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This is a package policy specially designed to meet the insurance requirements of a householder.
This is a package policy specially designed to meet the insurance requirements
of a householder by combining under a single policy, a number of our standard
policies usually taken by householders.
Discount in premium is offered depending upon the number of sections of the
policy, opted for, by the proposer.
The policy comprises of 10 sections as given here under
Section I - Fire & Allied Perils
- Coverage for building
- Covers contents of the dwelling belonging to the proposer and his/her family
members permanently residing with him/her.
Fire, Lightening, Explosion of gas in domestic appliances
Bursting and overflowing of water tanks, apparatus or pipes.
Damage caused by Aircraft
Riot, Strike, Malicious or Terrorist Act
Earthquake, Fire and/or Shock, subsidence and Landslide (including Rockslide)
Flood, Inundation, Storm, Tempest, Typhoon, Hurricane, Tomado or Cyclone.
Section II - Burglary & House Breaking including larceny and theft.
Covers contents of the dwelling against loss due to burglary, house breaking,
larceny or theft.
Section III - All Risks (Jewellery & Valuables)
Covers loss or damage to your jewellery and valuables by accident or misfortune
whilst kept, worn or carried anywhere in India subject to the value declared in
Section IV - Plate Glass
Loss or damage to fixed plate glass in the insured premises by accidental
breakage subject to limit of sum insured
Section V - Breakdown of Domestic appliances
Covers domestic appliances against unforeseen and sudden physical damage due to
mechanical or electrical breakdown.
Section VI - T.V. Set including VCP/VCR (ALL RISKS)
Covers loss or damage to T.V.Set including VCP/VCR by fire and allied perils,
burglary, house breaking or theft, breakage due to accidental external means,
mechanical or electrical breakdown. Any legal liability arising out of bodily
injury or accidental death of any person other than insured's family members or
employee as also damage to property not belonging to or in the custody of
insured , caused by use of the T.V. Set is also covered upto a limit of
Section VII - Pedal Cycles (All Risks)
Covers loss or damage to pedal cycles by :
Fire & allied perils
Burglary, housebreaking, theft
Accidental external means
Third party personal injury or Third party property damage for Rs.10,000/-
Section VII - Baggage Insurance
Covers loss or damage to insured's accompanied baggage by accident or misfortune
whilst the insured is traveling on tour or holiday anywhere in India.
Section IX - Personal Accident
Covers Death or bodily injury by accidental, violent, external and visible means
to the insured person named in the schedule and subject to limits specified
Section X - Public Liability
Covers Insured's legal liability for bodily injury or loss of or damage to
property of third party limited to amount specified in the schedule and
workmen's compensation liability to domestic servants engaged in insured's
It is compulsory to opt for Section IB of the policy. A minimum of three
sections including Section IB have to be taken for issuance of this policy.
How to select the sum insured?
For the insurance of household items, it would be necessary to group the items
in a broad category like furniture, clothing , linen, utensils , crockery etc.
and give a value equivalent to the market value i.e. the value for which this
used item could be bought or sold in the market.
Sections I A & B, II, III, IV, VI ,VII & VIII should be insured on market value
basis as described above.
It is a condition of Section V i.e. breakdown of domestic appliances , that the
sum insured should represent the current replacement value of a similar item.
For e.g. to insure 165 ltr. Godrej fridge which is 3 years old, the sum insured
should be equivalent to the cost price of a new 165 ltr. Godrej fridge.
However, the claim amount payable would be the amount required to bring the
damaged item to the same condition as it was prior to the damage subject to the
adequacy of the sum insured.
The sum insured under section IX i.e. Personal Accident should not exceed 72
months salary from gainful employment.
How to claim?
In case of any incident leading to a valid claim under the policy, following
steps should be taken:
Take necessary steps to minimize the loss/damage.
In case of fire, inform fire brigade immediately.
In case of theft, larceny or burglary inform the police immediately along with
a list of items stolen and their approximate value.
Inform insurance company by phone or fax and in writing.
Extend full co-operation to the surveyor appointed by the insurance Co. and
provide necessary documents to the substantiate the loss. A claim form issued
by the company is also to be submitted.
In case any rights of recovery exist against any other party responsible for
the loss, your rights of recovery have to be subrogated to the insurance
company on payment of claim.
Note: Policy details given are indicative, not exhaustive. Please contact your nearest NIA office for further details.