Auto Increment of Sum Insured Under Bharat Griha Raksha Policy

Not everyone can buy a comprehensive home insurance plan due to high premium rates. To make sure that people can afford an insurance plan that can protect their homes in case of an unforeseen incident, IRDAI released guidelines to provide a standard home insurance policy, i.e. Bharat Griha Raksha policy.

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**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*The premium of ₹ 9/month is for a pucca building with sum insured of ₹ 5 lakh at selected locations, for property age less than 40 years and policy term of 1 year. Additional premium is payable for the optional covers including contents opted.

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**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*The premium of ₹ 9/month is for a pucca building with sum insured of ₹ 5 lakh at selected locations, for property age less than 40 years and policy term of 1 year. Additional premium is payable for the optional covers including contents opted.

The Insurance Regulatory and Development Authority of India has mandated all general insurers to offer Bharat Griha Raksha Policy at an affordable price from 1 April 2021. In this policy, instead of the current market value, the coverage under the policy considers the cost of reinstating or replacing the insured items.

Since the IRDAI has released the guidelines, several general insurers have come up with affordable premium rates. Here is a list of insurers and their annual premium rates to purchase the Bharat Griha Raksha policy.

Under Bharat Griha Raksha (BGR) Policy, premiums for Rs 1 Crore coverage

Insurer Name Annual Premium* (In ₹)
Digit ₹2,466
Bajaj Allianz ₹2,714
New India Assurance ₹3,000
Cholamandalam ₹4,180

*Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product of any insurer.

Due to inflation, the cost of replacing or reinstating the damaged building structure rises with time. Amid inflation, the BGR policy comes with an auto-escalation feature. Under this, the Sum Insured (SI) amount can be raised annually.

Moreover, there is a daily escalation of the sum-insured amount under the annual policy. The sum insured increases each day by 1/365th of 10% of SI from the policy commencement date.

To protect your house and purchase an affordable insurance plan, Bharat Griha Raksha (BGR) policy would be a good choice. In India, several insurance companies are offering this affordable plan & gradually, the policy has become popular. You can look it up online and learn about the inclusions & exclusions of the policy in detail.

Written By: PolicyBazaar - Updated: 01 March 2023
Home Insurers
Bajaj Allianz Home Insurance
Bharti AXA Home Insurance
Cholamandalam Home Insurance
Digit Home Insurance
Future Generali Home Insurance
ICICI Home Insurance
IFFCO Tokio Home Insurance
National Insurance Home Insurance
New India Assurance Home Insurance
Oriental Home Insurance
Raheja QBE Home Insurance
Reliance Home Insurance
SBI Home Insurance
Shriram General Home Insurance
Tata AIG Home Insurance
United India Home Insurance
Universal Sompo Home Insurance
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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