New India Bharat Flexi Griha Raksha Policy

This Policy gives three types of covers:

1. Home Building Cover for the building structure.
2. Home Contents Cover for the articles or things. 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) unless opt for a higher Sum Insured for Home Contents and declare the (At least one of the above 2 covers is compulsory)
3. Optional Cover: on payment of additional
   1. Cover for Valuable Contents on Agreed Value Basis: such as jewellery, silverware, paintings, works of art
   2. Personal Accident Cover : If the insured peril causing 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.

Coverage

1. Fire, including due to its own fermentation, or natural heating or spontaneous combustion
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 Premises stand, 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 )
9. Missile testing operations
10. Riot, Strikes, Malicious Damages
11. Bursting or overflowing of water tanks apparatus and pipes
12. Leakage from automatic sprinkler
13. Theft within 7 days from the occurrence of, and proximately caused by, any of the above Insured Events

Special feature : Cover for loss caused by theft within 7 days of and caused by occurrence of these events.

In-built Covers

1. Loss of Rent
2. Rent for Alternative Accommodation
3. Upto 5% of the claim amount for reasonable fees of architect, surveyor, consulting engineer;
4. Upto 2% of the claim amount for reasonable costs of removing debris from the site.

Sum Insured : The Sum Insured for the Home Building Cover shall be equal to the Cost of Construction of Home Building including fittings and fixtures at the Policy Commencement date.

The cost of construction is calculated as follows-

[Carpet area of home structure in sq.m. X rate of cost of construction at the commencement date] + cost of construction for additional structures at the Policy Commencement

The rate of cost of construction is the prevailing rate of cost of construction of Home Building at the Policy Commencement date

No Underinsurance : This is a very special feature of this policy Underinsurance does not apply .

Maximum duration of cover is upto 10 years.

You can buy the additional covers (add-ons) that will be added to Your Policy.

1. Acts of terrorism ( Coverage as per Terrorism Clause .)

Changes and Cancellation

1. Changes during Policy , for example, take additional cover, or increase or reduce any Sum Insured with an paid the additional premium where applicable.
2. You can cancel the Policy.

   Cancellation at any time: during the policy period by giving notice to in writing. The Policy will terminate when we receive notice

3. We can cancel the policy

   We will not cancel the Policy during the policy period except on the grounds of mis- representation, non-disclosure of material facts, fraud or non-co-operation on Your part.No refund of premium will be made if the policy is cancelled by the insurer.

N.B: The Bank shall mean the first named Financial Institution/Bank named in the policy.

Note : Policy details given are indicative, not exhaustive. Please contact your nearest NIA Office for further details.