Following a huge fire in London, Nicholas Barbon established the first fire insurance company in 1666 AD. Since then, the insurance market has only expanded into new sectors. Beneficiaries of insurance policies enjoy financial coverage in case of unfortunate events, such as injuries, accidents, and business losses, among others. Instead of this financial coverage, people pay premiums, a certain amount of money paid to the insurance company in a set number of installments for a set period of time.
Today, auto, home and life insurance are the most sought-after purchases. In fact, the insurance market has grown to such an extent that this sector has a significant impact on the economic growth of a country.
The outbreak of the COVID-19 pandemic has made people more aware of the various health insurance policies available in the market. However, a large part of the population still perceives the purchase of an insurance policy as an unnecessary expense. Therefore, the National Insurance Awareness Day is observed every year on June 28 to raise awareness about the benefits of investing in an insurance plan.
The day also serves as a reminder for people to check if all of their insurance payments (or renewals) are up to date. While insurance companies without fail run publicity campaigns on National Insurance Awareness Day, the origin of the day remains a mystery.
Add insurance coverages you should choose to protect your car during monsoon
Over the past few decades, several unique insurance coverages have also been rolled out in the market. Here are some lesser-known categories of insurance.
Lottery insurance: This helps companies get compensated in case a group of their employees start a lottery ticket pool, win and then retire.
Wedding insurance: Wedding insurance, in the event of an unfortunate incident, covers wedding-related expenses such as the advance paid to the caterer or the wedding hall, the advance paid for decorations, hotel reservations and travel tickets , card printing costs, etc. In India, National Insurance, ICICI Lombard, Future Generali, Oriental Insurance and Bajaj Allianz are some insurers that offer wedding insurance covers.
Body part insurance: As the name suggests, this insurance covers any damage to a particular part of the body. Many celebrities have insured their body parts.
Insurance against death by laughter: Yes, you have read it. The name is self-explanatory. It protects comedians and event organizers from paying compensation if a member of the public suffers a fatal fit of laughter.
(Edited by : Sudarsanan Mani)