Cholamandalam Home Insurance Plans
Having their own house is an integral part of every person. No matter how big or small, Flat or Bungalow, every person dreams about it. After all, having your own house is a symbol of both financial affluence and emotional safety. However, one can’t deny the fact that the house is prone to many potential threats like burglary, theft, fire, and natural disasters like earthquakes, tornados, and storms.
Thus, it needs care, safety, and protection from any of unforeseen damages and disasters
The Chola MS home insurance plans are an ideal way to protect and safeguard the hard-earned serene dwelling from such unexpected dangers. The home insurance plans offered by Chola MS not only protect the house externally but also cover the assets and valuable owned along with the structure.
You might be interested in
Cholamandalam MS Home Insurance Package Plan
- A comprehensive home insurance plan that protects your valuable property not just on the whole but also the structure, the home contents, and the family members against unforeseen unfortunate and unforeseen events.
- An option to protect and safeguard your complete assets along with the home.
- Protection from burglary & housebreaking to domestic and electrical appliances, and even the structure & contents of the house.
- Plan covers for self-owned houses as well as contents of rented houses.
- Low premiums & Flexibility to choose the cover as per requirement.
- Simple documentation and hassle-free onboarding process.
- Dedicated customer support for all your questions and issues.
- Quick and simple claim process.
Chola MS Home Insurance Coverage
- Damage to the home due to factors such as fire, earthquake, lightning, landslide, flood, cyclone, and storm, overflow/bursting of water tanks, strikes, riots, malicious acts, acts of terrorism, and damage due to aircraft or any articles dropped from an aircraft.
- Damage and loss due to house break-ins or burglary
- Damage or loss of Jewellery and valuables belongings, due to accident or misfortune within India
- Accidental breakage of Plate glass.
- Mechanical or electrical breakdown of Domestic appliances.
- Total loss due to mechanical or electrical breakdown or due to an accident of Domestic electronic equipment.
- Loss or damage to baggage during travel within India
- Personal accident cover in the event of loss of life and repatriation of mortal remains for up to four persons.
- Cost to conduct death ceremonies.
Chola MS Home Insurance Plan Exclusions
- Loss, destruction, or damage caused by war, invasion, the act of a foreign enemy, hostilities or warlike operations, civil war, mutiny, etc.
- Loss or damage due to depreciation or wear and tear.
- Loss of earnings, loss by delay, loss of market, or consequential or indirect loss or damage of any kind or depreciation including those caused by spoilage.
- Loss, damage, or destruction of the insured property due to pollution or contamination.
- Damage or loss to motor house/property, cycles, or livestock.
- Damage or loss to consumable items.
- Damage for which the supplier or the manufacturer of the property is responsible, under the Maintenance Agreement.
- Defects, flaws, partial fractures, or cracks that develop over time but do not necessitate immediate stoppage, although repair or replacement of the parts might be needed in the future.
- Deterioration, wearing away or wearing out of any item due to normal use or exposure.
- Damage due to wilful gross negligence or a willful act of the plan holder or his employee(s).
- Damage is caused by faults that pre-existed the commencement of the current insurance plan and are not known to the plan holder, regardless of whether such defects or faults were known to the company or not.
Property & Related risks
The policy does not cover:
- Loss or damage to property not belonging to the insured whether held in trust, commission or otherwise.
- Loss or damage caused by depreciation or wear and tear.
- Loss, destruction, or damage caused to the insured property by pollution or contamination excluding
- Pollution or contamination which itself results from a peril hereby insured against.
- Any peril hereby insured against which itself result from pollution or contamination
- Loss by theft during or after the occurrence of any insured peril except as provided under Riot, Strike, Malicious, and Terrorism Damage cover.
- Loss or damage to property insured if removed to any building or place other than in which it is herein stated to be insured, except machinery and equipment temporarily removed for repairs, cleaning, renovation or other similar purposes for a period nor exceeding 60days.
Property & Content (Special Exclusions)
The Company shall not be liable in respect of
- Loss or damage to livestock, motor vehicles, and pedal cycles.
- Loss of or damage to articles of consumable nature
- Loss or damage to money, securities for Money and Valuables.
- Destruction or damage caused to the insured property by
- Its own fermentation, natural heating or spontaneous combustion.
- Its undergoing any heating or spontaneous combustion.
- Burning of property insured by order of any Public Authority.
- Loss from Aircraft, other aerial and articles dropped therefrom caused by pressure waves.
- Loss resulting from the unlawful occupation by any person of the insured building or prevention of access to the same.
- Loss caused by Forest Fire.
Special Exclusions
The company will not be liable in respect of:
- Loss or damage due to cracking, scratching, breakage of lens or glass whether part of any equipment or otherwise or tochina marble, gramophone records and other articles of a brittle or fragile nature, unless such loss or damage arises from accident to railway train or steamer or aircraft by which such property is conveyed.
- Loss or damage caused by moth, mildew, vermin or any process of cleaning, dyeing repairing or restoring to which the property is subjected.
- Loss or damage to any electrical or electronic machine, apparatus, fixtures or fittings (including electrical fans, electric household or domestic appliances, wireless sets, radio, tape recorders, television sets and the like) or to any portion of electrical installation arising from or occasioned by over-running, excessive pressure, short-circuiting, arcing, self-heating or leakage of electricity from whatever cause (lightning included)
- Loss or damage caused by mechanical derangement or overwinding of watches and clocks.
- Theft from a car except for a car of fully enclosed saloon type having all the doors, windows and other openings securely locked and properly fastened.
- Loss or damage whilst being conveyed by any carrier or courier under a contract of affreightment.
Total permanent relocation
- The cover under this section excludes any action taken by any government or corporation or municipal or local authority or authorities of the like, to set right any illegal action or unauthorized construction or fraudulent occupation of the building or the land on which the building is located.
- This cover shall not apply to property that is already the subject matter of acquisition proceedings.
Home utility appliances
The company will not be liable for:
- Fire and Special perils covered under section 1b)5% of each claim subject to a minimum of Rs. 2500/-.
- The excess stated in the Schedule to be borne by the Insured in any one occurrence, if more than one item is lost or damaged in one occurrence, the Insured shall not, however, be called upon to bear more than the highest single excess applicable to such items.
- Loss or damage for which the manufacturer or supplier of the Home Appliance is responsible either by law or under contract.
- Cost of transport to the repair shop and back to the policyholder’s property of any insured item arising out of any damage to such items.
- Loss or damage as a direct consequence of the continual influence of operation (e.g. wear and tear, cavitations, erosion, corrosion, incrustation) or of gradual deterioration due to atmospheric conditions.
- Any costs incurred in connection with the elimination of functional failures unless such failures were caused by an indemnifiable loss of or damage to the insured items.
- Any costs incurred in connection with the maintenance of the insured items, such exclusion also applying to parts exchanged in the course of such maintenance operations.
- Loss of or damage to rented or hired equipment for which the owner is responsible either by law or under a lease and/or maintenance agreement.
- Consequential loss or liability of any kind or description.
- Loss of or damage to bulbs, valves, tubes, ribbons, fuses, seals, belts, wires, chains, rubber tyres, exchangeable tools, engraved cylinders, objects made of glass, porcelain or ceramics sieves or fabrics, or any operating media).
- Aesthetic defects, such as scratches on painted, polished or enameled surfaces.
- The cost of any alterations, improvements or overhauls.
Chola MS Long Term Dwellings
- Long Term Dwellings for Buildings is a unique insurance cover plan covering apartments or flats that are used for residential purposes.
- This plan is owned by the policyholder who is located in an independent building or multi-story building which does not come under Kutcha Construction. The building must include the superstructure that includes windows, doors, plumbing, and electrical work.
- This plan does not include the contents that are inside the building.
- The normal tenure of this policy is one year and hence it is renewable every year. However, a policy for the long term can be issued for a tenure of not less than three years for insuring the premises used as a residence.
- The maximum tenure for this policy is 25 years at one time or until the policyholder reaches the age of 50 years, whichever is earlier.
- The policyholder has to submit the full premium amount at the starting of the policy and a discount in the premium is offered for such insurance for the long-term.
- The sum insured from Rs. 15 lakhs to Rs. 1 Crore for the building is offered. A policy seeker can select from various available options.
Chola MS Home Insurance Plan Benefit
This Home Insurance policy for long term dwellings protects against the below-mentioned situations for buildings:
- Fire, lightning, implosions, explosions, strike, riots, or malicious acts
- Earthquakes, landslide, and subsidence including the rockslide
- Flood, inundation, storm, typhoon, tempest, tornado, hurricane, or cyclone
- Missile testing operations
- Acts of terrorism (optional)
