Insurance is serious business and the products they offer reflect this seriousness as it deals with contingencies which need not be pleasant to think about. Yet there is no stopping certain interesting product innovations in the insurance arena.
Two such interesting product innovations related to sports were observed recently.
1. Football fans to get insurance cover: Banco Bilbao Vizcaya Argentaria, second largest bank in Spain has tied up with Spain's football league to provide free accident cover up to 500,000 fans attending matches. The cover will pay €25,000 (£22,000) for an adult in case of death or permanent disablement due to injury at a match. The only requirement (in terms of eligibility) is for the fans to be in possession of a valid ticket. This is applicable to anyone watching Primera Liga or second division matches. Cover would also be offered to official club fans for their travel to and from matches. (As reported by The Guardian)
This is infact a good move keeping in mind the frequent clashes between rival fans in the stands and outside stadiums. Invariably it is the innocent fans who get hurt for the acts of a few miscreants. While it augurs well for the fans, it needs to be seen how the insurance companies manage the pricing and premium charges. Would they include it in the ticket price burdening the fans or would they charge the football association / club needs to be ascertained...
2. Unit Linked Insurance Plan for Indian Premier League (IPL): Bajaj Allianz Life Insurance planned to introduce a ULIP with returns linked to the performance of the IPL team
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