"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).
| 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 |
Answer. The said policy is restricted to only 10 Years.
Answer. Cover on a long-term basis under Bharat Griha Raksha shall be o ered only to house/ at owners.
Answer. No
Answer. No, Only Carpet Area should be used to calculate the cost of construction i.e Sum Insured.
Answer. yes
Answer. No, Inbuilt Perils cannot be excluded from the Policy.
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.
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.).
Answer. It will be covered in case of loss/damage due to theft within 7 days from the occurrence of an insured peril.
Answer. As per product wordings – Yes, both are the same.
Answer. Presently, Sum Insured limits of in-built covers are fixed as per IRDA guidelines.
Answer. Building Sum Insured = Carpet Area * Cost Of Construction.
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.
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.
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.
Answer. Griha Raksha Product is only for Dwellings in name of Individuals.
Answer. No capping of the Sum Insured.
Answer. Yes, it is valid for Annual Policy and is calculated on a pro-rata basis.
Answer. Insured needs to select the Sum Insured and indemnity period of Loss of rent and Rent for alternate accommodation.
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
Answer. Per se Rating can be done in case of Dwelling and Shop in the same premise.
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"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).
Bharat Sookshma Udyam Suraksha will be covering micro and small level businesses like offices, Hotels,Shops, Industrial/Manufacturing risks, Utilities located outside the compound of Industrial/Manufacturing risks.
Bharat Laghu Udyam Suraksha would be covering micro and small level businesses like Oces, Hotels, Shops, Industrial/Manufacturing risks, Utilities located outside the compound of Industrial/Manufacturing risks,
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