Home is considered to be the biggest asset in any individual’s life and is definitely a much treasured possession and a precious venture, where one is attached to each other and a family is formed. Every moment spend in home/ house with family, friends, relatives are always memorable. Therefore, it’s extremely essential to protect this priced possession or this asset from any unanticipated situation which might occur at any point of time. Here comes Bajaj Allianz General Insurance which have comprehensive Home Insurance Plans which protects the house from all such risks or uncertainties.
Why one should avail Bajaj Allianz Home Insurance Plan ?
There are a number of reasons as to why one should avail Home Insurance Plans from Bajaj Allianz Insurance Company; these can be summarized as follows:
- Home Insurance Plans covers the loss from burglary, fire and natural calamities.
- The plans cover for jewellery, valuable art work and other valuables too.
- This plan provides full guard to the property, contents (including portable equipment)and the interests of the insured individual and their family members.
- All the plans comes with attractive add-ons which help to customize the plan.
- Under specific plans, a benefit of renting an alternate accommodation is also applicable.
- All plans comes with low cost premium under the plans with rebates.
- Under this plan, one can insure flat / apartment/ building or contents only or both as well.
- Various plans are there to choose.
Householder’s Package Plans
It’s a plan which is designed to protect the house and its contents against uncertainties and unforeseen circumstances.
Features and Benefits
- Affordable Premiums.
- Attractive Rebates.
- The plan provides protection for properties, electronic and domestic appliances, and the interests of the insured individuals together with the family members.
What is covered
Fire and Allied Perils : This includes the following:
- Fire
- Explosion/ Implosion
- Lightning
- Aircraft Damage.
- Riots, Strike and Malicious Damage.
- Storm, cyclone, Typhoon, Hurricane, Flood, Tornado, Tempest and Inundation.
- Subsidence and Landslide which includes Rockslides as well.
- Impact Damage.
- Water Tanks, apparatus and pipes bursting or overflowing.
- Bush Fire
- Leakage from Automatic Sprinkler Installations.
- Earthquake.
- Exclusion: 5% of the claim amount for every claim arising out of Act of God perils.
Damage due to terrorist activities.
- Burglary and Theft : This plan covers the following:
- Damage due to thefts and housebreaking.
- Protection on First Loss basis.
- Exclusion: Loss of livestock, motor vehicles, pedal cycles and money stamps unless declared.
Burglary or housebreaking where the main person involved is a member of the insured’s family.
- Jewellery and Precious Items: Here the valuation certificate is needed to cover the jewelry and the precious items.
- Breakdown of Domestic Appliances : This plan covers the following:
- Repair or replacement cost which occurs due to unanticipated mechanical or electrical breakdown of domestic appliances (excluding AC).
- Optional Coverage which includes air conditioners are covered by payment of additional premium for Rs 10 per Rs 1000 of Sum Insured.
- Exclusions are negligence on the part of the insured, loss or damage caused due to wear and tear, loss or damage for which the manufacturer or the supplier is responsible, mobile phones or similar mode of communication
- Electronic Equipment : This plan covers the following:
- Unanticipated Repair or replacement cost which occurs in electrical appliances by any unexpected and sudden physical loss.
- Exclusions are manufacturing defect, loss or damage caused due to wear and tear, gradual deterioration, climatic conditions, rust, corrosion, cost incurred for functional failures which is the result of the negligence of the insured person.
- Baggage : This plan covers the accidental loss or damage caused due to personal baggage which the insured person or his family member carries while travelling anywhere in India.
- Plate Glass: This plan covers the loss of the accidental breakage of the Plate Glass which is fixed at the premises. The full details and the value of the same needs to be furnished.
- Exclusions are breakage at the time of repair, alterations, or repairs, glass not fixed accurately,
- Pedal Cycles: This plan covers all the related risks for the Pedal Cycles including third party liability arising out of pedal cycle is also covered.
- Exclusions are any loss or damage incurred outside India. Damage to accessories by theft if the same is tolen.
- Personal Accident Insurance: This plan takes care of the accidents and unforeseen circumstances resulting in huge financial loss. Details of each person together with the amount insured needs to be mentioned.
- Personal Liability/ Workmen’s Compensation: This plan takes care of the accidents and unforeseen circumstances which occur to the third party.
One can avail Group Discount under the Householder’s package Plan which can be taken if one opt for more sections. For 5-6 sections it is 15% on all sections except Section 1 and 7 or more its 20% on all sections except Section 1.
Exclusions:
No indemnity is allowed in the following situations:
- Loss or damage caused due to depreciation or wear and tear.
- Damage to contents of consumable nature.
- Consequential loss of any kind or description.
- Loss/ damage of cell phones or similar mode of communication.
- Loss/ damage to valuables, jewellery or precious items.
Plans under Bajaj Allianz Home Insurance Plan
There are 3 plans under Bajaj Allianz Home Insurance Plan which are as under:
- Agreed Value Basis Plans– For Flat/ Apartment.
- Reinstatement Value Basis Plans– For Flat/ Apartment/Independent Building.
- Indemnity Basis Plans– For Flat/ Apartment/Independent Building.
For complete protection, the company also provides attractive Add On Covers or plans which are as follows:
- Loss of Rent: One is indemnified for the loss of monthly rent for the time chosen when purchasing the plan.
- Temporary Resettlement Cover: In case of fire, the plan takes well care of the temporary resettlement cost which includes transportation and packing.
- Keys and Lock Replacement Cover: This plan also covers the cost where the residence or vehicle keys are lost or stolen or broken. Also in case of theft the same is reimbursed.
- ATM Withdrawal Recovery Cover: Under this plan, one can get the coverage for the loss of withdrawn money through ATM in India. Actual medical expenses also can be covered which might occur due to some unforeseen injuries.
- Loss Wallet Cover: This plan covers the replacement cost of the stolen wallet including the papers and cards present in the wallet. Coverage of the application fees for applying cards and papers are also reimbursed.
- Dog Insurance Cover: Pet dogs insured against death due to accident / diseases contracted.
- Public Liability Cover: Coverage for civil claims.
- Employees Compensation Cover: In due course of employment, if an employee met with an accident or disease , the same is also covered under this plan.
Now let’s have an overview of each and every plan:
Agreed Value Basis – For Flat/ Apartment
- Under this plan, Platinum Plan I is there, where for Flat/ Apartment its upon the Agreed Value Basis + Contents – New for Old (For Contents Up to 5 years )
- Under this plan, Platinum Plan II is there, where for Flat/ Apartment its upon the Agreed Value Basis + Contents – Indemnity Basis.
- Portable Equipment Coverage: For India it’s Inbuilt and Coverage Extension On Payment of Additional Premium for Worldwide.
- Jewellery and Valuables: For India its Inbuilt and Coverage Extension On Payment of Additional Premium for Worldwide.
- Rent for Alternate Accommodation: its 0.5% of the Flat/ Apartment Sum Insured or the actual rent whichever is less subject to a minimum of Rs 50000/- per month for the period until the Completion of Reconstruction or 24 months whichever is less.
- Options to insure: Under this plan, one can insure flat / apartment or contents only or both as well.
- Policy periods can be 1 year, 2 years and 3 years.
- Add On Cover under the plan is applicable will be as follows:
- Loss of Rent.
- Keys & Locks Replacement Cover.
- Loss Wallet Cover.
- Dog Insurance Cover.
- Public Liability Cover.
- Employee’s Compensation Cover.
- Temporary Resettlement Cover.
- ATM withdrawal robbery cover.
Reinstatement Value Basis– For Flat/ Apartment/Independent Building
- Under this plan, Diamond Plan I is there, where for Flat/ Apartment/Building its upon the reinstatement value Basis + Contents – New for Old (For Contents Up to 5 years )
- Under this plan, Damond Plan II is there, where for Flat/ Apartment/Building its upon the reinstatement value Basis + Contents – Indemnity Basis.
- Portable Equipment Coverage: For India it’s Inbuilt and Coverage Extension On Payment of Additional Premium for Worldwide.
- Jewellery and Valuables: For India its Inbuilt and Coverage Extension On Payment of Additional Premium for Worldwide.
- Rent for Alternate Accommodation: its 0.3% of the Building Sum Insured or the actual rent whichever is less subject to a minimum of Rs 35000/- per month for the period until the Completion of Reconstruction or 24 months whichever is less.
- Options to insure: Under this plan, one can insure flat / apartment/independent building or contents only or both as well.
- Policy periods can be 1 year, 2 years and 3 years.
- Add On Cover applicable will be as follows:
- Loss of Rent.
- Keys & Locks Replacement Cover.
- Loss Wallet Cover.
- Dog Insurance Cover.
- Public Liability Cover.
- Employee’s Compensation Cover.
- Temporary Resettlement Cover.
- ATM withdrawal robbery cover.
Indemnity Basis– For Flat/ Apartment/Independent Building
- Under this plan, Diamond Plan I is there, where for Flat/ Apartment/Building it's upon the reinstatement value Basis + Contents – New for Old (For Contents Up to 5 years )
- Under this plan, Gold Plan II is there, where for Flat/ Apartment/Building it is upon the IndemnityValue Basis + Contents – Indemnity Basis.
- Portable Equipment Coverage: For India it’s Inbuilt and Coverage Extension On Payment of Additional Premium for Worldwide.
- Jewellery and Valuables: For India its Inbuilt and Coverage Extension On Payment of Additional Premium for Worldwide.
- Options to insure: Under this plan, one can ensure flat / apartment/independent building or contents only or both as well.
- Policy periods can be 1 year, 2 years and 3 years.
- Add On Cover applicable will be as follows:
- Loss of Rent.
- Keys & Locks Replacement Cover.
- Loss Wallet Cover.
- Dog Insurance Cover.
- Public Liability Cover.
- Employee’s Compensation Cover.
- Temporary Resettlement Cover.
- ATM withdrawal robbery cover.
Eligibility
- Owners of a flat/ apartment/ independent building less than 30 years of old and not a kutcha construction can apply for these plans including the contents/ jewellery and valuables.
- Tenants and other non-owners of a residential house can also insure the jewellery and the contents and valuables in the flat/ apartment/ independent building.
Bharat Griha Raksha-For Home Building and For Home Contents
As per the regulations of IRDAI, all general insurance providers have to offer a standard home insurance policy to provide protection to the home building and contents. Bajaj Allianz designed a standard home insurance plan to protect home building and home contents. Let us start by telling you about the coverage this plan will provide.
Coverage in Bharat Griha Raksha Plan
Bharat Griha Raksha plan will provide coverage for the following:
- Fire, Including due to its own fermentation or natural heating or spontaneous combustion. Spontaneous combustion is included in the base cover.
- Explosion or Implosion
- Lightning
- Earthquake, volcanic eruption or other convulsions of nature. Earthquake is included in base cover.
- Subsidence of the land on which your premises stand, landslide, rockslide.
- Impact damage of any kind i.e. damage caused by impact of or collision caused by any external physical object. Example, Vehicle, falling trees, aircraft, wall etc. Impact damage cover is extended.
- Missile testing operations
- Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood and Inundation. (No option to delete the cover).
- Act of terrorism (Coverage as per terrorism clause attached) (Now added as a basic cover)
- Bursting or overflowing of water tanks, apparatus and pipes.
- Leakage from automatic sprinkler installations.
- Theft within 7 days from the occurance of and proximately caused by any of the above insured events. (Now added a new cover)
- Riot, strike, Malicious Damages. (No option to delete the cover)
Sum Insured
Sum insured can be used to construct home building at the policy commencement date.
- For residential structure including fitting and fixtures: Carpet area of the structure in square meters X Rate of cost of construction at the commencement date.
- For additional structure: Amount based on the prevailing rate of cost of construction at the commencement date as declared by insured and agreed by insured.
Sum insured for Home contents.
- Cost of Reinstatement/Replacement.
- Content SI to be 20% of the home building SI subject to a maximum of Rs. 10 lakh if the home building is covered.
- Option to choose higher SI for content on declaring the same with details by paying additional premium.
- If only home contents cover is opted, insured have to declare SI for the general contents.
Conditions Related to Sum Insured
There are some conditions related to Sum Insured. They are as follows:
- Insurance on market value basis either for building or contents is not permitted.
- Each insurer shall necessarily capture the carpet area of home building and define the cost of construction per unit carpet area at policy commencement date to arrive at SI of the building.
- SI can be higher than the defied cost of construction at the policy commencement multiplied by carpet area but not lower.
Add-on Covers
Add-on covers are available for the valuable contents on Agreed value basis (Home contents cover)
- Jewellery, Silver paintings, works of art etc.
- On agreed value basis
- Valuation certificate if SI opted is up to Rs. 5 Lkah and individual item value does not exceed Rs. 1 Lakh.
Bharat Griha Raksha Personal Accident Cover
If the insured peril causes damage to Home Building and/or contents, also resulting in
- Insured’s or his/her spouse death
- Compensation of Rs. 5 lakh per person
Home Insurance Claim Process
There are two ways of Home Insurance Claim process which are as follows:
- Household goods in transit: Cases where the damage is suspected in transit, open delivery should be insisted upon the carrier and their certificate should be obtained. Cases where the loss / damage in transit has taken place, a monetary claim should be lodged with the carrier within the prescribed time to protect recovery rights, without which the claim might not be processed.
- Health Guard Insurance Claim- Non Cashless Claims: Within 24 hours, notice of claim should be intimated. The insured person has to submit the discharge summary of the hospital/ nursing home with the original hospital/ medical bills, reports of the laboratory and the investigations reports. Fitness Certificate from Doctor is also necessary. Leave Certificate from the employer needs to be produced wherever its essential.
Customer Support
One can contact the company through the following ways:
- For service related , one can call from any land line and mobile to the toll free number of company.
- One can write at customercare@bajajallianz[dot]co[dot]in
- One can also fill up a simple online form post which a call back will be given to the person and the process will be taken forward.
