage to any high risk activity.
That being said, as insurance itself has evolved and adapted, its risk appetite has also increased due to the advent of predictive technologies like data mining, data analytics and predictive modelling. These technologies have made it possible for insurance companies to accurately assess the risk of even the most thrill-seeking individual. This lead to the birth of adventure insurance in India.
Bajaj Allianz was the first Indian insurer to enter into the adventure insurance market in 2016, but more players have begun their foray into this market in recent years.
Features and benefits of adventure insurance
- Coverage: Adventure insurance policies provide coverage against accidents and mishaps that occur while on the adventure trip. The policy extends coverage against a wide variety of adventure activities like racing sports, mountaineering, water sports, and more.
- Peace of mind: The policyholder can rest assured that he is covered in the event of a mishap while on the adventure activity. This will give him/her a reasonable amount of peace of mind.
- Freedom: There are a certain number of adventure junkies that restrain themselves from indulging in high octane adventure sports due to the lack of insurance coverage, an adventure insurance policy can give them a reasonable amount of freedom to explore these high octane activities, giving them freedom to do what their heart desires.
Inclusions and exclusions
Here are a general list of the inclusions and exclusions of adventure insurance:
Coverage and protection against mishaps
Injuries caused due to being under the influence
Hospitalizations due to reasons other than coverage extended
Companies providing adventure insurance in India
Mentioned within are a list insurance companies providing adventure insurance in India.
- Bajaj Allianz General Insurance
- Adventure Sports Cover (ASC) 360