Tata AIG Home Insurance
TATA AIG Home Insurance Overview
Home is the most prized possession for which everyone works hard and saves every penny. No matter how big or small it is, home is a place which gives the comfort, security and warmth to our body and mind. Securing the home against any unforeseen catastrophic situation is hence so critical. Home insurance plans are the most apt financial tools to secure the home. Home insurance plan offers the dual advantage of not only protecting your house from any external means, but also covers the assets and valuable along with the structure. A Good home insurance plan endows the individual to stand in any predicament situations.
TATA AIG Home Insurance Plans are designed and crafted to perfection keeping in mind the array of upheaval events.
The various types of plans offered under Home Insurance Plans are
- Instachoice Home Insurance Plan
- Home Secure Supreme Plan
- Home Coupon Plan
- Standard Fire and Special Perils Cover Plan
1. Instachoice Home Insurance Plan
Key Features of the Home Insurance plan
- Simple and hassle free plan enrollment with no documentation required
- Option to choose premium as per the requirement and coverage amount opted by the applicant in the plan.
- Complete protection of gold jeweler and other valuable ornaments against burglary.
- Coverage protection for domestic appliances available under plan scope of benefit.
- Plan is available for anyone who resides in self owned or rented house.
- Simple process of enrollment by filling up the details in the “Have us call you” form
- Protection against Fire and Special Perils to home structure as well as contents including the events such as fires, earthquakes, floods, lightning, thunderstorms, storms, inundation, cyclones, etc.
- Protection coverage against man-made threats like terrorism, riots and strikes
- If the sum insured under fire Benefit is equal to or less than 85% of the full value of the property at the time of breaking out of fire allied perils then the insured shall be considered his own insurer for the difference and shall bear a ratable proportion of the loss
- For the cases where the house is severely damaged and rendered uninhabitable under Fire and allied perils , the Cover for additional rent is included in the plan to a maximum limit of Rs.30,000 for 3 months.
- Protection against Burglary & Theft of household contents on 1st loss basis subject to a maximum payment of 10% of the benefit sum assured or INR.5000/- whichever is less.
- The plan Coverage is extended in the case of any Public/third party Liability against any damage caused to them or their property in the insured’s home. This shall include Claims payable by plan holder to their domestic staff under the fatal accident Act 1855, Workmen’s compensation act 1923 or any amendment three to or common law subject to the benefit sum assured.
- The Plan would recompense Accidental loss/damage/theft anywhere in India of accompanied personal baggage whilst on travel outside municipal limits of city.
- A Comprehensive cover against loss/ damage to Audio/AV appliances at home due to fire and allied perils, Burglary/theft, Accidental external means, Mechanical and electrical breakdown, legal liability.
- Comprehensive protection cover in the event of breakdown of Domestic Appliances against Mechanical &/or Electrical Breakdown to other domestic appliances at your home.
- Worldwide Personal Accident covers for self and family member in case of death or disablement of the insured person due to accidental bodily injury anywhere in world.
- Exclusive feature of Purchase Protection to cover New Items purchased under Benefits: Fire & Burglary / Theft up to 30 days from the date of purchase.
2. Home Secure Supreme Plans
- An exclusively designed insurance plan with 15 different plan cover package.
- Offers new benefits like purchase protection, medical expenses, temporary resettlement expenses.
- Flexibility to customize not only from the cover options but also the sum insured as per need.
- All risk cover for Jewellery and other Valuables as a part of this particular plan.
- The cover is applicable for Building structure and its Contents and Rent for Alternative accommodation,
- Financial assistance in case of additional expenses on rent incurred due to loss or damage to the premises caused by an insured peril rendering the premises unfit for occupation and forceful shifting to an alternative accommodation for a maximum period of 12 Months
- Impact damage caused by own vehicle
- Covers Loss or damage to the building and contents due to fire, lighting, Explosion/Implosion, Aircraft Damage, Riot, Strike, Malicious and Terrorism Damage, Storm cyclone, Typhoon, tempest, hurricane, Tornado, flood and Inundation, Impact damage, Subsidence and Landslide including rock slide, Bursting and/or overflowing of water tanks, apparatus and pipes, Missile testing operations, Leakage from Automatic Sprinkler Installations, Bush Fire and Earthquake (Fire & Shock)
- If the sum insured under Benefit-Fire is equal to or less than 85% of the full value of the property at the time of breaking out of fire allied perils then the insured shall be considered his own insurer for the difference and shall bear a ratable proportion of the loss
- Protection against any damages and litigation expenses due to Property damage/ Bodily Injury of any third party.
- Protection for newly purchased articles against fire and burglary up to 30 Days from the date of purchase.
- Comprehensive cover for pedal cycle against accidental damages with additionally covers of liability towards third party injury and/ or property damage up to Rs.10, 000 .
- Accidental breakage of Plate glass.
- Mechanical or electrical breakdown of Domestic appliances.
- Total loss due to mechanical or electrical breakdown or due to an accident of Domestic electronic equipment.
- Loss or damage to baggage during travel within India
- Complete protection of household possessions against loss or damage during transit in case of an accident to the carrying vehicle or if the entire goods are not delivered.
- Personal Accident cover to self and entire family on account of death, permanent total or partial disablement and Medical expenses and Ambulance charges up to specified limits related to and arising out of accident.
- Expenses towards Hospitalization due to accidents causing death / PTD including ambulance charges due to accident.
- Expenses for Temporary Resettlement for cases where home has been rendered uninhabitable due to fire
- Dispossession of money withdrawn from a Bank branch or Automated Teller Machine (ATM) on way back home due to robbery or hold-up.
- Protection Cover for loss and damages caused by Burglary or theft and/or attempted Burglary or theft to home subject to a maximum payment of 10% of the benefit sum assured or INR. 5000/- whichever is less .
- Comprehensive cover the contents of home up to the benefit Sum Insured and/or for the contents that have been placed in safe custody during your temporary absence from the home as long as the placement of such contents does not exceed a total of 120 days in any period of Insurance, subject to a maximum payment of 10% of benefit .
3. Home Coupon Plan
- Instant plan coverage with effortless documentation and cost effective premium.
- Protection against Fire & similar hazard including earthquake & terrorism.
- Reimbursement of damage in the event of Burglary on 1st loss without applying the under-insurance clause.
Fire & Allied Perils including Earthquake & Terrorism - for Contents
Burglary & Theft on 1st loss - for Contents
Final premium Including tax
4. Standard Fire and Special Perils Cover
- A home insurance plan designed to provide complete protection against fire and some special threats.
- Sum insured is derived on the basis of Cost of reconstruction excluding land value as per current day value and the value of contents is calculated as per market value.
- Available for Anyone who resides in self owned or rented house.
The building structure and its contents is covered against any loss of damage due to the below mentioned events.
- Aircraft Damage
- Riot, Strike and Malicious damage
- Impact damage by any Rail/Road, vehicle or animal by direct contact(excluding damage by own vehicle)
- Subsidence and landslide including rockslide
- Bursting and/or overflowing of Water Tanks, Apparatus and Pipes
- Missile Testing operations
- Leakage from Automatic Sprinkler Installations
- Bush Fire
- Flood, Storm, Inundation etc.
General Exclusions Under the home insurance plans.
- The plans benefit shall not be pertinent for any consequential loss or losses, destruction, damage or bodily injury due to
- War, invasion, act of foreign enemy, hostilities (weather war be declared or not), civil war rebellion, revolution insurrection mutiny, military, or usurped power, seizure, capture, arrest, restraints and detainments of all kings, princes and people of whatever nation, condition or quality what so ever.
- Ionizing radiations contamination by radio activity from any nuclear fuel or from any nuclear waste from the combustion (including any self sustaining process of nuclear fission) of nuclear fuel or Nuclear weapons material
- Willful act by self or family member or domestic staff.
- None of Home Insurance plans offered by TATA AIG shall include loss, damage cost or expenses of whatsoever nature directly or indirectly caused by, resulting from or in connection with any act of terrorism regardless of any other cause or event contributing concurrently or in any other sequence to the loss.
- For each variant of the plans first Rs 250/- in respect of each and every claim shall not be reimbursed,
- Any event of Loss, destruction or damage to bullion or unset precious stones, curious or works of art for an amount exceeding Rs 10000/-, manuscripts, plans, drawings, securities, obligations or documents of any kind, stamps, coins, or paper money, cheques, books of accounts, computer system records, explosives shall be covered under the scope of plans, unless otherwise expressly stated in the plan.
- The plans benefits shall not cover any loss, destruction or damage to any electrical and/ or electronic machine, apparatus, fixture or fitting (excluding fans and electrical wirings in dwellings) arising from or occasioned by overrunning, excessive pressure, short circuiting, arcing, self heating, or leakage of electricity, from whatever cause (lightning included)
- No Expenses necessarily incurred on Architects, Surveyors and Consulting Engineer's Fees shall be a part of claim in the Home Insurance plans.
- The scope of home insurance plans shall not cover the expenses towards debris Removal incurred by the Insured following a loss, Destruction or damage to the Property insured by an insured peril in excess of 3% and 1% of the claim amount respectively.
- Loss of earnings, loss by delay, loss of market or other consequential or indirect loss or damage of any kind or description whatsoever is not a part of plan benefits in TATA AIG.
- Loss by theft during or after occurrence of any insured peril except a provided under Riot, Strike and Malicious Damage cover.
- Any Loss or damage occasioned by or through or in consequence directly or indirectly due to volcanic eruption or other convulsions of nature.
- For Accidental death, Bodily Injury or property damage arising out of or incidental to occupational hazard or nature of business, trade or employment,
- Any loss or damage due to any structural alterations, additions, repairs or decorations to the property.
- If the loss or damage occurs while Your Home is Unoccupied.
- If the plan holder or his Family member and/or Domestic Staff are directly and / or indirectly in any way involved in or concerned with the actual or attempted Burglary or Theft.
- No claim under any of the plans shall be accepted in respect of any Kutcha Construction.
- The cost of repair associated with any malfunction for which the manufacturer or supplier of the domestic appliances is responsible.
- The cost of repair associated with loss or damage caused by or in the process of cleaning, maintenance, repair, dismantling;
- Loss or damage caused by atmospheric or climatic changes, moths, insects, and vermin;
- The first 1% of Benefit Sum Insured or Rs. 250, whichever is the greater of each and every Claim.
- For the accidental death benefit under its plan ,the benefit shall not include any expenses In respect of any death, disablement or Bodily Injury caused by, contributed to by, or howsoever arising from Your and/or Your Family’s use or misuse of any drugs, alcohol or solvents; actual or attempted suicide, whether assisted or not or intentionally self-inflicted injury;
- engagement in dangerous activities;
- mounting into, dismounting from or travelling in any aircraft other than as a fare paying passenger on a scheduled flight;
- sexually transmitted diseases insanity mental disorder or psychosomatic dysfunction;
- commission of any actual or attempted illegal or unlawful act;
- Pregnancy, aggravated or prolonged childbirth or in consequence thereof.
- The aggravation of any injury, sickness or disease for which medical care, treatment, or advice was recommended by or received from a physician or from which you and/or Your Family suffered or which was present before the commencement of the Period of Insurance.
In the event of any accident, loss or damage of the insured property and the damage or loss falls under any of the plans benefit schedule, the plan holder should inform TATA AIG on urgent basis and further lodge the claim as per plan details. The plan holder may
- Call at 24 X 7 Toll Free number of the company
Tata AIG Home Insurance- FAQs
1. How to pay a premium? What are the modes of payment available?
The Tata AIG General Insurance 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 Tata AIG home insurance?
Registered users can login to portal with their username and password to check the policy status.
3. What is the policy renewal process for Tata AIG home insurance?
Step1: Enter your Policy Number, Expiry Date and Client ID into Renew Online portal
Step2: Calculate the premium
Step3: Select the payment option –Net Banking or Debit/Credit Card
Step4: Save/print the premium deposit receipt
Alternatively, you can pay via cash/cheque at any of the nearest branch.
4. What is the company’s process to settle claim for Tata AIG home insurance?
You can register your claim online.
Upon successful completion of formalities within 7 working days the claim is settled.
5. What is the policy cancellation process for Tata AIG home insurance?
Submit your policy with surrender form to your nearest branch. The refund will be directly credited into your account and the policy will stand cancelled, upon successful completion of documents.
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