New India Assurance Home Insurance
Own a home is one of the major milestones of life. It takes your hard earned money and ample of time to build a home of your dream. Home is the biggest asset of anybody’s life. Investment in your house is an investment for life time. Therefore to safeguard your home is of utmost importance. It is essential to save your house from some unavoidable man made or natural calamities. It is very costly affair to repair your house after the casualty; even you can become homeless in certain circumstances, for instance earthquake or fire.
New India Assurance is number one company in selling non life Insurance. They provide wide variety of products like- mediclaim Insurance, travel Insurance, accidental Insurance etc. The company deals in personal Insurance, Commercial insurance, Industrial insurance, social Insurance and liability insurance.
New India Assurance Company offers householders policy to satisfy the insurance requirement of the house owner. They proffer wide-ranging features in a single policy to meet up all the insurance related requirement of the owner so that they can safe guard their house by every probable means.
Why one should avail New India Assurance Home Insurance Plan
New India Assurance Company is 100% owned government organization. It’s a multinational general insurance company with its operations in around 26 countries having it’s headquarter at Mumbai in India. It’s the only direct insurer in India with A rating by AM Best. It is also awarded with AAA/STABLE rating by CRISIL.
House Holders Policy:
Householders policy offers by New India Assurance Company is “All in One” type of plan which provides various options in one policy so that you not need to purchase different plans for different needs. This policy satisfies all the insurance need of the householder under one single plan.
What is insured?
New India Assurance provides discount in premium if you opt for multiple cover options by selecting their various section of the policy. This plan consists of 10 different sections under which a range of properties are covered. Below mentioned are the properties which are covered under this plan:
- Household Appliances
- Television/VCR/DVD Player
- Jewellery and other valuable stuff
- Other household article
- Pedal Cycle
Benefits and Features:
- Premium is reasonably priced and pocket friendly.
- Rebates/discounts on premium is available
- This plan provides protection to your home and its content like electronic appliances or other valuable items.
- This plan also has an option to provide personal accident cover.
- This plan also has an option to provide public liability cover.
- This plan also provide baggage insurance (optional)
- Covers breakdown of Domestic appliances.
What is covered?
Section 1- Fire & Allied Perils: It further divides into two segments:
a) Building Coverage
b) Coverage for content of personal belongings of the proposer and his or her family members who are residing with him or her permanently.
Fire, Lightening, Explosion of gas in domestic appliance
Bursting and overflowing of water tanks, apparatus or pipes
Damage caused by Aircraft
Riot, Strike, malicious or terrorist act
Earthquake (Fire and/or Shock)
Subsidence and land slide damage including rock slide
Flood, Inundation and storm
Hurricane, Typhoon, Tempest, Tomado or cyclone
Section 2- Burglary and House breaking Including larceny and theft:
This section covers the content of personal belongings of the proposer and his family against burglary, housebreaking, larceny and theft.
Section 3- All Risks (Jewellery and Valuables)
This section covers the risk of any damage to your jewellery and other valuables items by accident or hard luck while worn, kept or carried anywhere in India. Cover amount is subject to the value of jewellery or valuables as declared in the schedule of policy.
Section 4 – Plate Glass
This section provides cover to fixed plate glass in the house/premises of the proposer against any accidental breakage. Limit of the cover is subject to sum insured.
Section 5 – Breakdown of Domestic Appliances
This section covers all the mechanical or electrical breakdown of the domestic appliance against any unintentional or unanticipated damage.
Section 6 – Television set including VCP or VCR (All Risks)
This section provides cover damage or loss to T. V set which also includes VCP / VCR against all sort of risk. All Risks includes- fire and allied perils, house breaking or theft, burglary, breakage because of accidental outer mean and any sort of electrical or mechanical breakdown.
This section also provides cover against any legal liability which arise out of physical injury or accidental death of any third person other than family members who are already insured caused by use of television set is also cover up to the limit of Rs 25000/-
Section 7- Pedal Cycles (All Risks)
This section provides covers the loss or damage to pedal cycles against- i) Fire and allied perils, ii) Housebreaking, burglary or theft, iii) Accidents by external means, iv) Third Party bodily/ personal injury or third party property damage up to Rs 10000/-.
Section 8 – Baggage Insurance
This section provides cover to the baggage of the insured person against accidental loss or damage while travelling anywhere in India. This is exactly like a travel insurance plan. This feature is the additional benefit of this plan which provides complete package of insurance to the insured. It is an optional feature of this policy.
Section 9 – Personal Accident
This section covers the physical damage or death of the insured by any accident, violence or any other external and evident means which is mentioned in the schedule. The cover is limited to the Sum Assured already mentioned in the schedule.
Section 10 – Public Liability
This section covers the legal liability of insured person for any physical injury or loss or damage to the property of third party. The cover is limited to the sum assured as mentioned in the schedule.
This section also covers the Workmen’s Compensation liability of the insured to domestic servant working in the premises of the Insured person.
For the issuance of policy it is mandatory to opt of at least 3 of the above mentioned sections. Out of which Section 1 b is compulsory to opt for the commencement of the risk under this policy.
Exclusion under New India Assurance Householder’s Policy:
The company has some segregation under this policy for which the company is not liable:
- Damage, deconstruction or loss caused by war, act of foreign enemy, hostilities, invasion or war like operations.
- Damage, deconstruction or loss to property caused by any act of terrorism.
- Damage, deconstruction or loss to property is insured by – i) ionising radiation, or contamination by radioactivity from nuclear fuel or wastage from the combustion of nuclear fuel. ii) The radioactive toxins or any other hazardous properties of explosive nuclear assembly or component thereof.
- If damage caused to the property is insured by its own fermentation, impulsive combustion or natural heating.
- Loss or damage causes by mean of downgrading of the article or wear and tear or depreciation.
- Permanent or temporary dispossession of property resulting from exclusion, commandeering, requisition or deconstruction by order of any lawful or government authority.
- Permanent or temporary dispossession of property resulting from unlawful activity by the person.
- Any indirect losses or damage like loss of earnings, loss by delay, loss of market.
Sum Assured Selection Procedure:
- If you want to insure your domestic contents you have to cluster the articles under different and broad category like-clothing, utensils, furniture, crockery, linens, etc. The value given to these articles should be equivalent to their market value. It means the value dedicated to these articles will be the same on which these articles can be bought or sold in the market.
- Articles falls under the category of Section 1 (a & b), 2, 3, 4, 6, 7, and 8 should also be insured on the market value basis with the same method as described above for domestic contents.
- For Section number 5- Breakdown of Domestic appliances, the sum insured amount will be equal to the current replacement value of the same. Let’s take an example:- If you wants to insure your 8 litres LG Washing Machine which is 2 years old. Then the insurance amount for the 8 litres LG washing machine will be equivalent to the cost of new 8 litres LG washing Machine.
- The claim amount to be paid needs to be equivalent to the amount which is required to bring down the damaged item to the similar state which it was prior to the damage, subject to the limit of sum insured.
- Under Section 9- Personal accident the Sum assured should not be greater than the 72 months salary from the productive employment.
New India Assurance Householder’s Policy Claim Procedure:
In case of an event which direct to a valid claim under New India Assurance householders policy there are some guidelines which needs to be followed. Following points should be taken care of while making the claim process:-
- One should take necessary course of action to lessen the damage or loss.
- One should inform the fire brigade as soon as possible in case of fire.
- One should inform to the nearest police station immediately with the list of stolen items and their approximate value if any theft, larceny, or burglary take place.
- One should inform the insurance company immediately by phone, fax or in writing.
- One has to submit the complete claim form duly filled and signed by insurer which is issued by the insurance company.
- One has to provide the complete support to the surveyor who is appointed by the insurance company to survey the site of incident also you have to provide proper and complete documents to authenticate the loss.
New India Assurance Company provides free look in period of 7 days to the customer. If in any case customers are not satisfied with the terms and condition of the company they can return and cancel their policy within seven days of receiving the policy documents.
Griha Suvidha Policy:
Griha Suvidha policy is the abbreviated form of householder’s policy. Its main aim is to target the content of average householders on ‘first loss basis’.
The main point of interest in this policy is its simplicity. It effortlessly provides the details and description of the contest to the customers, which is easy to understand. Also the process of claim settlement is trouble-free and hassle free.
This policy has four specific options which again have five sections each. This policy also has an additional section six, under which the residential premises is cover on Complete Sum Insured Basis.
Anybody who is residing in India, including foreign nationals can avail this policy provided that the content which is going to be insured is situated within the territory of India. Also the claim settlement will be done in Indian currency only.
This policy provides insurance to domestic contents against- Fire and other allied perils like-flood, riot, strike, housebreaking, earthquake, terrorism, burglary, theft and accidental damage to contents including jewellery and other valuable items. It also provides cover against breakdown of domestic appliances including TV and desktop.
Section i- Provides coverage for contents (excluding jewellery) against Fire and Allied perils which also includes earthquake and terrorism.
Section ii - Provides coverage for contents (excluding jewellery) against Burglary and house breaking and theft which also include larceny.
Section iii – Provides coverage to Jewellery and other valuable items
Section iv – Provides coverage to breakdown of domestic appliances
Section v- Provides coverage to Television and Desktop
Sum Insured on First Loss Basis:
|Sections||Cover Description||Sum Insured
|I||Fire & Allied perils-content||1 lakh||2.5 lakh||5 lakh||10 lakh|
|1 lakh||2.5 lakh||5 lakh||10 lakh|
|III||Jewellery and other valuables||.50 lakh||1 lakh||2 lakh||4 lakh|
|IV||Breakdown of domestic appliances||.50 lakh||.75 lakh||1 lakh||2 lakh|
|V||TV and desktop||.25lakh||.40 lakh||.60 lakh||.75 lakh|
|VI||Fire & Allied perils -premises||Full SA as per property value||Full SA as per property value||Full SA as per property value||Full SA as per property value|
New India Assurance Home Insurance - FAQs
1. How to pay a premium? What are the modes of payment available?
The New India assurance Company offers 2 modes of premium payment namely:
- Cash payment at the branch
- Online Payment
For the online payment mode, the policyholder can pay via;
- Credit Card,
- Debit Card
- Net banking
2. How can I check policy status for New India Assurance home insurance?
You can go to the website and log in with your customer ID and password to know the policy status.
3. What is the policy renewal process for New India Assurance home insurance?
For online payment
Step1: Enter your Client ID and Date of Birth to login into e-portal
Step2: Enter policy nuber and expiry to proceed
Step3: Select the payment option –Net Banking or Debit/Credit Card to pay
Step4: Upon successful payment completion print/save the premium receipt
Alteranatively, you can pay via cash/cheque at any of the nearest branch.
4. What is the company’s process to settle claim for New India Assurance home insurance?
To settle the claim you can intimate the company by filling a form online. Upon successful process, the claim is settled within a few days.
5. What is the policy cancellation process for New India Assurance home insurance?
You can visit the nearest branch with you policy documents and duly filled surrender form that you can get at the branch. The refund will be directly credited in ypur bank account and policy will stand cancelled.
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