Chola MS Bharat Griha Raksha Policy: Key Features

*Disclaimer- This table is for illustration purposes only. Kindly go through the policy wordings to understand the exact coverage and its benefits available on the official website of the insurance provider.

Add-on Covers in Chola MS Bharat Griha Raksha Policy

Add-on covers provide extra coverage to the insured home by paying a little extra premium amount. Under Chola MS Bharat Griha Raksha Policy following add-ons are available-

1. Valuable Contents Cover

   With the help of this cover, you can insure your valuables up to the agreed value. However, you and the insurer have to agree upon a Sum Insured (SI). Along with this, a valuation certificate is needed in case the SI is more than Rs. 5 Lakh. However, there is no need of this valuation certificate if the SI is up to Rs. 5 Lakh and the cost of an individual item value does not exceed Rs. 1 Lakh.

2. Personal Accident Cover

   The PA cover in Chola MS Bharat Girha Raksha policy offers coverage in case of the unfortunate death of the insured or their spouse. The policy offers compensation of Rs. 5 Lakhs per person.

Inclusions of Chola MS Bharat Griha Raksha Policy

The Chola MS Bharat Griha Raksha policy ensures that your insured property is covered against several risks. Below is a list of inclusions for which the insured gets compensation for the loss or damage-

• Coverage for the losses caused due to fire, explosion, or implosion
• Loss or damage caused due to subsidence, landslide, and rockslide
• The destruction caused due to different types of fire, including jungle fire, bush fire, and forest fire
• Damage caused due to bursting or overflowing of water tanks, pipes, and apparatus
• Loss/damage caused due to acts of terrorism
• Destruction/damage caused due to missile testing operations, strikes, riots, and malicious damage
• Loss or damage caused due to earthquakes, cyclones, storms, tempests, typhoons, hurricanes, tornadoes, tsunamis, floods, and inundation
• Loss to the insured building or its content due to theft within 7 days from the occurrence of any of the above-mentioned perils
• Coverage for removal of debris up to 2% of claims
• Covers the architect and engineer's fees up to 5% of the claim amount to repair/redesign the damaged property
• In-built coverage for the loss of rent and rent of alternative accommodation if the insured property cannot accommodate due to a physical loss.

Exclusions of Chola MS Bharat Griha Raksha Policy

The Chola MS Bharat Griha Raksha policy does not entertain in case of the following instances-

• Any deliberate act causing physical loss to the insured property
• Loss due to war, the act of foreign enemy hostilities, invasion, civil war, mutiny, or war-like operations
• Loss/damage/destruction due to overrunning, short-circuiting, arcing, excessive pressure, short-circuiting, self-heating, or leakage of an electrical machine, apparatus, fixture, and fitting
• Loss or damage to the missing insured home content whose disappearance cannot be linked to any single identifiable event
• Any loss due to radiation or contamination from nuclear waste and radioactivity
• Any loss or damage due to pollution or contamination from any of the insured event
• Any damage caused to unset precious stones, bullion, manuscripts, securities, drawings, cheques, cash, coins, vehicles, and other explosive substances
• Any fees, costs, and expenses needed for preparing any claim
• No coverage in case there is a reduction in the market value of the insured property once after the reinstatement or repair is done
• Any loss or damage to the insured property or home contents that are removed from the insured place to any other place.

* Disclaimer- Kindly go through the policy wordings to understand the exact policy inclusions and exclusions.

Other Added Benefits

This policy protects more than just a building structure as it covers additional structures, like-

• Garage, parking spaces, or outside area used for residence
• Fences, gates, compound walls, and retaining walls
• Porch or verandah area
• Solar panels, air conditioning systems, central heating systems, and wind turbines
• Biogas plants, fixed water storage units, septic tanks, and water tanks.

You may also read- Go Digit Bharat Griha Raksha Policy

How to Calculate Sum Insured (SI) in Chola MS Bharat Griha Raksha Policy?

Using the below formula, you can easily calculate the SI insured for your building structure and its content-

1. Building Structure

   SI for Building Structure = Carpet Area (in SQMTRS) x Construction Cost (as per unit area at the commencement of policy)

   *Both components are declared by the customer and agreed upon by the insurer.

2. Home Content

   SI for Home Content = In-built coverage if both building structure and contents coverage have opted 20% of Building SI or Rs. 10 Lakhs whichever is less.

   Moreover, you can also opt for a higher Sum Insured by declaring general content to the insurance provider.

Who Can Purchase Chola MS Bharat Griha Raksha Policy?

The Chola MS Bharat Griha Raksha Policy is a standard home insurance policy designed for all residential homeowners and tenants.

However, if you live in a rented place, it is suggested to purchase content cover, as it will keep your belongings protected from several emergencies.

Claim Procedure for Chola MS Bharat Griha Raksha Policy

If you suffer any loss due to any of the above-mentioned events, you must inform your insurer as early as possible. With the help of the below steps, you can raise claims under your Chola MS Bharat Girah Raksha policy-

• Right after the emergency strikes you, give immediate notice to the legal authorities so that they can take action to stop further losses.
• In case of malicious activities such as riots, strikes, or acts of terrorism, inform the police. Moreover, inform the police authorities, in case of theft within seven days following insured perils.
• For any physical loss or damage caused to your insured property or its content due to any insured perils, intimate the insurer.
• Take all the measures in order to prevent further loss. Also, it is advised not to sell or dispose of any damaged items until the insurer gives the orders.
• Download, fill, and submit the signed claim form at the earliest but within 30 days from the date of the incident.
• Depending upon the surveyor's report designed by the insurance company, you will be compensated for the losses.

FAQs about Chola MS Bharat Griha Raksha Policy