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*For 50 lakhs Structure Value
A home is a place that provides you a sense of security and affection. Therefore, to provide it full protection and security against any damage the Oriental Insurance Company offers Oriental Home Insurance policies. The company provides two types of home insurance plans:
You can now purchase and renew your Oriental Home Insurance policy online by paying through net-banking or credit/debit card.
Now let us start exploring the features of these two home insurance policies offered by Oriental Insurance Company.
As mentioned earlier this policy provides comprehensive coverage by protecting both the home (building) and its contents against various risks. This policy has ten sections that cover various contingencies. You need to take at least three sections, out of which section 1B is compulsory that offers the coverage of household contents against Fire and allied perils.
The section-wise coverage is as follows:
Sections |
Insurance Type |
Coverage |
Exclusions |
Rate of Premium (Per Thousand) |
I |
Fire |
Residential building loss, contents of the house, and personal effects according to earthquake risk and Fire policy. |
Loss of documents, money, livestock, securities, motor vehicle. |
0.30 |
IIA and IIB |
Breaking of House |
A. Housebreaking includes Theft and Larceny B. Housebreaking excluding Theft and Larceny To temporarily remove the contents up to 120 days, cover for 10% of only the sum insured is available. |
Loss of documents, money, livestock, securities, motor vehicle. |
1.00
0.35 |
III |
All Risks |
Damage or loss to valuable items, jewelry, etc. because of an accident or misfortune. |
Theft from the vehicle except it is stolen when the car is properly locked. Loss because of mildew, moth, etc. |
8.00 |
IV |
Plate Glass |
Fixed plate glass’s accidental breakage |
Scratches over the glass. |
8.00 |
V |
Household appliances including a Television set |
Damaged electrical items such as mixer, refrigerator, etc. because of mechanical or electrical breakdown. The sum insured has to be its new replacement value. |
Loss because of faults that are existing before the insurance or die to which the manufacturer or supplier is responsible. |
2.00 |
VI |
Laptop and Personal Computer |
All the risks are subject to mentioned exclusions. |
Loss because of wear and tear faults and defects that are existing at policy’s commencement for which the manufacturer is responsible. |
8.00 |
VII |
Pedal Cycle |
Loss because of fire and allied perils theft, housebreaking, accidental external means. |
Loss due to mechanical breakdown |
10.00 |
VIII |
Baggage |
Loss of accompanied baggage due to misfortune or accident |
Loss of jewelry or cash within the limits of municipal |
5.00 |
IX |
Personal Accident |
Bodily injury or death by external, accidental violent, visible means such as medical expenses that result in accidental and weekly compensation at the time of hospitalization in the hospital itself. |
Attempt to suicide or suicide, self-injury, injury, or death due to breach of law by the policyholder with criminal intent. |
0.60+20% of the medical expenses mentioned in Table II |
XA |
Public Liability |
Legal liability of the policyholder and to the general public for accidental death or bodily injury Rs. 25,000/- |
Liability to the employees and family members |
0.40 |
XB |
WC |
According to the WC act |
Liability to family members and public |
8.00 |
Note: Terrorism risk can also be covered by paying 0.10% extra premium with an excess of sum insured’s 0.50%.
Excess:
1. |
Fire and Allied Perils |
For perils that are act of God – 5% of the claim amount that is subject to a minimum of Rs. 10,000 for every claim. For all other perils – Rs.10,000 for every claim. |
2. |
All the risks of Section III |
Rs. 25,000 for every claim. |
3. |
Breakdown of household appliances, baggage, and personal computer (Section V, VI, and VIII) |
Rs. 1000 for every claim. |
4. |
Bicycle (Section VII) |
Rs. 250 for every claim. |
This policy does not provide coverage for damage or loss to home and home contents, when:
The key features of this policy are:
This is the miniature of the existing Householders’ Package Plan. It has three distinct plans wherein each plan has five sections having Section II and Section I on the ‘First Loss Basis’. The policyholder is offered an option not to cover Section I that provides coverage to the building against fire & allied perils and earthquakes. The remaining four sections are necessary as they provide coverage for contents against Fire and Allied perils & burglary, electronic and electrical gadgets against mechanical and electrical breakdown, and Personal Accident cover as per floater basis between the policyholder and his/her spouse.
The best attraction of this policy is that the policyholder does not have to file the details of every content with the insurance provider except for the contents for which coverage is asked under the mechanical and electrical breakdown section.
This policy can be purchased by any person including the foreign nationals who own a property in India. Concerning the claim settlement under this policy, if there is any, then the same has to be made in Indian currency.
Section |
Cover |
Insurable Property Value as Declared by The Policy Proposer (In Rs.) |
||
Plan A |
Plan B |
Plan C |
||
I (Optional) |
Dwelling home against Fire and other allied perils including the earthquake (15% Cushioning on Sum Insured) |
400,000/ Fixed Pr. Rs. 240/ |
600,000/ Fixed Pr. Rs. 360/ |
800,000/ Fixed Pr. Rs.480/ |
II (On First loss basis) 100% basis |
Contents that are contained in the aforementioned dwelling excluding the jewelry.
Individual content limit 10% of Sum Insured |
1,00,000/
Fixed (S.I. including M.B. section) Pr. Rs. 60/ |
2,00,000/
Fixed (S.I. Including M.B. section) Pr. Rs. 120/ |
3,00,000/
Fixed (S.I. including M.B. section) Pr. Rs. 180/ |
III (On first loss basis) 100% basis |
Housebreaking and burglary excluding larceny and theft for contents mentioned in the above dwelling excluding the jewelry.
Individual content limit 10% of Sum Insured
|
1,00,000/
Fixed (S.I. including M.B. section) Pr. Rs. 43/ |
2,00,000/
Fixed (S.I. Including M.B. section) Pr. Rs. 86/ |
3,00,000/
Fixed (S.I. including M.B. section) Pr. Rs. 129/ |
IV Electronic/ Electrical Gadgets |
The section that includes machinery breakdown for contents that are not less than Rs. 1000/ described in the schedule and lying or installed in the aforementioned dwelling. Excess 1% of the S.I or a minimum of Rs. 250/. Items that are less than Rs.1000/ are not covered. |
Up to 30,000/
Pr. Rs. 64/ |
Up to 50,000/
Pr. Rs. 108/ |
Up to 70,000/
Pr. Rs. 151/ |
V Personal Accident |
Personal accident insurance as per floater basis amongst policyholder and his/her spouse. The age limit is 18 years to 70 years |
2,00,000/
Pr. Rs. 136 |
2,00,000/
Pr. Rs. 136 |
2,00,000/
Pr. Rs. 136 |
Note: The aforementioned rates that are mentioned under section II and section III are mentioned on full value cover. However, if the policyholder opts for a percentage of full value cover, then the chargeable premium will be worked out accordingly and the premium will be as per:
Selected Value of the Full Value Cover |
Charging Percentage of Full Value Premium Under Section 2 and 3 |
Plan A |
Plan B |
Plan C |
|||
Without Building Cover |
With Building Cover |
Without Building Cover |
With Building Cover |
Without Building Cover |
With Building Cover |
||
Up to 25% |
50% of Rs.1.03/ per mile |
253/ |
493/ |
347/ |
707/ |
442/ |
922/ |
Up to 50% |
70% of Rs.1.03/ per mile |
272/ |
512/ |
388/ |
748/ |
503/ |
983/ |
Up to 65% |
85% of Rs.1.03/ per mile |
288/ |
528/ |
419/ |
779/ |
550/ |
1030/ |
Up to 75% |
90% of Rs.1.03/ per mile |
293/ |
533/ |
429/ |
789/ |
565/ |
1040/ |
Beyond 75% |
Rs/1.03/ per mile |
303/ |
543/ |
450/ |
810/ |
596/ |
1076/ |