Temple insurance gains significance in India

India Infoline News Service | Mumbai |

Some insurers said that in case of devastating Uttarakhand floods none of the temples opted for a comprehensive cover

In June 2013, the North Indian states of Uttarakhand and Himachal Pradesh, some regions of Western Nepal and their adjoining areas experienced heavy rainfall that triggered devastating floods and landslides.

Damage to bridges and roads left over 70,000 pilgrims and tourists trapped in various places, many of whom were rescued.

In June, Insurance and Regulatory Development Authority (IRDA) had asked life and general insurers to assess the possible claims arising out of the devastation caused by floods in Uttarakhand. According to insurers, the total claims could exceed Rs. 35 billion.

Many insurance companies in India provide temple insurance that covers losses due to flood, fire, earthquake and even loss due to theft of idols, ornaments, hundi and crowns and even the golden covering on domes. These are normally customised covers under property insurance.

Some insurers said that in case of devastating Uttarakhand floods none of the temples opted for a comprehensive cover. The policy possibly extends to cash offerings (loss of money in transit from the temple to bank due to floods, burglary etc) and covers for gold and other jewellery on the idols, according to a media report.

Besides temple insurance, Tirupati and Shirdi, the TTD (Tirumala Tirupati Devasthanams) and the Shri Saibaba Sansthan Trust have also taken personal accident covers for pilgrims due to accidents in the shrine.
 

Advertisements

  • Save upto Rs.2.67 lakh with Pradhan Mantri Awas Yojana ...Know more
  • Now Save Rs.3150 on your Demat Account ...Click here
  • Now get IIFL Personal Loan in just 8* hours...APPLY NOW!
  • Get the most detailed result analysis on the web - Real Fast!
  • Actionable & Award-Winning Research on 500 Listed Indian Companies.