Overview of ICICI Lombard Bharat Griha Raksha Policy
The ICICI Bharat Griha Raksha (BGR) policy is a standard home insurance policy that offers financial protection against physical loss, damage, or destruction of your home building and household contents caused by insured events. The policy also includes additional benefits such as rent for alternative accommodation, debris removal expenses, architect fees, and optional covers for valuables and personal accident. This policy can be purchased by homeowners, tenants, authorised occupants, and individuals responsible for insuring the property or contents.
Key Highlights of the Plan
- Coverage for home building and household contents
- Protection against fire, floods, earthquakes, storms, cyclones, and lightning
- Automatic in-built contents cover available up to specified limits
- Optional cover available for jewellery and valuable items
- Personal accident cover is available for the insured and the spouse
- Coverage against terrorism-related incidents included
- Loss of rent and alternate accommodation support available
- Long-term policy tenure available up to 10 years
- No underinsurance benefit available under policy terms
- Suitable for homeowners, tenants, and authorised occupants
Quick Overview of the ICICI Bharat Griha Raksha Policy
| Features |
Details |
| Policy Type |
Bharat Griha Raksha Home Insurance |
| Suitable For |
Homeowners, tenants, and authorised occupants |
| Covers |
Home building and household contents |
| Natural Disaster Cover |
Yes |
| Fire & Explosion Cover |
Yes |
| Valuable Contents Cover |
Optional |
| Personal Accident Cover |
Available |
| Alternative Accommodation Cover |
Available |
| Terrorism Cover |
Included as per policy terms |
| Long-Term Policy |
Available |
| Maximum Policy Tenure |
Up to 10 years |
| No Underinsurance Benefit |
Yes |
What Does ICICI Bharat Griha Raksha Policy Cover?
The ICICI Bharat Griha Raksha Policy provides financial protection for your home structure, household contents, and selected valuables against various insured events during the policy period. The policy is designed to help homeowners and tenants to manage repair, reconstruction, and replacement expenses arising from unexpected incidents.
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Home Building Cover
The home building cover protects the physical structure of your residential property against insured risks.
What is Covered?
The policy covers physical loss, damage, or destruction caused by insured events such as:
- Fire
- Explosion or implosion
- Lightning
- Earthquake and volcanic eruption
- Storm, cyclone, typhoon, tempest, hurricane, and tornado
- Tsunami
- Flood and inundation
- Landslide and rockslide
- Bush fire, forest fire, and jungle fire
- Riot, strike, and malicious damage
- Impact damage
- Missile testing operations
- Bursting or overflowing water tanks and pipes
- Leakage from automatic sprinkler installations
- Theft within 7 days after an insured event
- Terrorism-related incidents
What Parts of the Building are Covered?
The policy generally covers the following structures:
- Residential structure
- Flats and apartments
- Basement areas
- Roof and walls
- Flooring
- Electrical wiring
- Fixed sanitary fittings
- Fixtures permanently attached to the building
- Garages and domestic out-houses
- Compound walls and fences
- Gates and retaining walls
- Internal roads and parking areas
- Water storage units and tanks
- Solar panels and air conditioning systems
Additional Benefits Under Building Cover
The policy may also reimburse expenses related to:
- Repair and reconstruction costs
- Architect fees
- Consulting engineer fees
- Surveyor expenses
- Debris removal costs
- Loss of rent
- Rent for alternative accommodation
Architect, surveyor, and consulting engineer fees are generally covered up to 5% of the claim amount, while debris removal expenses are covered up to 2% of the claim amount as per policy terms.
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Home Contents Cover
The home content cover protects household belongings kept inside the insured home against covered risks.
What is Covered Under Home Contents Insurance?
The policy may cover the following items under home content cover:
- Furniture and fittings
- Beds and sofas
- Dining tables
- Television sets
- Refrigerators
- Air conditioners
- Kitchen appliances
- Electronic devices
- Telephones
- Water storage equipment
- Clothing and apparel
- Furnishings and décor items
- General household articles
In-Built Contents Protection
If you opt for both Home Building Cover and Home Contents Cover, the policy automatically provides contents cover equal to 20% of the Home Building Sum Insured, up to a maximum of ₹10 lakh. Additionally, you can increase the contents sum insured by paying an additional premium.
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Optional Cover
Valuable Contents Cover
The policy also offers optional protection for valuable household items on an agreed value basis. However, for certain high-value items, a valuation certificate may be required as per policy conditions.
Valuable Items That May Be Covered
- Jewellery
- Silverware
- Paintings
- Works of art
- Antique items
- Valuable carpets
- Curios and collectables
Personal Accident Cover
The policy provides an optional Personal Accident Cover for the insured person and spouse. If an insured event damages the home and also results in accidental death, compensation of up to ₹5 lakh per person may be payable according to policy terms and conditions.
Loss of Rent & Alternative Accommodation Cover
If the insured home becomes unfit for living due to an insured event, the policy can help cover accommodation-related expenses. Under this add-on, the coverage is available for the reasonable period required to restore the home, subject to policy conditions and limits.
Expenses That May Be Covered
- Rent for alternative accommodation
- Additional rent expenses
- Loss of rent, where applicable
-
Other Benefits
No Underinsurance Benefit
One of the important features of the ICICI Bharat Griha Raksha Policy is that underinsurance does not apply in the standard manner under eligible situations.
If the Sum Insured (SI) is calculated based on information provided by the insured and accepted by the insurer, the claim settlement may not be reduced due to underinsurance, subject to the policy terms.
Long-Term Policy Benefit
The policy can be purchased for a tenure ranging from 1 year to 10 years. For long-term policies, the home building Sum Insured (SI) automatically increases by 10% every year without additional premium, subject to policy conditions and specified limits.
Restoration of Sum Insured Benefit
After settlement of an admissible claim, the policy allows restoration of the Sum Insured upon payment of a proportionate premium for the remaining policy period. This helps maintain continued protection during the policy tenure.
What is Covered vs What is Not Covered?
| Covered |
Not Covered |
| Fire damage |
Wear and tear |
| Flood and inundation |
Intentional or wilful damage |
| Earthquake and tsunami |
War and nuclear risks |
| Storm and cyclone damage |
Pollution and contamination losses |
| Riot and malicious damage |
Consequential or indirect losses |
| Water tank and pipe overflow |
Existing structural defects |
| Theft after insured peril |
Unexplained disappearance |
| Terrorism-related incidents |
Market value reduction after repair |
| Impact damage |
Loss of money and securities |
*Disclaimer: Policy terms, conditions, exclusions, waiting periods, and limits may apply.
How to Buy ICICI Bharat Griha Raksha Policy Online?
You can purchase the ICICI Bharat Griha Raksha Policy online through Policybazaar in a few simple steps, which are mentioned below:
- Step 1: Enter Your Basic Information Provide basic details such as: Full Name, Mobile Number, Email ID. Then proceed to explore available plans.
- Step 2: Share Property Details Fill in information related to the insured property, including: Type of property, Carpet area, Construction details, Property location, Estimated construction cost, Value of household contents. These details help determine the suitable sum insured and premium of home insurance.
- Step 3: Choose Required Coverage Select the additional protection you want under the policy, such as: Valuable Contents Cover, Personal Accident Cover. You can also choose the policy tenure according to your requirements.
- Step 4: Review Coverage & Premium Carefully review the selected benefits, sum insured, premium, add-ons, policy inclusions and exclusions. If required, you can make changes before proceeding further.
- Step 5: Complete Secure Payment Pay the premium online using your UPI, net banking, debit/credit card or wallets.
- Step 6: Get Your Policy Document After successful payment, the policy document is issued digitally and emailed.
How to File an ICICI Bharat Griha Raksha Claim Online?
If your insured home or household contents suffer damage due to a covered event, you can initiate a claim by following the process below:
- Step 1: Inform the Insurance Company Notify the insurer immediately upon the occurrence of the insured incident. Early intimation helps initiate inspection and claim assessment quickly.
- Step 2: Submit Claim Documents You may be required to submit documents such as: Claim form, Photographs or videos of damage, Repair estimates, Bills and invoices, Property ownership proof, FIR copy (for theft or malicious damage cases), Reports from local authorities, where applicable.
- Step 3: Property Inspection & Survey The insurer may appoint a surveyor to inspect the damaged property and evaluate the extent of loss.
- Step 4: Claim Evaluation The insurer reviews the policy coverage, cause of loss, submitted documents, and survey findings. Based on all the factors, the admissible claim amount is calculated to accordance with the policy terms & conditions.
- Step 6: Claim Settlement Once the claim is approved, the insurer settles the eligible amount in accordance with the applicable sum insured limits and policy conditions.
Documents Required for ICICI Bharat Griha Raksha Policy Claims
The list of exact documents may vary depending on the nature of the claim. However, the commonly required documents are as follows:
- Identity proof
- Address proof
- Policy document copy
- Claim form
- Property ownership proof
- Photographs or videos of damage
- Repair or reconstruction estimates
- Purchase invoices for damaged contents
- FIR copy for theft-related claims
- Fire brigade or local authority reports, if applicable
Note: Additional documents may be requested during claim verification.
Why Choose ICICI Bharat Griha Raksha Policy?
- Comprehensive Protection for Home & Contents: The BGR policy by ICICI Lombard helps protect both the residential structure and household belongings against multiple insured risks.
- Coverage Against Natural & Man-Made Risks: It offers financial protection against a range of events, including fire, flood, earthquake, cyclone, storm, riot, and terrorism.
- Automatic In-Built Contents Cover: If you opt for both building and contents coverage, the policy automatically provides contents coverage up to specified limits.
- No Underinsurance Benefit: Eligible claims are not reduced in the usual manner due to underinsurance if policy conditions are fulfilled.
- Flexible Long-Term Coverage: The policy can be purchased for up to 10 years, helping policyholders maintain long-term financial protection.
- Optional Protection for Valuables: The policy allows additional protection for valuables such as jewellery, paintings, antiques, and works of art.
- Support for Temporary Accommodation: If the home becomes unfit for living after an insured event, the policy may help cover the cost of alternative accommodation.
- Suitable for Different Residential Properties: The policy is designed for flats and apartments, independent houses, villas, duplex homes, and rented residential properties.
Conclusion
Unexpected incidents such as fires, floods, storms, earthquakes, or theft can cause significant financial stress for homeowners and tenants. Henceforth, the ICICI Bharat Griha Raksha Policy helps provide financial support for repairing, rebuilding, or replacing damaged property and household belongings after covered events. With protection for home structures, household contents, valuables, and additional living expenses, the policy helps you stay financially prepared against unforeseen situations.
Disclaimer: The information provided above is for general informational purposes only. Coverage, inclusions, exclusions, limits, and optional benefits may vary according to the policy schedule, underwriting guidelines, and insurer terms. Please refer to the official policy wording and prospectus of the ICICI Bharat Griha Raksha Policy for complete details before purchasing the policy. Read More
FAQs - ICICI Bharat Griha Raksha Policy
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Ans: Homeowners, tenants, authorised occupants, and individuals responsible for insuring residential property or household contents can purchase this policy.
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Ans: No. The policy can cover both the home building and household contents, depending on the selected coverage options.
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Ans: Yes. The policy may cover garages, compound walls, gates, retaining walls, and certain additional residential structures as per policy terms.
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Ans: Yes. Valuable items such as jewellery, silverware, paintings, antiques, and works of art can be insured under the optional Valuable Contents Cover.
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Ans: Yes. Damage caused by earthquakes, volcanic eruptions, landslides, and related natural calamities is covered under insured events.
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Ans: The policy may provide rent for alternative accommodation and related support if the insured home becomes temporarily uninhabitable due to a covered event.
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Ans: Yes. For eligible long-term policies, the Home Building Sum Insured may automatically increase by 10% every year without additional premium, subject to policy conditions.
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Ans: The policy covers theft only when it occurs within 7 days of an insured event and is directly connected to that event.
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Ans: Yes. Household electronics such as televisions, refrigerators, air conditioners, telephones, and other domestic appliances may be covered under the Home Contents Cover.
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Ans: The premium depends on factors such as property location, construction cost, property type, sum insured, selected covers, policy tenure, and the value of household contents.
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Ans: Yes. Tenants can purchase Home Contents Cover and may also buy building-related cover if they are contractually responsible for insurance.
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Ans: Yes. Acts of terrorism are covered under the policy as per applicable terms, conditions, exclusions, and limits.
*Disclaimer: The information provided above is for general informational purposes only. Coverage, inclusions, exclusions, conditions, limits, and optional benefits may vary according to the policy schedule, underwriting guidelines, and insurer terms. Please refer to the official policy wording and prospectus of the ICICI Bharat Griha Raksha Policy for complete details before purchasing the policy.
