Overview of ICICI Lombard Bharat Griha Raksha Policy
ICICI Lombard Bharat Griha Raksha Policy is a type of property insurance that offers coverage to Indian households. The policy provides financial protection against several unforeseen risks, such as loss or damage due to natural calamities, burglary, fire, and more. Hence, it is an ideal solution, ensuring peace of mind for the homeowners by providing coverage for the building structure and contents available in the house.
ICICI Lombard Bharat Griha Raksha Policy: Key Benefits
| Categories |
Features |
| Policy Term |
1-10 years available |
| Eligibility |
Both homeowners & tenants can buy |
| Key Features* |
- Fire & Special Perils Coverage
- Auto escalation of sum insured
- Underinsurance not applicable
- Home contents covered at 20% of SI
|
| In-built Covers* |
- Loss of rent
- Up to 5% claim amount for fees of architect/surveyor/engineer
- Up to 2% claim amount for removing debris
|
| Add-on Covers* |
- Valuable Content Cover
- PA Cover
|
| Policy Cancellation |
Available |
*Disclaimer: Refer to the policy wordings on the insurer's official website for exact coverage and benefits information.
Inclusions of ICICI Lombard Bharat Griha Raksha Policy
ICICI Lombard Bharat Griha Raksha (BGR) Policy protects the insured home structure and its content against losses from several risks. Here is the general inclusion of ICICI Lombard BGR policy:
- Coverage against natural calamities such as earthquakes, floods, cyclones, storms, typhoons, hurricanes, tempests, floods, tornados, and inundations.
- Protection against fire and allied perils, including fire, lightning, explosion or implosion.
- Burglary and theft coverage for household contents within 7 days of any insured event mentioned in the policy documents.
- Coverage for impact damage caused by an external object, such as a falling tree or motor vehicle.
- Coverage against the damage caused by bursting or overflowing water tanks, pipes, and apparatus.
- Coverage against man-made calamities, such as riots, malicious activities, and terrorism.
Exclusions of ICICI Lombard Bharat Griha Raksha Policy
Here are some common exclusions of ICICI Lombard BGR policy:
- Losses due to war, nuclear perils, acts of terrorism (unless specifically included), foreign enemy hostilities, etc.
- Loss or damage arising due to breach of law with criminal intent.
- Damage to property due to radioactive substances, explosives, and toxic substances.
- Losses incurred due to any willful negligence or misconduct.
- Exclusion of specific high-risk items or activities not covered by the standard policy terms.
*Disclaimer: The inclusions and exclusions mentioned in the ICICI Lombard Bharat Griha Raksha Policy are indicative. For a detailed list, kindly refer to the policy wording available on the insurance provider's official website.
Add-on Covers of ICICI Lombard Bharat Griha Raksha Policy
Here are the two types of add-on covers or optional covers that you can buy with your ICICI BGR policy by paying a little extra premium:
-
Valuable Content Cover (On Agreed Value Basis)
As the name suggests, this add-on provides extra protection for high-value items, such as jewellery, antiques, artwork, etc., that may not be adequately covered under the standard policy. It extends the coverage limit for these valuable contents, ensuring compensation in case of theft, damage, or loss.
-
Personal Accident (PA) Cover
The Personal Accident (PA) Cover add-on offers financial security to the insured or their spouse in the event of accidental injury, disability, or death. It provides compensation of ₹ 5 Lakh per person. Therefore, a PA cover add-on ensures comprehensive protection for the individuals residing in the insured property/building.
In-Built Add-ons of ICICI Lombard Bharat Griha Raksha Policy
The following table highlights the in-built coverage or add-ons of ICICI Lombard BGR policy:
| In-Built Covers |
Coverage Limit |
| Fees of architect, surveyor, or consulting engineer |
Up to 5% of the claim amount |
| Cost of removing debris from the insured site |
Up to 2% of the claim amount |
| Loss of rent cover |
Sum insured and the number of months |
| Rent for alternate accommodation cover |
Sum insured and the number of months |
Who Can Buy ICICI Lombard Bharat Griha Raksha Policy?
ICICI Lombard Bharat Griha Raksha (BGR) Policy is available for purchase by Indian residents who own residential properties. Homeowners, landlords, or tenants residing in houses, apartments, or flats can buy this policy to protect their dwellings and belongings against a series of risks and perils. Hence, a ICICI Bharat Griha Raksha policy is a standard home insurance policy, which landlords & tenants both can purchase.
Claim Process of ICICI Lombard Bharat Griha Raksha Policy
Here are the steps to raise claims under ICICI Lombard Bharat Griha Raksha Policy in India:
- Step 1: Notify the insurance provider about the incident as soon as possible, either by phone or by visiting their website, and get the claim number.
- Step 2: Download, complete, and submit the claim form along with any required documents, such as an FIR (First Information Report), police report, or other supporting evidence.
- Step 3: The surveyor will be appointed to assess the extent of loss or damage and design a report accordingly.
- Step 4: The insurance provider adjudicates the case as acceptable or unacceptable according to the policy terms & conditions.
- Step 5: Depending on the nature of the claim and policy T&C, you may receive compensation, repairs, or replacement costs through NEFT.
- Step 6: Connect with ICICI Lombard General Insurance Company Limited for updates and assistance regarding the home insurance claim process.
FAQs About ICICI Lombard Bharat Griha Raksha Policy
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Ans: The building sum insured is calculated by considering carpet area and construction cost
-
Ans: There is no underinsurance applicable to the ICICI Bharat Griha Raksha Policy.
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Ans: Personal Accident (PA) Coverage is limited to the policyholder and their spouse. In case of unforeseen circumstances, the insured or their spouse can raise a claim of ₹ 5 Lakh/person from the insurance company.
-
Ans: In BGR, auto-escalation of 10% will be applicable on the base sum insured every year.
-
Ans: The Bharat Griha Raksha Policy's tax benefits are subject to Section 80C of the Income Tax Act, 1961.
-
Ans: Yes, you can cancel the
Bharat Griha Raksha Policy by contacting the insurance provider's customer service team. Then, provide the policy details and the reason for cancellation. Submit a written request along with any required documents. Once processed, the policy will be cancelled, and any applicable refunds will be issued.
