Types of Bajaj Allianz Home Insurance Plans

1. Bajaj Allianz Householder's Package Plan

   The Householder's Package Plan by Bajaj Allianz is designed to protect the house and its contents against uncertainties and unforeseen circumstances.

   Features & Benefits of Bajaj Allianz Householder's Package Plan

   • Affordable Premiums
   • Attractive Rebates
   • The plan protects properties, electronic and domestic appliances, and the interests of the insured individuals and the family members.

   Coverage Under Bajaj Allianz Householder's Package Policy

   To understand what is covered and not covered in Householder's Package Policy, check out the below pointers:

   Inclusions

   The policy provides coverage in case damages or loss is incurred to the insured property due to the following instances:

   • Loss/damage due to storms, fire, earthquakes, etc.
   • Loss/damage due to theft & burglary.
   • Personal Accident (PA) cover available for the insured and their family members due to several unforeseen risks.

   Exclusions

   The policy does not offer any compensation to the policyholder in the following cases:

   • Loss/damage caused due to depreciation or wear and tear.
   • Loss/damage to contents of consumable nature, including LPG cylinders, grains, edibles, etc.
   • Consequential loss or any indirect loss incurred due to insured perils.
   • Loss/damage of cell phones or similar modes of communication.
   • Loss/damage to valuables, jewellery or precious items.

   *Disclaimer: Kindly refer to the policy wordings to understand the exact coverage of the Bajaj Allianz Householders Policy available on the insurer's official website.

2. My Home Insurance Policy

   Bajaj Allianz My Home Insurance Policy is all risk policy, exclusively designed to provide comprehensive coverage to the home, its contents, and other valuables. It is an extensive cover offered at the most affordable price bracket.

   Key Features of Bajaj Allianz My Home Insurance Policy

   My Home Insurance policy is available for all homeowners, tenants, and landlords. Here is a list of coverage offered under it:

   • Contents cover
   • Portable equipment cover
   • Jewellery & valuables cover
   • Curios, artwork, and paintings cover
   • Burglary cover
   • Worldwide cover

   Bajaj Allianz My Home Insurance Add-ons

   To enhance the coverage of your Bajaj Allianz My Home insurance plan, here is a list of add-on covers available at the most affordable premium rates:

   • Loss of Rent Cover
     As a landlord or property owner, if your rental property gets damaged or destroyed due to insured perils, the tenant has to vacate the place. In such a case, the policy will compensate for the loss of rent until the time the insured property becomes fit to reside again.
   • Temporary Resettlement Cover
     If the insured home gets damaged due to fire, floods, etc., you need an alternate accommodation. The add-on cover compensates you for the transport and packaging costs.
   • Key & Lock Replacement Cover
     If the insured home is broken, or the keys to your house or vehicle get stolen, this add-on will compensate the locksmith's expenses.
   • ATM Withdrawal Cover
     If the insured gets robbed right after withdrawing money from the ATM, the policy reimburses the amount lost due to the robbery.
   • Lost Wallet Cover
     The policy covers the cost if the insured's wallet gets lost or stolen. In addition, it also covers the replacement cost for lost papers and cards that were present in the wallet.
   • Dog Insurance Cover
     The policy offers coverage for the pet dogs against death due to accidents/diseases contracted during the policy tenure.
   • Public liability cover
     If the insured uses or occupies a place for residential purposes and a third party gets injured or their property gets damaged, the policy offers optional coverage for public liability cover to fix those damages or covers medical expenses of third party.
   • Employees Compensation Cover
     In due course of employment, if an employee meets with an accident or disease, it can be covered with this Bajaj Allianz My Home Insurance add-on cover.

   Types of Bajaj Allianz My Home Insurance Policies

   There are 3 types of Bajaj Allianz My Home insurance plans explained below:

   1. Agreed Value Basis Plan-For Flat/Apartment.
   2. Reinstatement Value Basis Plan-For Flat/Apartment/Independent Building.
   3. Indemnity Basis Plan-For Flat/Apartment/Independent Building.

   Now, let's have an overview of each plan:

   My Home Insurance		Building Insurance (Structure)
   		Agreed Value Basis (Flat/Apartment)	Reinstatement Value Basis (Flat/Apartment/ Independent Building)	Indemnity Basis (Flat/Apartment/ Independent Building)
   CONTENTS INCLUDING PORTABLE EQUIPMENT	New for Old Basis (Excluding Jewellery & Valuables, Paintings, Work of Arts and Curios)	PLATINUM PLAN-I Flat/Apartment Insurance-Agreed Value Basis + Contents-New For Old	DIAMOND PLAN-I Flat/Apartment/Building- Reinstatement Value Basis + Contents-New for Old Basis	GOLD PLAN-I Flat/Apartment/Building - Indemnity Basis + Contents-New for Old Basis
   	Indemnity Basis (Excluding Jewellery and Valuables, Painting, Works of Arts and Curios)	PLATINUM PLAN -II Flat/Apartment Insurance-Agreed Value Basis + Contents-Indemnity Basis	DIAMOND PLAN -II Flat/Apartment/Building -Reinstatement Value Basis + Contents-Indemnity Basis	GOLD PLAN -II Flat/Apartment/Building - Indemnity Basis + Contents-Indemnity Basis
   	Portable Equipments Coverage	Inbuilt Coverage for India Extension can be made on the payment of additional premium to cover worldwide.
   JEWELLERY, VALUABLES, CURIOS etc.	Jewellery, Valuable, Curios, Paintings & Work of Arts	Inbuilt Coverage for India Extension can be made on the payment of additional premium to cover worldwide.
   ADDITIONAL BENEFIT	Rent for Alternate Accommodation and Brokerage	I) Rent for Alternate Accommodation a) 0.5% of the Flat/Apartment Sum Insured or b) Actual Rent whichever of (a) and (b) is less subject to a maximum of ₹ 50,000 per month, for the period until the Completion of Reconstruction or 24 months whichever is less. II) Actual Brokerage payable not exceeding one month’s rent	I) Rent for Alternate Accommodation a) 0.3% of the Flat/Apartment Sum Insured or b) Actual Rent including Brokerage whichever of (a) and (b) is less subject to a maximum of ₹ 35,000 per month, for the period until the completion of Reconstruction or 24 months whichever is less. II) Actual Brokerage payable not exceeding one month’s rent
   	Emergency Purchases	Rs.20,000 or actual amount whichever is lower
   NOTE	Options to Insure	Insured has the Option to insure either Flat/Apartment/Independent Building Only OR Contents Only OR Both.
   POLICY PERIOD	Options for Policy Period	i) Short Term Policy up to 15/30/60/90/120/150/180/210/240/270 days ii) Annual Policy of 1 Year/2 Years/3 Years/4 Years/5 Years (Note: For all policies the policy period for all opted covers shall be identical)
   ADD ON COVERS	Add On Cover for all Plans	1) Loss of Rent Cover 2) Temporary Resettlement Cover 3) Keys & Locks Replacement Cover 4) ATM Withdrawal Robbery Cover 5) Lost Wallet Cover 6) Dog Insurance Cover 7) Public Liability Cover 8) Employee's Compensation Cover

   *Note: Standalone Cover for Jewellery & Valuables and/or Curios, Paintings & Work of Arts cannot be opted unless contents are insured.

   Eligibility

   • Owners of a flat/apartment/independent building less than 30 years of old and not a kutcha construction can purchase these plans including the contents/jewellery and valuables.
   • Tenants and other non-owners of a residential house can also insure the jewellery and the contents and valuables available in the flat/ apartment/independent building.

   *Disclaimer: Kindly refer to the policy wordings to understand the exact coverage of the Bajaj Allianz My Home Insurance Policy available on the insurer's official website.

3. Bharat Griha Raksha Policy

   As per the regulations of IRDAI, all general insurance providers have to offer a standard home insurance policy to protect the home building and contents. Bajaj Allianz designed a standard home insurance plan to protect the home building and its contents, commonly known as Bharat Griha Raksha Policy.

   Coverage Under Bharat Griha Raksha Policy

   The Bharat Griha Raksha plan will provide coverage for the following:

   • Fire caused by fermentation, natural heating, or spontaneous combustion. Spontaneous combustion is included in the base cover.
   • Explosion or Implosion
   • Lightning
   • Earthquakes, volcanic eruptions or other convulsions of nature. Earthquake is included in the base cover.
   • Subsidence of the land on which your premises stand, landslide, rockslide.
   • Impact damage of any kind, i.e., damage caused by impact or collision caused by any external physical object. Examples are Vehicles, falling trees, aircraft, walls, etc. The impact damage cover is extended.
   • Missile testing operations
   • Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood and Inundation. (No option to delete the cover).
   • Act of terrorism (Coverage as per terrorism clause attached) (Now added as a basic cover)
   • Bursting or overflowing of water tanks, apparatus and pipes.
   • Leakage from automatic sprinkler installations.
   • Theft within 7 days from the occurrence of and proximately caused by any of the above-insured events. (Now added a new cover)
   • Riot, strike, Malicious Damages. (No option to delete the cover)

   Bajaj Allianz Bharat Griha Sum Insured

   
   

   1. Sum Insured for the Building Structure

   The sum insured can be used to construct a home building at the policy commencement date.

   • For residential structure including fitting and fixtures: Carpet area of the structure in square meters X Rate of construction cost at the commencement date.
   • For additional structure: The amount is based on the prevailing rate of construction cost at the commencement date as declared by the insured and agreed upon by the insured.
   
   

   2. Sum Insured for Home Contents

   • Cost of Reinstatement/Replacement.
   • Content SI to be 20% of the home building SI subject to a maximum of ₹ 10 lakh if the home building is covered.
   • Option to choose higher SI for content declaring the same with details by paying an additional premium.
   • If only home contents cover is opted for, the insured has to announce SI for the general contents.

   Conditions Related to Sum Insured

   There are some conditions related to Sum Insured. They are as follows:

   • Insurance on a market value basis for building or contents is not permitted.
   • Each insurer shall necessarily capture the carpet area of the home building and define the cost of construction per unit carpet area at the policy commencement date to arrive at the SI of the building.
   • SI can be higher than the defied construction cost at the policy commencement multiplied by carpet area but not lower.

Bajaj Allianz Home Insurance - FAQs