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Bharat Griha Raksha

"Bharat Griha Raksha" is being introduced for covering Dwellings against Fire and allied perils and for Material Damage which shall replace SFSP for Dwellings (both Home Building and Home Contents).

Key Features:

  • Policy Duration :Not more than 10 years
  • Sum Insured :Carpet area of the structure in square metre X Rate of Cost of Construction at the policy Commencement Date
  • In Built Covers :Earthquake, STFI, Terrorism, Loss of Rent, Rent for Alternative Accommodation, Removal of Debris, Architect’s, Surveyor’s and Consulting Engineer’s fees,
  • Optional covers :namely, (1) Cover for Valuable Contents on Agreed Value Basis (under Home Contents cover) and (2).Personal Accident cover for insured and spouse where insured peril causes damages to Home Building and/or Home Contents and also results in the death of either or both of them – Sum Insured upto INR 5,00,000 Per Person
  • Additional Benefits :
    • Auto Escalation :- The Sum Insured of the building shall auto escalate 10% per annum e.g. a Sum Insured of `10 Lakh at policy inception shall escalate to `11 Lakh by 1st policy anniversary, `12 Lakh by 2nd policy anniversary, `13 Lakh by 3rd policy anniversary and so on,with the maximum being `20 Lakh without additional premium.
    • By Default Cover to Contents:- Home Contents shall be automatically taken as 20% of the Sum Insured of the Home Building subject to a maximum of `10 Lakh if the Home Building is covered.
  • Waiver of Underinsurance
  • Deductible : Nil

How does the Bharat Griha Raksha Policy help me?

Name of Cover Your loss We pay Nature of Cover
Home Building Cover Building is damaged Cost of repairs, Architect’s,Surveyor’s, Consulting engineer’s fees, Costs of clearing debris, Loss of Rent and Rent for alternative Accommodation Standard
The building is completely destroyed (Total Loss) Cost of Construction Standard
Home Contents Cover Any General Content is damaged Cost of repairs Standard. You canopt-out of the cover or increase the Sum Insured by declaring the details.
Article or thing is lost or destroyed (Total Loss) Cost of replacing that item with the same or similar item.
Personal Accident Cover In the event of an unfortunate death of self or spouse, due to an insured peril which caused damage to the Home Building and / or Contents Rs 5,00,000/- per person Personal Accident Cover
Cover for Valuable Contents on Agreed Value Basis (under Home Contents Cover) Valuable Content suffers physical damage Cost of repair Optional
Valuable Content suffers total loss Agreed Value

Bharat Griha Raksha FAQs

Q1. Can we take the Bharat Griha Raksha policy for 20 Years?

Answer. The said policy is restricted to only 10 Years.

Q2. Do we provide Bharat Griha Raksha Policy for Co-operative Housing Society?

Answer. Cover on a long-term basis under Bharat Griha Raksha shall be oered only to house/at owners.

Q3. Can we provide an instalment facility for 'Bharat Griha Raksha'?

Answer. No

Q4. Instead of ‘Carpet Area’, can ‘Plinth Area’ be used in the calculation of ‘Cost of Construction’ as most builders use only 'Plinth Area'?

Answer. No, Only Carpet Area should be used to calculate the cost of construction i.e Sum Insured.

Q5. Does this policy allow under insurance?

Answer. yes

Q6. Is there any provision in the policy to exclude inbuilt perils Like STFI, Terrorism to arrive at a reduction in premium?

Answer. No, Inbuilt Perils cannot be excluded from the Policy.

Q7. What shall be covered in actual cost against costs compelled by Municipal Regulations?

Answer. in event of a claim due to insured peril, additional costs incurred by insured (on actual basis) at the time of reinstatement of property due to change in Municipal Regulations.

Q8.What does Impact damage of any kind mean?

Answer. Impact damage of any kind means damage caused by impact or collision caused by any external physical object (e.g.vehicle, falling trees, aircraft, wall etc.).

Q9. What is the provision of theft coverage in the policy?

Answer. It will be covered in case of loss/damage due to theft within 7 days from the occurrence of an insured peril.

Q10. Does Forest Fire and Jungle Fire mean the same?

Answer. As per product wordings – Yes, both are the same.

Q11. What are the options to increase Sum Insured limits for in-built Covers

Answer. Presently, Sum Insured limits of in-built covers are fixed as per IRDA guidelines.

Q12. How is the Sum Insured of Building being computed in Griha Raksha product?

Answer. Building Sum Insured = Carpet Area * Cost Of Construction.

Q13 Do we have to provide Building and Content sum insured Bifurcation at the time of Policy issuance?

Answer. Home Contents shall be automatically taken as 20% of the Sum Insured of the Home Building subject to a maximum of Rs 10 Lakh if the Home Building is covered. However, if the customer wants to cover more than 20% he has to specify the Sum Insured of the building and its contents separately.

Q14 Can all individuals in the family be covered under Personal Accident?

Answer. Personal Accident Coverage is limited to the Insured and their spouse. In case of death of Insured and/or their spouse (after the occurrence of insured peril) - Rs 5 lakhs per person can be claimed from the insurance company.

Q15 What Does Auto escalation of 10% of the Sum Insured every year mean?

Answer. The Sum Insured of the building shall auto escalate 10% per annum, e.g. a Sum Insured of Rs 10 Lakh at policy inception shall escalate to Rs 11 Lakh by 1st policy anniversary,Rs 12 Lakh by 2nd policy anniversary, Rs 13 Lakh by 3rd policy anniversary, and so on, with the maximum being Rs 20 Lakh without additional premium.

Q16 Is Housing Society/Dwelling in the name corporate a part of Griha Raksha product?

Answer. Griha Raksha Product is only for Dwellings in name of Individuals.

Q17 Is there any Sum insured capping for Griha Raksha Product?

Answer. No capping of the Sum Insured.

Q18 Is Auto Escalation valid for Annual Policy?

Answer. Yes, it is valid for Annual Policy and is calculated on a pro-rata basis.

Q19 What is the Sum Insured limit for Loss of Rent and Rent for alternate accommodation? Is there any capping on the Indemnity period?

Answer. Insured needs to select the Sum Insured and indemnity period of Loss of rent and Rent for alternate accommodation.

Q20 Would the policy be on First Loss basis?

Answer. Policy is not on First Loss basis, There are 2 scenarios- (1) In case, the insured does not declare content sum insured, 20% of building sum insured will be considered as content sum insured. (2) In case the insured declares the content Sum insured, declared value of the content will be considered

Q21 What rating should be given in case of dwelling and shop in the same premise?

Answer. Per se Rating can be done in case of Dwelling and Shop in the same premise.

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