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Bharat Griha Raksha Policy

 

Bharat Griha Raksha Policy

 

Wealth Creation is the in thing today across generations. Monetizing one’s knowledge, gaining expertise and putting it to use are defining every individual. Earning money is an easier task as there are many quarters, avenues from where money can flow in today. Securing already created wealth is most advisable and insurance is the best approach to do so.

Insurance cover will minimize the loss due to unexpected unforeseen circumstances. Whether it is property, appliances stocks, with insurance cover it can be safely insured. The Bharat Griha Raksha policy is specially designed to suit the insurance needs of a householder. It covers the building, contents, PA cover and is an apt cover to immediately insure hard earned assets.

What is the cover?

Bharat Griha Raksha policy: Under this policy, insurer agrees to pay for the loss suffered when unexpected events cause physical loss, damage or destruction of the building of your home & contents

The Bharat Griha Raksha policy covers:

a. Building: The building structure of your home.

b. Contents: Furniture, fixtures in your home.

Ø  Where home building is also covered, general contents are automatically covered for 20% of the sum insured of the home building subject to a maximum of ₹ 10 lakh (rupees ten lakh)

Ø  At least one of the above 2 covers is compulsory

c. Optional cover: The following optional covers are available under the policy on payment of additional premium

Ø  Cover for jewelry, silverware, paintings, works of art etc. can be covered under this optional cover.

Ø  Personal accident cover: If the insured peril causes damage to your home building and/or contents also results in the death of either you or your spouse, a compensation of ₹ 5 lakh (rupees five lakh) per person would be payable.

 

What are the unexpected events which policy covers?

Insurance covers physical loss or damage, or destruction caused to insured property by the following unforeseen events occurring during the policy period.

1. Fire

2. Explosion or implosion

3. Lightning

4. Earthquake, volcanic eruption, or other like convulsions of nature 

5. Storm, cyclone, typhoon, tempest, hurricane, tornado, tsunami, flood and inundation

6. Subsidence of the land on which your home building stands, landslide, rockslide

7. Bush fire, forest fire, jungle fire

 8. Impact damage of any kind,

9. Missile testing operations

10. Riot, strikes, malicious

11. Acts of Terrorism

12. Bursting or overflowing of water tanks, apparatus and pipes.

13. Leakage from automatic sprinkler installations. .

14.Theft within 7 days from the occurrence of and proximately caused by any of the above

     Insured events

Who can buy the cover?

The owner or the leased tenant who has an interest in the property and is using as residence can buy the cover.

Ø  There is an automatic cover for general contents for 20% of the sum insured for home building cover subject to a maximum of ₹ 10 lakhs (rupees ten lakh),

Ø  Underinsurance does not apply to the Bharat Griha Raksha policy.- If your sum insured calculated on the basis of the information that you have provided to insurer is less than the actual value at risk, the difference will not affect the amount payable.

Ø  this policy ends when insurer pay the whole sum insured of any cover or item insured.

Duration of Cover

One can opt for duration up to 10 years.

Premium payable would depend on the Sum Insured and covers opted.

 

Conclusion:

This policy is best suited to home buyers who avail Home loans.The interests of the Financier, Owner are duly taken care off by the policy.

We at Zen Insurance assist in choosing the right Insurance Cover .Please contact us for assistance.

 Disclaimer:   

Zen Insurance is an IRDAI registered broker which facilitates quick & accurate insurance broking services. We deal with only regulator approved products of insurers. We do not underwrite the products

 

 

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