Features of Bharat Griha Raksha:
The features of Bharat Hriha Raksha policy are:
- Covered Perils: Bharat Griha Raksha policy provides coverage for a wide range of perils, namely natural catastrophes (cyclone, storm., typhoon, hurricane, tempest, Tsunami, Tornado, flood, earthquake, inundation, landslide, subsidence, landslide.), fire, forest, bush, and jungle fires, any kind of impact damage, strike, riot, malicious damages, water tank bursting or overflowing, acts of terrorism, apparatus and pipes leakage, theft, leakage from the automatic sprinkler.
- Time: This policy provides coverage within seven days from the occurrence of any of the aforementioned events.
- Provides Wider Coverage: Along with coverage for home structure, Bharat Griha Raksha policy provides coverage for basic home contents automatically even without declaring their details for 20% of the sum insured of the insured building which is subject to a maximum amount of Rs. 10 lakhs. One can as well opt for a higher sum insured for normal contents by providing the details.
- Optional Coverage: The policy offers two optional covers as well:
- Insurance of valuable items like curios and jewelry.
- Personal accident of spouse or insured because of any covered perils.
- Other Features: Some other features of this policy are:
- This policy does not offer a full waiver of under-insurance. In other words, we can understand this as, if the sum insured that is declared by the policyholder is less than that is ought to be declared by the policyholder for his/her property in question, the claim will not be settled proportionately, however it will be up to the sum insured that is mentioned. For example, if the general contents of the home like fridge, washing machine, television, etc. are insured for Rs. 50,000, while their actual value is Rs. 1,00,000, then the policy will pay only Rs. 50, 000.
- Same as all the insurance policies that are introduced by IRDAI, this insurance policy also has features that are friendly for policyholders and are mentioned in simple language for the general public.
- The policyholders are permitted to file new add-ons that are above and over the basic cover, optional cover, and in-built cover, if there are any as well as standard add-ons that these insurance products offer.
- This policy will also have Key Features Documents that provide the basic information related to products and answers to the Frequently Asked Questions.
The Final Words
The guidelines provided by the Insurance Regulatory and Development Authority of India have to be followed by all the general insurance providers who were providing insurance coverage for fire and other allied perils. These guidelines will come into effect from April 01st, 2021 and the Standard Home Insurance product will replace Standard Fire and Special Perils policy provided by AIFT 2001.