With Ganesh Chaturthi round the corner, devotees are busy preparing for the 10-day celebrations. This year, however, organisers are going the extra mile by getting an insurance cover for their Ganesh idols.
According to a report in Moneycontrol, some mandals or organisers in Maharashtra have opted for a whopping Rs 600 crore insurance cover. This is a 20 percent spike as compared to last year.
The insurance periods starts the moment the jewellery is taken from the locker and is valid till the day it is put back.
Insurance is vital not just because the idols are adorned with expensive jewellery but also because the festivities run the risk of natural calamities like rain.
The GSB Seva Mandal, in Mumbai’s Kings Circle, has for instance taken a cover of Rs 264.75 crore. The insurance cover encompasses jewellery, personal accident policy for devotees and also any other events such as terrorism, natural disasters, etc.
The GSB Mandal is known for its elaborate celebrations and this year’s Ganesh idol too will be decorated with about 90 kg of gold.
Lalbaugcha Raja, another Mandal in Mumbai that sees scores of devotees throng its premises, has taken a 25 crore insurance cover, the treasurer Mangesh Dalvi was quoted as saying by Mooneycontrol.
The Labaugcha Raja Sarvajanik Ganeshotsav organisers have stopped taking cover of Rs 10 crore for smaller mandals which was a practice till last year.
This, however, has not deterred small-scale mandals from taking insurance covers. They choose small-ticket covers which ranges between Rs 50 lakh and Rs 1 crore.
State-owned insurers are the key players, but private insurers are also making inroads by offering competitive premiums. The insurance premium is calculated based on the size of the cover, and is generally 1-1.5 percent of the sum assured.
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