Bajaj Allianz General
Insurance: My Home Insurance with unique features
· All risk policy that covers
Flat / Apartment on an Agreed Value Basis
Bajaj Allianz General Insurance has
launched a new home insurance product called “My Home Insurance All Risk
Policy” with some unique features introduced in the Indian market for the
first time. The unique features are
to
· It is an All Risk
Policy that covers losses due to perils other than those specifically excluded
unlike the existing home insurance policies available in the market that cover
only specified risks.
· Flats / Apartments
can be covered on Agreed Value Basis in addition to Reinstatement Value Basis
or Indemnity Basis. The cover for Agreed Value Basis is introduced for the
first time in India.
· Independent
Buildings can be covered only on Reinstatement Value Basis or Indemnity Basis.
· Flat / Apartments
and Independent Buildings up to 30 Years can be covered under this Policy.
· Gives you a longer
term cover for up to 3 years for Building and Contents.
· There is a
provision for automatic reinstatement of Sum Insured.
· Mid-term increase
of Sum Insured is allowed on pro-rata basis.
Lalita Raman, Zonal Manager - South, Bajaj
Allianz General Insurance, said, “Today, buying a
home involves one’s hard-earned money for years, given the rise in real estate
prices. Increase in the number of crime cases like theft, burglary also exposes
the home to many risks. Therefore, we decided to bring in an innovative and
comprehensive all risk home insurance that will cover all possible risks.
Thepolicy gives you provision to cover theFlats /
Apartments on Agreed Value Basis in addition to the Reinstatement ValueBasis or
Indemnity Basis.The Reinstatement Value Basis is the construction cost
excluding value of the land or the apartment. Market Value Basis is the amount
arrived at for the reconstruction or replacement cost, less depreciation of the
building or apartment.
“My Home Insurance has been launched considering
the absence of adequate policies that promise of covering your dream home with
a right value. Also, the non-existence of essential benefits like covering
precious household items, furniture, artworks or jewellery has prompted us to
bring in such an all-encompassing home insurance policy”, added Lalita
Raman.
Key Features..
· All risk cover for
“Building, Contents, Jewellery, Valuables, Works of Art, Curios &
Paintings” under single policy.
· The policy offers 6
plans under the categories of Gold, Diamond and Platinum
· The policy has 8
add on covers like loss of rent, temporary resettlement cover, public
liability, dog insurance cover, ATM withdrawal cover, lost wallet cover, key
and lock replacement cover, employee’s compensation cover for domestic staff.
This will help the insured customize their policy.
· There is no excess
that is applicable for claims; however Insured can opt for voluntary excess
ranging from Rs.5000/- to Rs.50000/- each and every claim and avail of a
discount in premium ranging from 5% to 35%. Insured has the Option to
cover Building only, Contents only OR
both
· Various Sum Insured
options available under different sections
o Building/Structure to Sum
Insured can be calculated on IndemnityBasis, Reinstatement Value Basis for
Flat/Apartment/Independent Buildings and Agreed Value Basis only for
Flat/Apartment
o Contents to The
sum insured options available are New for Old Basis and IndemnityBasis
o Jewellery and
Valuables to Market Value Basis or Agreed Value Basis
o Works of arts,
paintings and curios to Agreed Value Basis subject to submission of
valuation report.
· Contents include
all household items,domestic appliances, electrical and electronic equipment up to an age
of 10 years and portable equipment up to 5 years.
· In case the customer
opts for insurance of contents only, the minimum sum insured should not be less
than Rs.5 lakh.
· No list of contents
required where the sum insured is above Rs. 5 lakh.
· Worldwide coverage
extension is available for Jewellery & Valuables
andPortable Equipment on payment of additional premium.
· Automatic
reinstatement of sum insured in case of a loss
for the contents.
· An inbuilt cover
that provides for additional expenses of rent in case of an alternate
accommodation.
· Coverages for
damage due to earthquake and terrorism are also inbuilt.
· There is also no
under insurance is applicable for Flat/Apartment on Agreed Value Basis. For
Policies Issued on Agreed Value Basis, in the event of a claim the procedure
for claims settlement is simple and hassle-free.
· No
excess/deductible is applicable for claims; however
Insured can opt for voluntary excess ranging from Rs.1000/- to Rs.20000/- each
and every claim and avail of a discount in premium ranging from 5% to 50%
It is an easy to understand policy which involves minimum
documentation at the buying stage.
Indicative Premium:
Case 1:
If sum insured for a flat or apartment with a built-up area of 1000
square feet in a premium localityin a city is estimated at Rs. 40 lakh on
Agreed Value Basis, the tentative premium would be Rs.1,800 a year.
When a customer opts for cover as per Agreed Value, the ownership of
the home has to be transferred to the insurance company after the claim is
settled following a total damage.
Case 2:
With an estimated construction cost of Rs. 2,200 per sq ft in same
locality, sum insured and tentative premium for a building (or apartment or
flat) with 1000 square feet constructed area based on Reinstatement Value would
be Rs. 22,00,000 and Rs. 990, respectively.
Case 3:
If sum insured is set at say Rs. 22,00,000 for a building (or
apartment or flat) with 1000 sq ft area based on Indemnity in same locality,
the premium would beclose to Rs 990.
Customers can avail discounts, if they buy My Home policy for two (7%)
or three (20%) years.
Category
|
Construction/Built-up area
|
Rate/sq ft
|
Sum insured
|
Tentative premium (excluding Service Tax)
|
Agreed Value Basis
|
Built-up area 1000 sq ft
|
Rs. 4000
|
Rs. 40,00,000
|
Rs. 1,800
|
Reinstatement Value Basis
|
Construction area 1000 sq ft
|
Rs. 2200
|
Rs. 22,00,000
|
Rs. 990
|
Indemnity
|
Building area 1000 sq ft
|
Rs. 2200
|
Rs. 18,00,000
|
Rs. 720
|
About Bajaj Allianz General Insurance ..
Bajaj Allianz General Insurance, a joint venture between
Allianz SE, the world’s leading insurer, and Bajaj Finserv Limited. Allianz SE
is a leading insurance conglomerate globally and one of the largest asset
managers in the world.Bajaj Allianz General Insurance is one of the leading
private general insurance companies in India.
The Company offers various general insurance products like motor insurance, home
insurance, health insurance and also unique insurance plans such as wedding
insurance, event Insurance, film insurance.Bajaj
Allianz General Insurance has been a profit-making company since its inception.
The Company began its operations in 2001 and today has a pan-India presence
with 200 towns and cities in India. The Company has been constantly expanding
its operations to be close to their customers.
For Further Information
Santosh Balan: +91 98 600
97056 or Chandni Arora: +91 99 520 55013
or Ayan Pramanik: +91 97 302 40099
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