All franchisees of the high-profile Indian Super League have taken elaborate insurance covers for their players ranging from Rs. 50 to 60 crore.
The insurance covers player salaries, apart from personal accident policy, Mediclaim, travel insurance, public liability and loss of ticketing for the clubs.
The total insurance cover for the ISL, according to a source from a franchisee is approximately Rs. 600 crore. Each franchise is spending close to Rs. 50 crore while the league itself has a cover of Rs. 200 crore.
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The ISL insurance cover is among the highest for a sporting event in the country, bettered only by the cash-rich Indian Premier league (Rs. 1,100 crore).
According to sources, major sports events like the Commonwealth Games in 2010 was insured for Rs 200 crore while the Formula One race held at the Buddh International Circuit Noida, had a cover of approximately Rs. 500 crore.
“This is for the first time; a football player is covered for insurance. If he is injured either during training or competition, the club will not have to pay his complete salary. Instead, it will be on the insurer who will foot the bill,” the official stated.
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The insurance does not cover ISL players when they are on national duty.