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Whacky Insurance Covers Body Parts!
Roa RahulBut it is more common than we think. There are people who have insured their body parts for obscene amount of money.You may be an acclaimed painter, cook or football player. What will happen if something happened to the parts you play with? After all without those body parts you would not have any identity. Take the instance of celebrities who are known for the way they look and thus they insure their most prized possession. Their own body parts are insured. They are the reason they are influential, popular and famous. Thus it is of utmost importance to make sure that they are insured. Take the example of Kim Kardesian, Lata Mangeshkar to name a few.Body part insurances start from 50 Lakhs and may go up to any amount depending in their importance. These policies are so uncommon that they need to be customized as per the need of the client in question. The insurance is done by normal process and is subject to renewal every year.These types of policies are still to gain ground in India. But when it does, the insurance companies are sure to benefit from them as the celebrities will automatically take good care of them and at the same time pay hefty premiums to the insurance companies. The West has adopted these policies for a very long time and hardly will you find a face in Beverley Hills who is not insured for a certain body part.When your livelihood is dependent on your performance which may include violinist, pianist, chef, etc, it is very important that you get due compensation for your loss if something were to happen. Accidental damage due to an accident or disfiguring of a face, may lead to complete loss your life let alone money. Thus anything from the limbs of a model to the nose of a wine taster may be insured. It has to be kept in mind that body parts insurance is very expensive and not for the common people. If you are an expert in your field then you should go for this kind of insurance. Models make insurance against any form of disability as their job profile is completely based on the way they look.How are body parts premiums calculated?The premium of a body part can be of any value. The premium is calculated on the basis of who is being insured and for which body part. The body part that is being insured.The risk undergone by the body part depending on the work profile and lifestyle of the policy holder.Thorough medical tests for any sign of degeneration of the body part.Inclusions in body part insurance coverage1.Counseling of the policy holder so that they can effectively function in the society despite their loss.2.Temporary disability entails a lot of therapy for which the medical insurance company will be liable to pay.
As professional in the health industry for the past 7 years, I like to keep myself updated about wealth management and financial planning, and the
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