Mumbai is still coming to terms with the worst terrorist attacks to have hit the city and the nation. The horrific attacks on Mumbai's five-star hotels and railway stations show how vulnerable the common man is to such brutality.
Most insurance policies do not have any terror cover. Thus more and more people are now looking for insurance that can be of help in times of such a calamity. While some companies do offer terror cover as an add-on, you have to make sure it is a part of the insurance package. As of now, only Optima Insurance Brokers Private Limited in association with New India Assurance offers a 'terrorism insurance cover'.
Besides, the free terror insurance cover, the company is launching a Rs 5-lakh (Rs 500,000) cover, which will be priced at Rs 99 per annum. Rahul Aggarwal, CEO, Optima Insurance Brokers speaks about the significance of terrorism insurance cover in the wake of increasing terror attacks. Excerpts from an interview:
How has the response been to the individual terrorism cover you offer? What is the idea behind offering free insurance cover?
We introduced free terrorism cover for Rs 1 lakh (Rs 100,000) in June 2008, along with New India Assurance. This was due to the increasing terror attacks in India and our response to the apathy with which the compensation claims were met.
We have insured more than 25,000 people for free against terror till now. The cover has many takers immediately after terror attacks anywhere in the country and unfortunately there have been many such dastardly incidents in the past.
Image: Rahul Aggarwal, CEO, Optima Insurance Brokers. | Photograph, courtesy: Optima Insurance Brokers
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