With festivals such as Durga Puja, Ganesh Puja and Dahi Handi during Janmashtami becoming bigger and grander, the demand for insurance to cover possible risks such as loss of life and property is on the rise. According to industry sources, there has been a 20 per cent growth in the number of policies sold and the average sum insured for such festivals.
“The amount of money being spent on such festivals has seen a surge in the last two to three years. Moreover, most of these big pujas are now being handled by professional event managers who want to ensure that possible loopholes are plugged. We have witnessed a definite rise in the number of policies sold and sum insured,” Sasikumar Adidamu, Chief Technical Officer, Bajaj Allianz General Insurance, told BusinessLine .
