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The adventurous ones among us want to go para-gliding in the hills or white-water rafting in the Himalayas. But what if something were to go terribly wrong on these adventures? Standard life and health insurance policies will reject claims for life lost or injuries incurred while participating in adventure sports.
But worry not — you can now drop all your fears and enjoy the adrenaline rush from your favourite adventure sports. There are now personal accident policies with adventure sports cover is now in the market.
The constant evolution of health and general insurance in the country has meant you will increasingly not see adventure sports in the list of exclusions. As adventure sports gain prominence, the onset of an insurance cover by early movers in the segment today is sure to make other insurers follow suit, bringing to life a once non-existent insurance segment.
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Here is everything you need to know about adventure sports insurance and if it is a good idea to opt for one.
Insuring your next adventure
Adventure sports are getting increasingly popular around the world. From sky diving and rappelling to bungee-jumping and para-sailing, the options are many.
As they grow in popularity, some of these sports have also gotten increasingly safer.
So much so that internationally, adventure sports covers have become an independent insurance category. In India, however, adventure sports usually are listed at the top of the exclusions list in all insurance plans until recently.
Under adventure sports cover, the insurance company is liable to pay for any medical or emergency expenses, including accident or liability like permanent disability that a policyholder may incur as a result of any accident.
However, claims are honoured only if play the sports with certified agencies after taking all necessary precautions and not acting recklessly.
Overview of current offerings
A private insurer is currently offering adventure sports cover as an add-on along with its global personal accident insurance plan. As per the add-on policy, you can avail a cover of up to Rs 1 crore insuring yourself against death or any permanent disability while participating in adventure sports. Any partial disability or temporary injuries including loss of limbs etc are not covered under the add-on policy.
The cover would be applicable only if you are taking part in an adventure sports as a leisure activity and not as a professional. The activity should be performed under the guidance of trained professionals along with all safety mechanisms and gear allowed under the policy.
Under this cover, you can choose between opting for 25 per cent, 50 per cent, or 100 per cent of your total sum insured as your adventure sports add-on cover. So, even if you have a higher sum insured but opt for a 100 per cent payout as an adventure sports add-on, the maximum limit is fixed at Rs 1 crore.
The premium for the add-on will depend on the percentage payout you choose and this premium is over and above the premium for the personal accident policy.
Should you buy this?
If you are an adrenaline junkie and are likely to participate in adventure sports in India, it may be a good idea for you to consider the adventure sports add-on protection. Since this policy is the first of its kind, there is at least some level of protection.
The current offering in the market is by an Indian insurer where the adventure sports protection is linked to the main personal accident cover. So, if you are planning to participate in adventure sports outside India, you are better off opting for either independent adventure sport covers or any adventure sport covers that are part of your travel insurance for a wider coverage.
Adventure sports covers were non-existent in India but has now made an entry into the market. The popularity of such an add-on is likely to bring in more companies to offer similar covers, leading to a stage in the future where we may have independent adventure sports insurance.
