New India Assurance Householders Policy
This policy provides shield to the building/structure and contents/valuables of your house. It reimburses the cost of construction/repair in case of any damage to the building because of an uncertain event like earthquake, flood, explosion etc. and it also covers damage to your valuables in case of theft, burglary and electrical breakdown etc.
It provides coverage for building/structure
It also provides coverage for contents/valuables like A.C, T.V, Refrigerator, Furniture and Jewelry.
This policy is divided into 10 section based on the perils covered and coverage provided
1. Section I-
a. Coveragefor building
- b. Contents.
Perils covered:-Fire, Lightening, storm, tempest, flood, inundation, impact damage, riot, strike, and malicious act etc.
2.Section II - Burglary & House Breaking: Covers contents of the house in case of theft.
3. Section-III- Jewelry and valuables-covers loss or damage because of misfortune or theft while carrying or kept at home.
4. Section-IV-Plate glass- It covers loss or damage to the plate glass in the insured’s premises.
5.Section-V-Breakdown of electrical appliances: It covers damage to appliances because of electrical breakdown or any other uncertain event.
6.Section-VI-T.V set including V.C.R or V.P.R
7.Section-VII- It also covers damage to pedal cycles because of any uncertain event.
8. Section-VIII- It covers damage to luggage or baggage while the insured is travelling.
9.Section-IX-It also provides coverage for bodily injury/death in case of an accident.
10.Section-X-Public liability- any loss or damage to public property because of insured peril is also covered. But it shouldn’t be intentional.
Details about Premium
- Items under section-I, II, III, IV, V, VI, VII, VIII are insured on the basis of market value. Suppose the market value of T.V is Rs.30, 000, then it will be insured for Rs 30000.Premium will be charged on the basis of sum insured that is again dependent on the market value.
- Sum insured for personal accident will not exceed 72 months’ salary and again premium will depend on the sum insured. For example: salary per month is Rs.10, 000 .So sum insured will not exceed Rs.7, 20,000.
- Every insurance company has base rates to calculate premium that are defined as per IRDA guidelines.
Policy period: - Proposer can choose policy period as per his needs.
- The proposer should fill an application/proposal form given by the insurance company to buy this policy.
- Filling proposal form doesn’t confirm that policy has been issued.In case of extreme conditions and mis-representation by the proposer, insurance company can deny to issue the policy.
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