Oriental Home Insurance

• Oriental Householder Insurance Policy – Provides cover for both building and its contents.
• Oriental Sweet Home Insurance Policy – It is a miniature of Householder Insurance policy and it has three distinct 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.

Oriental Householder Insurance Policy:

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.

Oriental Householder Insurance Policy – Inclusions:

The section-wise coverage is as follows:

Note: Terrorism risk can also be covered by paying 0.10% extra premium with an excess of sum insured’s 0.50%.

Excess:

Oriental Householder Insurance Policy – Exclusions:

This policy does not provide coverage for damage or loss to home and home contents, when:

• It is caused by war & allied perils
• Nuclear radiation and its related causes

Oriental Householder Insurance Policy – Key Features:

The key features of this policy are:

• This home insurance policy can be taken for any Pucca construction’s dwelling.
• Sum insured’s 15% is waived for underinsurance against section I.
• In all risks section that is Section III any article that is more than 10% of the sum insured must be separately specified along with the value of that item.
• All the items that are more than five percent of the total sum insured in Section IB have to be separately mentioned with their value.
• Valuable items and jewelry that are kept in the locker of the bank can also be covered on first loss basis.
• If you take coverage for more than four sections then you will get a discount of 15%. For the coverage of more than six sections, a discount of 20% is allowed.
• Oriental Householder insurance policy for the long term for up to four years is also available at a discounted rate.
• For buildings and their contents, there is no upper limit for the sum insured.
• This policy has varying excess that applies to various sections.
• Show-pieces and art-work can be covered provided these are evaluated by valuers who are Government approved and their report of the evaluation is submitted.
• You can get the coverage for terrorism risks by paying an additional premium at the option of sole and insured acceptance of the company.
• The housing societies that have their security system or security arrangements can also get a discount of up to 20% under section II. Housing societies can as well be offered Volume Discount.
• The discounts can be granted in a way that the net minimum premium after allowing all the discounts must not be less than 50% of the gross total premium in this policy.
• The premium is loaded by 10% / 25% as per one period of the policy / two period of the policy are affected by the claim.

How Can I Select the Sum Insured of My Home Insurance Policy?

• For Building: Under this, the sum insured should cover the complete cost of property rebuilding including a fee of the architect, etc., and cost to obtain sanctions, and cost to clean away the debris for new building regulation and according to law.
• For Contents: The sum insured has to be the replacement value except for the Section III for all risks where it has to be market for the remaining sections and the sum insured has to be as opted by the policy proposer. 

Oriental Sweet Home Insurance Policy:

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.

Oriental Sweet Home Insurance Policy – Inclusions:

• Section I (Building): Under this section, coverage to the buildings against fire and allied perils and earthquakes. The prosper doesn't have to require to be the owner for seeking insurance coverage of the mentioned building. People who are tenants or are under the lease can as well seek building coverage under this section. The policyholder has the option to select among Rs.4 lakhs, Rs.6 lakhs, and Rs.8 lakhs in Plan A, Plan B, and Plan C respectively.
• Section II – Contents - Excluding Jewellery Against Fire and Allied Perils as well as Earthquake: Under this section contents that are installed and kept inside the premises as per the schedule are covered against fire and allied perils. The policyholder does not have to provide a detailed list of all the contents for which the insurance has taken. However, the maximum value of an individual item should not be more than 10% of the sum insured that is selected under plan A, B, and C. The maximum liability of the Oriental Insurance Company under this section is Rs.1 lakh, Rs.2 lakhs, and Rs.3 lakhs under plan A, B, and C respectively.
• Section III – Contents – Excluding Jewellery Against Housebreaking and Burglary: The sum insured and the liability limits of the company, which are the same according to section II. Under this section, the insured also need not provide the content details for which the insurance policy has been taken.
• Section IV – Mechanical and Electrical Breakdown of Gadgets: Unlike sections two and three the policyholder has to provide the details of electronic/ electric gadgets for which coverage is needed under this specific section. The details of these gadgets are called for under the single page proposal form only. The limits of the company's liability in this specific section are Rs.30,000, Rs.50,000, and Rs.70,000 respectively. The gadgets' value that is proposed for the insurance policy in this section is also part of the sum insured mentioned under section two.
• Section V – Personal Accident Cover for Policyholder and Spouse: This policy provides coverage against loss of limb(s), accidental death, and permanent total disablement to the policyholder and her/his spouse on a floater basis. The age limit mentioned under this section ranges between 18 years to 70 years. If either of the persons is more than 70 years old, the other would get insurance under this section. However, if both of them are over the age of 70 years, this section is deleted from the policy scope and the premium under this section is reduced from this package.

Brief of Schedule of Premium and Benefits That Are Charged Under:

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: