Can you predict the future? No
Can you control uncertainties? No
Worried about Risks?
If yes, then this paves the way to Insurance Policies.
Insurance is a form of Risk Management to protect us from any kind of losses or uncertainties in the future. There are different types of insurance policies offered by Companies to mitigate specific risks, as per the needs of the people.
Every household will hold at least 1 Insurance policy. It may be a Health Insurance policy, Life Insurance policy, Motor Insurance, Property Insurance, Travel Insurance etc. These are the most common types of Insurance policies.
However, the list doesn’t end here. There are several types of Insurance policies taken by people out there, some of which sounds extremely Strange to us.
1. Alien Abduction Insurance
Sounds crazy, isn’t it!
Alien Abduction Insurances seems to be prevalent in Europe, the United States, London and a few other places. The policy coverage may be medical expenses, psychiatric care or cash settlement on the event of death due to Alien Abduction, the policy may vary according to the Company offering it.
We don’t even know if Aliens truly exist or not, but there are people out there who actually insure themselves against Alien Abduction. It is believed that a Company called UFO Abduction Insurance Company in Florida has sold more than 100000 Insurance policies since 1987. The Company has been charging $10,000,000 per policy. Another firm named Lloyds of London is also known to have sold more than 20000 Alien Abduction Insurance policies.
2. Cold Feet Insurance
Some of us would have heard about Wedding Insurance policies, wherein you get covered for the occurrence of any natural calamity on or before the wedding, wedding cancellation, theft, any mishaps etc. There are many Indian Companies like ICICI Lombard, Future Generali, National Insurance, Bajaj Allianz and other companies offering such types of insurance policies.
After availing such Wedding Insurance policies, families may think you’re well equipped for everything and you good to go for the Big day with utmost pleasure. Is that all?
What if the Bride or Groom gets Cold feet or suffers a Change of Heart before the wedding?
The families would have pumped in so much money & incurred a lot of prepaid expenses for the Big Day. In a fraction of second, everything goes in vain. The general Wedding Insurance policies don’t cover for cancellations due to Change of Heart.
This is where Cold Feet Insurances comes for the rescue. Cold Feet Insurance coverages offer protection only to the innocent financiers like the parents of the Bridegroom or any other person who were not in control of such cancellation. It does not protect the Bride or Groom.
Under these types of Insurance policies, the Deposits / Advances made for the Venues, Decorations, Entertainment, Food etc may be reimbursed to the innocent financiers.
3. Kidnap & Ransom Insurance
“Expect the Unexpected” – we have come across this phrase very often. After the outbreak of COVID Pandemic, this phrase has literally become a mantra for life.
So now, expect yourselves to be kidnapped in the future & get yourselves insured now.
There are Companies offering Kidnap Insurance policies to cover the Ransom money or medical expenses for the victim and in the worst case, even for the death of the kidnapped person.
Kidnap Insurance policies are taken by individuals as well as Companies. Companies operating in High-risk areas where the Crime rates are high, take up these types of insurance policies for their employees. These policies are more prevalent in Nigeria, Venezuela and Haiti.
4. Body Parts Insurance
Body Parts Insurance is quite popular among Celebrities all over the world. Many Celebrities are known to have insured specific body parts for whopping amounts. Some of the Companies offering such types of Insurance policies are ICICI Lombard, Bajaj Allianz, United India Insurance and many other companies.
The policy amount varies from person to person and depends upon various factors like Health of the person, Lifestyle, Popularity, Type and risks involved in the insured body part etc.
Many Indian Celebrities have taken up Body Parts Insurance policy. Boxer Vijender Singh has insured his fingers, Singer Lata Mangeshkar has insured her voice, Actor Amitabh Bachchan has insured and copyrighted his baritone voice, Actress Priyanka Chopra has insured and copyrighted her smile and list goes on and on.
5. Multiple Birth Insurance
Multiple Birth Insurance is a policy offered to Expecting parents. Starting a family is exciting and at the same time expensive too. Raising a child involves huge expenditure, so it is important to plan such costs well in advance.
What if you’re blessed with Twins, Triplets or Quadruplets when you’re actually expecting a single child?
Damn.. that’s quite a big surprise!
If you are not financially sound, then it might be difficult to raise the children. However, if you are taking up a Multiple Birth Insurance, then you will get a lump sum amount to take care of your children. The terms and policies of the Insurance might vary from company to company, but one common requirement is that, the Insurance could be taken only during the early stage of pregnancy.
6. Bed bug Insurance
“Good Night….Sleep tight, Don’t let the Bed Bugs Bite”
Bed bugs are unwelcomed guests which cause great discomfort. Even the mention of Bed bugs makes some people feel itchy. Despite several precautions to get rid of these bugs, they still manage to enter the property even through the smallest of gaps.
House Owners and Hotel Owners are known to take up these types of insurance policy to protect from Bed bug infestation and to bear the expenses involved in the extermination of the bed bugs including the replacement of Bed or Mattresses.
7. Death by Laughter Insurance
Death by Laughter Insurance is a policy offered to protect the Comedians, Stand-up comedians and Film Production Companies. It is believed that there had been instances in the past where an audience had died due to laughter on attending a Comedy show.
Even though it is not proven that you could directly die due to laughter, there are certain laughter-related complications which could result in death. It may happen due to Asphyxiation, Cardiac Arrest, Gelastic Seizures, Ruptured Brain Aneurysms, Syncope, etc
The policy will cover the legal costs, if any claim or charges are made against the comedian in the Court of Law. It will also offer protection of Public Relations and provide for victim’s medical expenses like Ambulance, Autopsy fees or any other Hospital costs.
Have you heard about any such weird types of Insurance policies? If so, please feel free to drop in your comments!
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