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.
