The scheme, launched in tie-up up with United India Insurance Company, was inaugurated by TDB president G Raman Nair in Sabarimala on Friday evening.
The temple with gold-coated roof had been insured against all sorts of possible damage including fire and earth quake, a TDB official said.
Besides, jewels and other costly articles of the temple had been separately insured for a total value of Rs 5 crore (Rs 50 million) and the administrative buildings adjoining the temple for Rs 1 crore (Rs 10 million).
The pilgrims' insurance scheme offered upto Rs 1 lakh to the devotees suffering injuries or death at a stretch of about 18 km from Nilakkal to uphill Sannidhanam where the temple is located. The compensation for TDB and government employees on duty at the area would be upto Rs 1.5 lakh.
The devotees visiting the shrine for an year from November 17 have been covered by the scheme, for which the TDB has paid Rs 14.75 lakh as premium.An estimated three crore (30 million) pilgrims had visited the temple last year during the main season from November to January.