Overview of National Insurance Home Insurance
National Insurance Company, India’s one of the largest and oldest general insurance company which provides tailor made and comprehensive insurance plans. It’s the only Public Sector General Insurance Company to introduce product customization both Corporate and Rural insurance plans. General Insurance of this Group is a important sector where the company promises to deliver a product which meets the requirements of a common man. Multiple insurance plans like Motor Insurance Plans, Two wheeler insurance plans, Health Insurance Plans, Rural Insurance Plans, Industrial Insurance Plan, Commercial Risk Insurance Plans, Personal Accident Plans, Home Insurance Plans for Individuals and other types of insurance too which are tailor made and customer friendly and completely transparent.
Home is considered to be the biggest asset in any individual’s life and is definitely a much treasured possession and a precious venture, where one is attached to each other and a family is formed. Thereafter, each and every moment in that house becomes priceless with time spent with the family and one gets attached to every corner of the house and its belongings. Therefore, it’s absolutely necessary to protect this dream or this asset from any unforeseen circumstances which might occur at any point of time. National Insurance has comprehensive Home Insurance Plans which protects the house in every possible way. An ideal solution to invest in National Insurance home insurance plans which offers an extensive coverage for the house and the household contents. The plan provides absolute and complete financial assistance and support with timely payouts. National Insurance Home Insurance plans can be easily availed by home owners with much affordable premiums.
Here we will discuss about the National Insurance Home Insurance plans.
Why one should avail National Insurance Home Insurance Plan?
There are a number of reasons as to why one should avail Home Insurance Plans from National Insurance Company; these can be summarized as follows:
- Home Insurance Plans covers the loss from burglary, fire and natural calamities.
- This plan provides full guard to the property and its content.
- Under specific plans, a benefit of renting an alternate accommodation is also applicable.
- All plans come with low cost premium under the plans with rebates.
- Various plans are there to choose.
- Coverage upto 10 years for structure and 5 years for contents and 5 years for structure and content.
- Instant Online Policy.
Here we will see an overview of National Insurance Home Insurance Plan.
Section I - Coverage against Fire and Special Perils A) House Building and B) Contents. Customer has to opt for 1( B) for Contents which is mandatory and any two from the below mentioned sections.
- Fire : Under this plan, loss against fire is covered excluding damage or destruction caused to the property by
- Natural heating, own fermentation or spontaneous combustion.
- Undergoing any heating or drying procedure.And Burning of the insured property by order of any Public Authority.
- Lightening: Natural calamity of lightening is covered under the plan.
- Implosion/Explosion: Both explosion and implosion are covered under this plan, except damage or destruction caused to the property by
- To Boilers.
- Caused by centrifugal force.
- Aircraft Damage: Damage, destruction or loss caused by aircraft , other aerial or space devices and articles dropped are covered under this plan, from except those caused by pressure waves.
- Riot, strikes and Malacious Damage: Physical damage/ loss / destruction caused by external and violent means which are caused directly to the property except:
- Total or partial cessation of work or retardation or interruption of any process or omissions.
- Permanent or temporary dispossession.
- Permanent or temporary dispossession of any building from illegal occupation of any person.
- Burglary, theft, housebreaking, larceny or any such act by any person.
- Damage, destruction or losses caused by natural calamities like mentioned are also covered under this plan. Storm, cyclone, typhoon, tempest, hurricane, tornado, flood and inundation, excluding those resulting from earthquake, volcanic eruption or other convulsions of nature are also covered under this plan.
- Impact Damage: Physical damage/ loss / destruction caused to the insured property due to impact by any rail, road, vehicle or animal by direct contact which do not belong or owned by
- Insured or the occupier of the property OR
- Insured’s employees while acting in the course of their employment.
- Subsidence and Landslide which includes Rockslide as well: Damage, destruction or loss caused by Subsidence of part of the site on which the property stands or landslide and rockslide except:
- Normal cracking and settlement or bedding down of new structures.
- Settlement or movement of made up ground.
- Coastal or river erosion.
- Faulty design by workmen.
- Demolition, construction, repairs or structural alterations of any property.
- Bursting and or Overflowing of Water Tanks, Apparatus and Pipes.
- Bush Fire.
- Missile Testing Operations.
- Leakage from Automatic Sprinkler Installations.
- Earthquake.
Section II – Burglary & Housebreaking which includes larceny and theft – For Contents Only: This plan covers the loss or damage due to Burglary and /or Housebreaking which . In addition to this, loss or damaged caused due to attempted burglary and/or housebreaking is also paid for
Section III – All Risk against valuables items only: Under this plan, the protection is for family’s Jewellery and valuables from all risks. Valuables include cameras, wrist watches and musical instruments. The policyholder will have to bear 5% of each claim amount with a minimum of Rs 25000.
Section IV – Plate lass Cover( fixed): Under this, the protection is for the fixed plate glass against accidental damage or loss. The policyholder will have to bear 5% of each claim amount with a minimum of Rs 2500.
Section V – Breakdown of Domestic Appliances: Under this, the coverage is for the domestic appliances against mechanical and electrical breakdown. The policyholder will have to bear 1% of each claim amount with a minimum of Rs 500.
Section VI – Television Sets ( All Risk) cover;
Section VII – Pedal Cycle: The cover provides protection against legal liability arising from the damage caused to the third party.
Section VIII – Baggage Insurance: Under this plan, the protection is for luggage, personal effects as well as personal papers as accompanied baggage beyond municipal limits against loss, theft or accidental damage.
Section IX – Personal Accident Insurance: Under this plan, there is coverage for personal accident insurance also.
Section X – Public Liability and Workman Compensation Risks: Under this plan, there is coverage for public liability and workman compensation risks.
Exclusions of the plan:
No indemnity is allowed in the following situations:
- Loss and /or damage which arises due to war whether declared or not, invasion, hostilities, act of foreign enemy , civil war, mutiny or civil commotion.
- Loss/ damage/ destruction caused directly or indirectly to the property insured byThe plan also does not cover the loss/ damage/ destruction caused to the property of the insured due to pollution or by contamination.
- Ionizing, radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste.
- Radioactive toxic explosives.
- The plan does not cover the loss/ damage/ destruction to stock in cold storage caused due to change in temperature.
- The plan does not cover loss or damage caused to any electrical machine, apparatus, fixture or fitting arising out of overrunning, excessive pressure , self heating, short circuiting, arcing, or leakage of electricity.
- All expensed incurred for Architects, Surveyors, and Consulting Engineer’s fees and debris removal by the insured following the loss in excess of 3% and 1% of the claim amount respectively.
- The plan does not cover the loss by theft during or after the incident of any of the insured perils except as provided under riot, strike and malicious damage cover.
- The plan does not cover the loss of earnings or any other consequential or indirect loss and damage of any kind.
- Loss or damage due to earthquake, volcanic eruptions or other convulsions of nature.
- The plan does not cover the loss or damage to the property insured if removed to any building or place other than in which it is except for machinery and equipment temporarily removed for cleaning , repair, renovation or similar other purposes for not more than 60 days.
- The plan does not cover the loss by theft during or after the incident of any of the insured perils except as provided under riot, strike and malicious damage cover.
- Loss of earnings or any other consequential or indirect loss and damage of any kind is not covered under the plan.
Claim Process under the plan:
The claim service of the company is highly efficient and of high standard. One can make 24x7 claims notification. Timely customer service and assistance along with survey and further assistance within a day. Simple claims procedure and ensuring high customer satisfaction.
- Call at the toll free no of the company and lodge the claim.
- The following details are to be furnished:
- Nature of loss.
- Location of loss.
- Amount of loss
- Policy Number.
- Insured Contact Details.
- Claim representative will contact the insured person for further process.
- Claim representative will provide the claim reference number for future reference.
- FIR will be needed for compulsorily for Malacious Damage Riot and Strike Terrorism, Burglary, Theft. But the same is not needed for flood, storm, lightning, subsidence, earthquake, Impact Damage due to Aircraft Losses.
- After the claim gets submitted and the same is approved, a text message will be sent intimating the surveyor details.
- A Surveyor is appointed to assess the loss of the insured house and inspection of the same. Post which the approval is given and the insured is intimated about the claim status.
- The Surveyor will contact for suitable time for survey and will conduct the survey.
- After this, the claim will be processed.
Documents needed to register a claim under the plan
Documents which are to be submitted at the time of registering a claim are as under:
- Duly filed claim form.
- Police FIR /Charge Sheet ( notarized copy)
- List of items lost in the incident with their purchase bill or receipt.
- Occupancy Certificate( notarized copy)
- Fire Brigade Report( notarized copy)
- Invoices if the same is available for contents.
- Original Repair Bills.
Contact
- Email at nic[dot]misc[at]nic[dot]co[dot]in
