Bharat Griha Raksha Policy

What is Bharat Griha Raksha Policy?

Bharat Griha Raksha policy (also known as Bharat Griha Raksha Yojana) is a standard home insurance policy available at an affordable premium. This insurance plan covers several types of residential properties in India. Moreover, the insurance regulatory made it compulsory for all general insurance companies to offer this standard plan. Hence, insurance providers have started offering this plan from April 1, 2021.

Coverage Under Bharat Griha Raksha

Inclusions

Bharat Griha Raksha policy provides standard coverage to both homeowners and tenants. As per the IRDAI, this plan offers coverage for the following instances:

• Loss or damage caused by fire accidents, explosions &implosions
• Loss caused to the insured property by natural calamities such as earthquakes, storms, typhoons, landslides, hurricanes, volcanic eruptions, tornados, tsunamis, etc.
• Loss caused by forest fire and bushfire
• Loss caused due to external impact or collision such as aircraft, falling trees, vehicles, etc.
• Loss or damage caused to the home content.

Exclusions

This insurance covers most of the common perils. However, some perils remain uncovered under this policy, such as-

• Loss/damage to the electric or electronic machine
• Loss/damage of any apparatus inside the home structure
• Loss/damage by over-running of any machinery, arcing, or self-heating
• Loss/damage due to some particular machines

Some Interesting Facts About Bharat Griha Raksha Policy

If the insurance amount is capped at ₹ 10 Lahks, then 20% of the SI is provided for the general content of the home. The physical loss or damage caused to the insured's property will be covered if reported within seven days. If there is severe damage, the associated cost is covered, and 2% of the claim amount is for the reasonable cost.

Disclaimer: The above-mentioned inclusions/exclusions are general coverage of the Bharat Griha Raksha policy. For detailed/precise understanding, kindly refer to the policy wording.

Some Interesting Facts about Bharat Griha Raksha Policy

If the insurance amount is capped at ₹ 10 Lakh, then 20% of the SI is provided for the general content of the home. The physical loss or damage caused to the insured's property will be covered if reported within seven days. If there is severe damage, the associated cost is covered, and 2% of the claim amount is for a reasonable price.

Optional Coverage Provided Under Bharat Griha Raksha

The insurance companies provide optional cover (add-on covers) with in-built and basic cover. Under this plan, there are two optional covers provided by the insurer-

1. Valuable Content Cover- On an agreed value basis, there is a cover for valuable content like jewellery, cash, etc.
2. Personal Accident Cover- PA cover to the insured and their spouse. However, if you have not opted for a sum insured more than ₹ 5 Lakhs, you do not have to submit a valuation certificate. In BGR policy, the additional premium for these add-ons cannot cross 50% of the basic premium amount.

Type of Coverage in Bharat Griha Raksha Policy

Generally, three types of coverage are offered in the Bharat Griha Raksha policy. Depending upon your need & budget, you can choose any type-

1. Only Building Structure Cover

   Under this policy, you get coverage for the damages caused to the building structure, such as the base foundation, walls, and roof. Hence, if there is any damage to the building structure due to any natural/man-made calamity mentioned in the policy inclusion, you can raise a claim under this type of policy.

2. Only Home Content Cover

   This type of policy offers coverage for all the home content irrespective of the sum insured. Furniture, electrical appliances, etc., are some popular content that can be covered in this policy.

3. Building Structure and Content of Home Cover

   Under this policy, you get comprehensive protection against several risks for the building structure and home contents. The policy covers:

   • Repairing expenses in case of damage/loss caused to the insured property/contents.
   • Reconstruction expenses in case of total or complete loss of the insured property/contents.

Types of Buildings Covered Under Bharat Griha Raksha Policy

When you opt for a Bharat Griha Raksha policy, you can protect several types of buildings, such as:

1. Independent Building

   The policy covers the standalone buildings or a rented building where you reside against natural and man-made calamities.

2. Villas

   The policy offers coverage to the independent villa or a house from potential risks and several unforeseen instances.

3. Flats or Housing Society

   This policy covers independent flats located in housing societies. Both rented and owned flats can be covered under the Bharat Griha Raksha policy.

FAQs About Bharat Griha Raksha Policy