In recent times, awareness for life and health insurance has increased. But still many people are unaware of the need for home insurance. Along with our life and health, our home is important too. As it is a place of our uncountable memories.
What is “Bharat Griha Rakshak Policy”?
“It is a policy which protects the home building including home contents”. Under this policy, the insurer agrees to pay for the loss you suffer when unexpected events cause physical loss, damage, or destruction of the building occurs to home or home articles.
What it covers?
Homebuilding cover:
It is for the building structure of the home.
Home contents cover:
It is for the things or articles in the home. Where the home building is covered, general contents are automatically covered for 20% of the sum insured of the home building subject to a maximum of rs. 10 lakh unless you opt for a higher sum
(out of these two, one is mandatory)
Optional cover:
On payment of additional payment of premium, additional two coverages are provided:
a. Cover for valuable contents: Jellewary, paintings, works of art, etc. are covered. If it is physically damaged, the cost of repair will be provided and in case of a total loss, the agreed value will be covered.
b. Personal accident cover: If due to the peril, the insured home building is damaged and/or contents also resulting in the death of insured or his/her spouse, a compensation of Rs. 5 lakh per person would be payable.
Additional coverage:
The policy will cover physical loss, damage, or destruction caused to the insured property by fire
Due to lightning, earthquake, volcanic eruption, if the property is damaged
Strom, cyclone, typhoon, tsunami, flood, etc. is the cause of damage
Due to collision caused by any external physical object like falling of trees, aircraft, wall, etc.
Damage caused by riots, strikes, malicious damages, etc.
Property damaged due to the acts of terrorism
Loss due to theft
Under certain specific conditions, they are not included. To know more visit: https://www.policyholder.gov.in/uploads/CEDocuments/Bharat%20Griha%20Raksha1.pdf
Who can take the policy?
Homebuilding cover is for the building of your home. Here, garage, compound walls, verandah, retaining walls, parking space, solar panels, water tanks, fixtures, and fittings, etc. are included.
For buying this policy, it is mandatory that you should be the owner. If you want to take the policy for the home, you should be its owner. If you want, you can take the policy for any content/article of the home, if you are the owner, purchaser, or responsible for it.
Premium amount:
It depends on the amount of sum insured and various other factors that define the risk profile of home building etc.
At the end:
Benefits, premiums, etc. differ from one insurance provider to the other. So, before taking the policy, all the details should be well known and understood.
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