It’s an idea whose time has come in Omkara country. Insurance companies are now offering cover to businessmen and executives against kidnapping for ransom. Over 150 people have taken the policy in the last three months just in Uttar Pradesh. Companies such as Tata AIG, ICICI Lombard and HDFC Chubb have introduced the policy and UP, officials say, tops the kidnap policy chart. Sources say half a dozen leather goods exporters in Kanpur and over 50 businessmen and management executives in Noida are among those who have opted for the policy. Kidnapping for ransom is common in UP, though not as much as in Bihar, and it was in Noida that Adobe top official Naresh Gupta’s son was abducted on way to school in November last year. The policies sold so far in UP range from Rs 50 lakh to Rs 5 crore. The policy covers the ransom amount, loss of money during transit and injury or death during the kidnapping. “It is mostly done in groups under the Corporate Protection Insurance Policy to cover incidents like extortion, kidnapping and demand for ransom. There are already many companies which have introduced the policy,” says Deepak Kumar, regional manager, Internal Control and Loss Minimisation, ICICI Lombard, Lucknow. “There are many international companies with branches in India that provide cover to their employees under such schemes. According to our study, there are a large number of senior executives roaming in UP and Chhattisgarh who would like to avail of the policy,” says a Tata AIG official. “You can gauge the need of such a policy in UP from the fact that all the private insurance groups have set up risk-management units in Lucknow to investigate such cases. In at least two cases in the state, the ransom money was paid by the insurance company,” he says. When contacted, UP’s Addl DG, Law and Order, Brij Lal refused to comment, saying it had nothing to do with law and order. “Although we have no idea about any policy, it seems that it is a matter of finance. Law and order is not involved,” he said.
