Insurers offer cover to gods' abodes

When it boils down to the question of whether to trust the gods or insurance companies to offer cover, opinion may be divided. But insurers are now offering more reasons to take a second look at them even when you are on a pilgrimage, reports Economic Times.

Temples, with substantial revenues, are becoming attractive propositions for insurers, with sizeable premia and lower claims. Sabarimala is the latest example where the Travancore Devaswom Board (TDB) has opted for an insurance cover with a sum assured of Rs 100 crore, paying a premium of Rs 14.75 lakh.

The attraction for the TDB is that the package covers the temple, devotees and the 4,750-odd TDB employees, while for United India Insurance Company, it is an additional client with great potential for the future. United India Insurance has also provided cover for the equally popular Guruvayur temple in Kerala, with a package that includes Rs 88 crore cover for the temple employees and 63 elephants and an additional cover of Rs 55 crore for burglary.

K Nanda Kumar, manager of United India Insurance, says the company is on a good wicket with the Guruvayur temple, having offered it insurance for the past three years at a handsome premium of Rs 40 lakh per year. It is learnt that there have not been any major claims during these years.

In Sabarimala, the insurance package covers devotees against accidental deaths with a payout of Rs 1 lakh. "We have gone for a comprehensive insurance package, which covers all accidents and losses not only at all temple structures at Sabarimala, but also at Pampa and Nilackal," says TDB Commissioner CG Sachidanandan.

Significantly, the package does not cover death due to heart attack while climbing which is common during the trek to the hill shrine, but does cover death from stampede, which has happened in the past. The temple insurance also covers possible terrorist attacks, something that many devotees would hold dear these days.

While United India Insurance is looking at tapping more temples, other insurers are seeking their share of the pilgrim business pie. "We are working out a comprehensive proposal for the Guruvayur temple that will include cover for devotees as well," says R Parthasarathy, regional manager of New India Assurance Co. With more temples being covered, devotees can, at least, hope to attain financial moksha should something go wrong with their pilgrimage.