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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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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
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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Reviews & Ratings

4.4 / 5 (Based on 120 Reviews)
(Showing Newest 10 reviews)
Virendra
Bokaro, July 26, 2022
Coverage for natural calamity
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Bilaspur, July 26, 2022
Premium Calculation
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Bikaner, July 26, 2022
Natural Calamity cover
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Amritsar, July 26, 2022
Enough coverage
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Bareilly, July 26, 2022
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Jitendra
Ajmer, July 26, 2022
Qiuck claim
I purchased a home insurance policy recently. However, due to a natural calamity, my house was damaged as the pressure of the water because of flood broke the enterance door of my house. But the insurance plan that i bought got me covered and i as able to get the quickest claim possible.
Prashant
Delhi, July 26, 2022
Natural calamities covered
I bought a home insurance policy recently. As i live near a river and in the rainy season, my area gets flooded so in order to protect my house and its contents, i purchased the insurance to get coverage for such natual calamities and i am tension free now.
Sharad
Kolkata, July 26, 2022
Wide coverage
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Ahmedabad, July 26, 2022
Suitable insurance plan
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Yashashvi
Amritsar, June 09, 2022
Natural calamities covered
I bought a home insurance policy recently. As i live near a river and in the rainy season, my area gets flooded so in order to protect my house and its contents, i purchased the insurance to get coverage for such natual calamities and i am tension-free now.
  • Disclaimers+

    #Savings of 28% are based on the comparison between the highest and lowest premiums for a pucca building with sum insured of >₹ 1 crore at Delhi, for property age less than 5 years and policy term of 11 years.

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