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Bright spot in a dark day -- solar eclipse pilgrims get insurance cover

The millennium's last solar eclipse on Wednesday will coincide with a first in the insurance industry.

The event has symbolic value too what with new-age ideas pushing age-old business practices to shade, even if for a short while.

The eclipse as a religious event in India will have its focus on Kurukshetra in Haryana in north India. This historical town has been given a facelift to receive about 1.5 million pilgrims from all over India.

For the first time, an insurance cover to all pilgrims is being provided during the four-day solar eclipse fair, which began on Monday.

The umbrella of insurance would provide Rs 50,000 in case of death due to any reason, up to one hundred persons during the fair.

The fair administration has deposited Rs 120,000 as premium with an insurance company as insurance umbrella for the visiting pilgrims.

The insurance industry is state-controlled. While the Life Insurance Corporation of India handles the life segment, the General Insurance Company and its four subsidiaries are in the non-life segment.

The insurance industry has been in the news of late for its innovative business practices even as the drive towards privatisation and complete opening up of the sector gathers steam.

For instance, Bollywood showman Subhash Ghai had insured his forthcoming motion picture in Hindi, Taal, against unforeseen disasters during the shooting period. Indian Railways now offer insurance cover to passengers involved in accidents. There is a new insurance product from LIC exclusively for people living in conflict-prone regions like Kashmir. Reliance Petroleum has been reported as angling for insurance cover for its Jamnagar refinery in Gujarat against possible attacks during times of war. In Kerala, a few newspapers and magazines have expressed a desire to offer insurance schemes for their readers.

Several foreign firms like Royal Sun Alliance are waiting in the wings to launch operations in India as soon as the government opens up the sector. Most of the foreign insurance majors have forged joint ventures with Indian corporate majors.

Workers unions have been resisting the privatisation of the industry. The key Insurance Regulatory Authority or IRA Bill was sought to be introduced in Parliament several times in the past. But it could not be tabled due to strong opposition and lack of consensus on the percentage of foreign equity to be allowed in private insurance companies.

Industry analysts said the eclipse-related insurance cover, if it works out all right, could prove to be a trend-setter. India, the second most populous country in the world after China, is known for its mammoth religious congregations, political rallies and huge turnouts at sports arenas.

Fatal stampedes are not unknown or are possible at pilgrim centres like Puri, Sabarimala and Kumbh Mela centres Varanasi, Allahabad and Nashik. So the Kurukshetra experiment may pave the way for new insurance products in future, they said.

The entire mela (fair) area in Kurukshetra has been divided into 13 sectors, each manned round-the-clock by a magistrate and a large posse of police personnel to meet any eventuality.

Besides, 45 trained divers have been called from other districts of the state for rescuing persons from drowning during holy dips in the sarovars (tanks).

Compiled from reports in Indian media

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