Bharat Griha Raksha Policy is a standard home insurance policy offering coverage against several allied perils and fire-related risks to the insured home structure and its content.The IRDA (Insurance Regulatory and Development Authority of India) has made this policy effective from April 1, 2021, and issued guidelines to offer this policy to individuals.
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*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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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.
Bharat Griha Raksha policy provides standard coverage to both homeowners and tenants. As per the IRDAI, this plan offers coverage for the following instances:
This insurance covers most of the common perils. However, some perils remain uncovered under this policy, such as-
*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 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.
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.
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-
Generally, three types of coverage are offered in the Bharat Griha Raksha policy. Depending upon your need & budget, you can choose any type-
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.
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.
Under this policy, you get comprehensive protection against several risks for the building structure and home contents. The policy covers:
You may also read: Go Digit Bharat Griha Raksha Policy
When you opt for a Bharat Griha Raksha policy, you can protect several types of buildings, such as:
The policy covers the standalone buildings or a rented building where you reside against natural and man-made calamities.
The policy offers coverage to the independent villa or a house from potential risks and several unforeseen instances.
This policy covers independent flats located in housing societies. Both rented and owned flats can be covered under the Bharat Griha Raksha policy.