Organising an event involves substantial financial investment. Postponement or cancellation of such events due to unforeseen situations is frustrating and results in massive financial loss. Thus, consider buying an event insurance policy to protect yourself financially against the monetary loss caused due to cancellation of an event. You can get high financial coverage by paying an affordable premium of Rs. 599 per year.
You can now purchase event insurance coverage online through Bajaj Markets. You only need to follow a few simple steps to complete your purchase from the comfort of your home:
1. Click on "Buy Now"
Tap on “Buy Now” on the Event Insurance product page.
2. Fill in the Details
Provide the necessary information in an online application form.
3. Pay the Premium Online
You can pay the premium online using any payment mode that is convenient for you.
You can pay the premium online using any payment mode that is convenient for you. You will receive the membership and event insurance policy details via your registered email.
Key Features & Benefits of Event Insurance Policy
Here are a few key features and benefits of an event insurance policy:
Coverage of up to Rs. 3 Lakhs
You can enjoy a high financial coverage of up to Rs. 3 Lakhs against a nominal premium payment.
Provides Financial Security
This event insurance plan provides financial security against a monetary loss caused due to the cancellation of a private event or party.
Cancellation due to fire breakout
With this event insurance policy, you can get coverage of up to Rs. 3 Lakhs for the financial loss followed by an event being cancelled for a fire breakout.
Check out the policy details of this event insurance plan mentioned below:
Membership fee
The membership fee is Rs. 599 per year.
Coverage limit
Get coverage up to Rs. 3,00,000.
1. Event Cancellation
With this insurance plan, you can expect event cancellation insurance to recover any financial losses you incur due to sudden event cancellations.
2. Personal accident cover
Accidents can happen anytime, even when you are attending any event. However, this event insurance shall provide coverage for injuries, disabilities, and even accidental death caused in any event. The event insurance policy applies to the people named in the chosen policy.
3. Cancellation of an event due to declared official mourning
This policy offers event cancellation insurance, as well. You can get financial coverage due to a cancellation of the event because of official mourning for the death of the serving Prime Minister, President, or Chief Minister of an Indian state.
4. Damages caused to sets, prop, wardrobe and equipment
Your event insurance provider will reimburse the amount to cover the financial loss arising from damages caused to the prop, sets and equipment by a sudden fire breakout or burglary.
5. Event cancellation due to fire
This event insurance offers coverage up to Rs. 3 lakhs for event cancellations that occur due to any fire breakout.
The event insurance cover does not provide financial coverage for the following situations:
1. Financial losses due to adverse weather conditions
This event insurance policy does not cover the financial losses caused due to unfavourable weather conditions, unseasonal or seasonal rains, humidity, fog, or sudden temperature changes.
2. Financial losses due to war, riots, or political disturbances
Financial losses due to the event getting cancelled due to riots, terrorism, fear, hoax, war, strikes, bandhs, civil commotions, and malicious activities are not covered.
3. Financial losses due to health or personal reasons
Cancellation of an event due to health or personal reasons such as childbirth, menstruation, suffering from communicable diseases, suicide, or self-inflicted injury is not covered in this event insurance plan.
4. Monetary loss due to government interference
The plan does not cover the financial loss caused due to requisition, confiscation, detention, abandonment or destruction by or order given by any government, local or public authority.
5. Losses or harm resulting from carelessness
This event insurance does not offer coverage for losses caused due to carelessness or negligence, any fraud, negligence or non-appearance of a guest, or losses incurred due to pollution or seepage.
6. Policy Excess
You will be required to pay 5% of the claimed amount in the form of policy excess. This will be a minimum of Rs. 25,000 for each claim.
In addition to the previous exclusions, few other exclusions of this special event insurance plan are:
Financial loss caused due to short circuits of equipment, camera, camera lens and machines.
Monetary losses due to performing stunts or acts that result in breaching of the law.
Monetary loss due to the delayed baggage.
Any financial loss arising because of a family member of an individual performing at your event.
Losses in inventory or disappearance of antique animal items or other objects
You can file a claim against your event insurance coverage through the following ways:
1. Via website
Directly visit your insurance provider’s website, select the correct option, and submit the necessary details to raise a claim against this event insurance plan.
2. Email
Send information about the incident to bagichelp@bajajallianz.co.in
3. Call
You can contact your insurance provider via a toll-free number at 1800-209-5858 to file a claim.
4. Mailing address
You can send the claim documents to the mailing address of your insurance provider - Bajaj Allianz General Insurance Co. Ltd. Bajaj Allianz House, Airport Road, Yerwada, Pune – 411 006.
Irrespective of which process you select to file a claim, submit the relevant documents and policy number to support your claim.
You can contact Bajaj Markets if you have any questions regarding the event insurance coverage via email at insuranceconnect@bajajfinservmarkets.in
Event Insurance - Frequently Asked Questions
Do you need to pay any deductible while raising a claim?
Yes. You need to pay 5% of the claim amount as a deductible or policy excess for your event insurance plan. The minimum deductible payable towards this policy is Rs. 25,000 for every claim you file.
How will your insurance provider settle the claim?
Your insurance provider will settle the payment for the claim either through a system cheque or NEFT.
Does the insurance provide financial coverage for events arranged outside India?
The insurance provider is not liable for reimbursement for financial losses caused for a cancelled event outside India. Moreover, this insurance policy does not cover cancelling events due to an official state mourning in Canada and the US.
Can I renew this insurance plan?
No, you cannot renew this event insurance plan. You need to repurchase the same after it expires.
What is the maximum coverage limit of this insurance plan?
The maximum coverage limit of this Event Insurance policy is Rs. 3 Lakhs.
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