Coverage under the Oriental Sweet Home Insurance Policy
The Oriental Sweet Home Insurance Policy has three plans, i.e. A, B, & C, and each plan has five sections. The first Section is optional, covering the building against fire and allied perils, including earthquakes. However, the rest four sections are compulsory.
This policy has been designed for all individuals residing in India along with foreign nationals who own property in India (within the Indian Territory).
Section I- Coverage for Building
Under this Section, the homeowner can cover their building against fire and allied perils, including earthquakes. Individuals who hold lease/tenancy agreements can also look for coverage of their building under this Section. In addition, the policyholder can choose Sum Insured (S.I.) amongst ₹ 4, 6, and 8 lakhs under Plans A, B, & C, respectively.
Section II – Coverage for Contents against Fire & Allied Perils Including Earthquake on First Loss Basis (Excluding Jewellery)
This Section offers coverage for the content kept inside the premises against fire and allied perils. In this, the insured need not provide details of the required items to be insured. However, the condition is that the maximum value of the individual item shall not exceed 10% of the sum selected under plans A, B, & C, and the maximum liability of the company should be ₹ 1, 2, and 3 lakhs under Plan A, B, & C, respectively.
Section III – Coverage for Contents against Burglary and Housebreaking (Excluding Jewellery)
In this Section, the Sum Insured (S.I.) and the liability limit of the company are the same as per Section II. In addition, the insured does not need to provide the details of articles/items for which insurance is purchased.
Section IV- Electrical or Mechanical Breakdown of Appliances/Gadgets
Under this Section, the insured has to provide the details of electrical appliances or gadgets to be insured. The details are provided in the single-page proposal form. The liability limit of the company under this Section is ₹ 30,000, ₹ 50,000, & ₹ 70,000, respectively. The gadgets value proposed for insurance in this Section is the same as the part of S.I. under Sections I & II.
Section V- Personal Accident Coverage for the Insured and Spouse
Under this Section, the policy covers the loss of limb(s), permanent total disability, and accidental death of the insured and their spouse due to any insured perils on a floater basis. However, this policy has set an age limit of 18-70 years. If any of them were above 70 years of age, the other individual would be insured under this Section. However, if both are more than 70 old, no coverage will be offered, and the premium will be reduced from this Section.
You may also read- New India Assurance Griha Suraksha Policy
Table Showing Coverage and Value of Insurable Property under Oriental Sweet Home Insurance Policy
||Value of the Insurable Property as decided by the Insurer (In ₹)
|I (optional cover)
||Covers the dwelling house against fire & allied perils, including earthquakes (15% of S.I.)
|II (on first loss basis)
||Cover the dwelling house (excluding Jewellery), and the individual article/item limit should be 10% of the S.I.
|III (on first loss basis)
||Covers the dwelling house (excluding Jewellery) against burglary & housebreaking. Excludes theft & robbery. The individual item limit should be 10% of S.I.
|IV (electrical or electronic appliances/gadgets)
||Covers any electrical or mechanical breakdown of the electronic gadgets (value of an each item should not be less than ₹ 1,000/-)
||Up to ₹ 30,000/-
||Up to ₹ 50,000/-
||Up to ₹ 70,000/-
|V (Personal Accident PA cover)
||Personal Accident coverage for the insured and their spouse on a floater basis. Covers loss of limbs, P.T.D., & accidental death and age limit- 18-70 years
Points to Remember
- No short-period policy
- No option to alteration of S.I. (Sum Insured)
- In case of claims, no reinstatement of S.I.
- The geographical limit is within India
- The claim settlement shall be in the Indian currency only