New India Assurance has launched a new home insurance product ‘Griha Suvidha’. This new insurance product has been designed to provide coverage for different assets and belongings of the household against natural and man-made perils like fire, burglary, terrorism, theft, etc.

The policy has four different sum insured options and each option has five built in sections with pre-fixed sum insured. For the first option, the company has fixed the premium at Rs 1125. By opting for this option, the policyholder becomes eligible to get a cover of Rs 1 lakh for damages to contents due to fire and allied perils. Similarly Rs 1 lakh is paid if the loss is due to burglary, theft and housebreaking. The policy covers valuables, jewelry and breakdown of home appliances to the extent of Rs 50,000 under this option. In case of other options, premium increases with the increase in the sum insured.

Mr. G Srinivasan, Chairman and Managing Director, New India Assurance, said that the company is planning to sell 2.5 million Griha Suvidha policies in this financial year. He further added, while there is a demand for health and life insurance policies, the demand for home insurance was low as it is considered to be a complex product. The company has introduced Griha Suvidha home insurance policy to address this issue. It has an optional section VI which also covers the resident premise on the full sum insured amount.

Source: This news was published on May 29, 2015 in financialexpress.com under the title: New India Assurance launches new home insurance product