Bharat Griha Raksha Policy– Definition, Coverage, Exclusions, Types, Companies, Benefits, Claim Process, Quotes | Buy and Renew Online

What is Bharat Griha Raksh Insurance Policy? - Definition

Bharat Griha Raksha is a Property Insurance Policy providing coverage against Loss or Damage to the Home Building and its contents because of any of the Insured Perils. The Policy also covers Architect’s, Surveyor’s, Fees, Cost of Debris Removal, Loss of Rent and Rent for Alternative Accommodation. The Bharat Griha Raksha Policy was introduced by IRDAI in the year 2021 to help you protect your home against unfortunate and unforeseen circumstances. This cover acts as a safety net for your home covering its contents, thereby offering you peace of mind.

What are the coverages under a Bharat Griha Raksha Policy?

The Bharat Griha Raksha Policy provides coverage against the loss or damage to the Insured Property caused by the following Perils:

1. Fire
2. Explosion or Implosion
3. Lightning
4. Earthquake, volcanic eruption, or other 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, i.e., damage caused by impact of, or collision caused by any external physical object (e.g. vehicle, falling trees, aircraft, wall etc.)
9. Missile testing operations
10. Riot, Strikes, Malicious Damages
11. 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

What is the Insured Property under a Bharat Griha Raksha Policy?

You can choose from the following 3 types of plans to cover your home based on your needs and budget.

1. Home Structure Cover: This covers Physical Loss, Damage, or Destruction of Home Building due to Insured Perils such as Fire, Explosion, Earthquake, Storm, Flood, Landslide etc.
2. Home Contents Cover: This Covers the Physical Loss, Damage, or Destruction of the general contents of your home caused by Insured Perils.
3. Home Building and Contents: This Plan extends coverage both for the structure as well as the contents of the home, ensuring your complete safety in terms of finances. This is a must have plan for all the homeowners. The Policy has a built-in cover for the Home Contents equal to 20% of the Sum Insured for Home Building Cover subject to a maximum of Rs10 Lakhs provided that the Policyholder has opted for both Home Building and Home Contents cover. The Policyholder can opt for Additional Sum Insured for Home Contents by declaring the Sum Insured and paying additional premium.

In addition to cover for Home Building and Contents, a Bharat Griha Raksha Policy also provides Loss of Rent and Rent for Alternative Accommodation if the Home Building is damaged due to any of the Insured Perils and is not fit for living.

What are the Exclusions of the Bharat Griha Raksha Policy?

The Bharat Griha Raksha Policy excludes losses caused due to the following:

1. Wilful or Intentional Act or Omission of the Insured
2. War, Invasion, Act of Foreign Enemy
3. Ionising Radiation or Contamination by Radioactivity
4. Pollution or Contamination
5. Over-Running, Excessive Pressure, Short circuiting, arcing, self- heating or leakage of electricity from whatever cause (lightning included)
6. Loss of earning, loss by delay, consequential loss
7. Reduction in market value of the Insured Property after its Reinstatement or Repair
8. Costs, fees, expenses for preparing any claim

What are the Add-On Covers under Bharat Griha Raksha Policy?

The Bharat Griha Raksha Policy provides the following add-on covers:

1. Cover for Valuable Contents on Agreed Value Basis (under Home Contents cover): The Bharat Griha Raksha Policy provides coverage for Valuable Contents on an agreed value basis based on a Valuation Certificate submitted by the Insured.
2. Personal Accident Cover: The Bharat Griha Raksha Policy pays a compensation of Rs5 lakhs per person if the Insured Peril which caused damages to the Insured Home Building results in the unfortunate death of either the Insured or the Insured’s Spouse.

What is the Sum Insured under Bharat Griha Raksha Policy?

The Sum Insured under the Bharat Griha Raksha Policy is as per the following:

1. Home Building: The Sum Insured for the Home Building Cover is the Cost of Construction of the Home Building at the Policy Commencement Date. If the Policy Period is more than one year, the Bharat Griha Raksha Policy automatically increases the Sum Insured during the Policy Period by 10% per annum
2. Home Contents: The Policy has an in-built cover for Home Contents equal to 20% of the Sum Insured for Home Building Cover subject to a maximum of Rs10 Lakh provided you have opted for both Home Building and Home Contents cover. The Policyholder can opt for Additional Sum Insured for Home Contents by declaring the Sum Insured and paying additional premium. The Sum Insured for Home Contents must be enough to cover the cost of replacement of the Contents.

Which Insurance Companies offer Bharat Griha Raksha Insurance Policy in India?

The following Insurance Companies offer various Property Insurance Plans in India:

1. New India Assurance Company
2. The Oriental Insurance Company
3. Bajaj Allianz General Insurance Company
4. SBI General Insurance Company
5. TATA AIG General Insurance Company
6. HDFC Ergo General Insurance Company
7. ICICI Lombard General Insurance Company
8. GoDigit General Insurance Company
9. Iffco Tokio General Insurance Company
10. Future Generali General Insurance Company
11. United India Insurance Company
12. National Insurance Company

What is the Claims Process for Bharat Griha Raksha Insurance Policy?

The Claim Process for Bharat Griha Raksha Insurance Policy is as follows:

1. Intimate the claim to Qian: Intimate the Claim Incident to the Qian via email at <insurance@qian.co.in.> The Claims team at Qian will register a Claim with the Insurance Company on your behalf and provide a Claim Intimation Number
2. Appointment of Surveyor: The Insurance Company will appoint a Surveyor who will examine the damage and will estimate losses under the Policy.
3. Document Submission: The Insured will need to submit the requisite documents such as Claim Form, Forensic Report etc.
4. Claim Settlement: If the documents are in order, the Insurance Company settles the claim in accordance with the terms and conditions of the Policy

The Claims team at Qian will assist you with the entire Claims Process for your Policy

How to purchase Bharat Griha Raksha Insurance Policy with Qian?

You can follow the below mentioned steps if you wish to purchase a Bharat Griha Raksha Insurance Policy with Qian:

1. Email us at insurance@qian.co.in or call us on 022-35134695 to avail a Quote for your Bharat Griha Raksha Insurance Policy
2. Provide relevant information such as Expiring Policy Details, Carpet Area of the Property, Cost of Construction and Sum Insured
3. Qian will provide you with quotes from multiple insurers. You have to select the quote and plan best suited to your requirements and budget
4. After selecting the Plan, you have to pay the Premium to the Insurance Company and Qian will issue the Insurance Policy with 24 hours.

Get Best Quotes for your Bharat Griha Raksha Insurance Policy with Qian!

Qian Insurance Broking is a licensed Insurance Broker for Property Insurance Policies. Our team will provide you with the multiple Quotes for your Bharat Griha Raksha Policy and help you in selecting one with the best coverages as per your requirements. Our team will also assist you with the Claims Process. If you wish to purchase a Bharat Griha Raksha Insurance Policy, you can email us at insurance@qian.co.in or call us on 022-35134695. We would be glad to assist you