For individuals - Any resident Indian who is the owner and / or occupant of the
property can purchase a Home Insurance Policy. However Home Insurance - multiyear
policy can be issued only to house / flat owners and not to tenants.
For Society – Any authorized member of society’s managing committee can buy policy
to cover society building & common utilities wherein policy needs to be issued in
name of society.
Your insurance cover starts from the commencement date indicated by you or receipt
of premium by us, whichever is later. In case of online purchase of policy,
inception date will be after 7 days of premium payment.
Home insurance can be purchased for policy period from 1year and 3 to 5 years.
Yes, entire premium has to be paid in advance.
Property valuation is done by multiplying the built up area of the property with
the cost of construction per square feet.
Currently the cost of construction is taken around 1500 to 2000 depending on the
location of the property and type of construction.
If you have a policy with two insurance companies, at the time of a claim both the
insurance companies will pay on proportionate basis.
Yes, an entire society building can be covered for policy period of 1 year excluding
commercial occupancy like shop/office forming part of society building.
Option I – Method A which is Increase in Sum Insured at end of 12 months
Option II – Method B which is Fixed Sum Insured in lieu of Long term Discount.
Option I- Method A
> Allow automatic increase in the Sum Insured throughout the period of the policy
in return of higher premium to be collected in advance.
> Sum Insured will increase by 10% of original Sum Insured at end of every 12 months
upto number of years opted by the customer.
> No discount in premium.
Option II- Method B
There shall not be any automatic increase in sum insured as in method A. However
appropriate discounts shall be allowed on applicable gross premium as per selection
of policy period
If you have financial interest in the property as owner or leaser then you can insure
The following are the properties not covered under the Policy
> Property Under construction
> “Kutcha” construction
> Resident cum offices
From the time the transfer of ownership becomes effective, the policy stands cancelled
& the insured ceases to be an insured under the policy. We will then refund the
premium for the balance insured period.
FIR is mandatory in case of Malicious Damage Riot and Strike Terrorism, Burglary,
Theft However it is not necessary in cases of:
> Impact Damage due to Aircraft Losses
Surveyor contacts the customer in 48 hours time. Claim form is sent to customer
correspondence address within 7 working days time.
Yes, the company will pay a maximum of 1% of the total claims amount for debris