FAQs: Part 2

Consumer Voice - - Bfsi -

What Are the Ex­clu­sions?

a) Ex­clu­sions in the struc­ture: Prop­erty un­der con­struc­tion, res­i­den­tial prop­erty used for of­fi­cial/

busi­ness pur­poses and kachcha con­struc­tion (third class) b) Ex­clu­sions in the con­tents: Books, manuscripts, money (some do not cover them), bonds, shares, se­cu­ri­ties, con­sum­ables, ve­hi­cles, etc. Will­ful de­struc­tion of prop­erty Loss, dam­age or de­struc­tion caused by neg­li­gence, wear and tear, civil war and nu­clear weapons, etc. Ter­ror­ism (some in­sur­ance com­pa­nies load ex­tra pre­mium for cov­er­ing this in­sur­ance risk) c) d) e)

Un­der what cir­cum­stances does ex­tra pre­mium be­come payable?

Cus­tomers can opt for plans in which the sum as­sured is in­creased by a cer­tain per­cent­age ev­ery year. A few in­sur­ers of­fer this plan with a nom­i­nal add-on pre­mium. Oth­er­wise, based on risk-as­sess­ment of a struc­ture, ma­te­rial as­sets, etc., in­sur­ance com­pa­nies load ad­di­tional pre­mium. Ex­tra pre­mium also be­comes payable if you in­clude do­mes­tic ser­vants on per­ma­nent em­ploy­ment (maids, driv­ers) – this falls un­der ‘legal li­a­bil­ity to­wards ser­vants/third party’.

What are the in­clu­sions with­out ex­tra pre­mium pay­ment?

Th­ese will be ex­pen­sive be­long­ings, elec­tronic goods such as lap­tops and tele­vi­sions, pre­cious goods like gem­stones and jew­ellery, ap­pli­ances such as wash­ing ma­chine and re­frig­er­a­tor, kitchen ap­pli­ances, fur­ni­ture and fur­nish­ing Items, per­sonal ac­ci­dent, etc. How­ever, in­sur­ance cover in­clu­sions vary from com­pany to com­pany and can­not be stan­dard­ized.

Pe­riod of the in­sur­ance pol­icy

Gen­er­ally the term of home in­sur­ance is one year and is re­new­able there­after. A few in­sur­ers of­fer plans up to a term of 30 years.

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