The market size of India’s event and activations industry is growing at a compounded growth rate or CAGR of 15% – 16%. The growth rate has exceeded that of the media industry, which is growing at a CAGR of 13% currently. It is set to achieve a market size of Rs. 10,000 Crore by the Financial Year 2021.
The rise in the event industry is largely accredited to the growth in social media users in India. The process of event creation has become relatively easier with platforms such as Instagram and Facebook. The number of events, subsequently, has grown at an exceptional rate. Events such as musical events, comedy shows, and concerts have garnered particular attention of millennial and are happening across the nation. Along with that, traditional events such as wedding ceremonies are also holding their space in the band of events.
What is an event insurance plan?
Holding an event of any nature requires substantial investment, both in financial and emotional terms. On that account, it incurs a huge burden when an event you have so dearly dedicated your time and resources is cancelled.
Thereby, you can avail an online event insurance policy to redeem yourself from the financial losses suffered due to the cancellation of such an event. Redemption on finances will allow you the opportunity to hold the event on a later date.
Event insurance costs are fairly reasonable in India and can be availed with an annual premium of Rs. 599.
When can you avail an online event insurance plan?
An event may be cancelled under several circumstances. In some cases though, such as under poor or unfavourable weather, the event can be postponed. Thereby, it does not incur substantial losses.
Nevertheless, there are circumstances which can cost you significantly, some of which are mentioned below –
- Fire: On account of event cancellation due to fire, a sizable loss is suffered. As it not only jeopardises the event in many respects but also causes considerable damage to your props and the venue. In case the fire is caused by any fault of your crew or team, the onus is on you to compensate the owner of the venue for his/her losses. Regardless, if you have opted for Pocket Insurance and Subscriptions like the Event Insurance plan provided by Bajaj Finserv, you will be reimbursed for the losses incurred.
- Mourning event: There are instances when an event is cancelled on account of the death of an esteemed figure such as the nation’s Prime Minister or President or that of a Chief Minister. In case, the event of mourning of such a figure is held in the same premises where you were set to conduct your event you can receive compensation for any losses suffered thereby through an event insurance policy.
- Theft or burglary: Loss of essential props, wardrobe equipment, or set designing elements is fairly common in large scale events such as concerts. In case of theft or burglary of any musical instruments, you can claim compensation through Pocket Insurance and Subscriptions such as the musical instrument insurance plan.
In certain cases, such as the cancellation of a wedding event, significant losses are suffered. Under circumstances which can be classified under any of the instances mentioned above, you can claim compensation up to Rs. 3,00,000 through an event insurance for a wedding.
How to apply?
You can apply for event insurance online by following three simple steps –
- Visit the financial institution’s official website.
- Search for the relevant insurance cover and fill out the necessary details in the form.
- Pay the premium.
Top insurers offer payment services via electronic payment methods such as UPI, digital wallets, debit or credit cards, etc.
It is essential to safeguard your financial investments in case of events that you have substantially invested in. Thereby, an online event insurance plan offers comprehensive coverage of the same to save you from any financial burden triggered by the same.