New India Assurance Griha Suvidha Policy: Key Features

Coverage under the New Assurance Griha Suvidha Policy

This New India household policy covers four main sections, each with five built-in sections. However, the sixth section is optional, where the residential properties can cover the entire residential premise on the full Sum Insured (SI).

Section I –Content Coverage (Excluding Jewellery) Against Fire & Allied Perils

It covers household contents such as furniture & fixtures, fittings, clothing & apparel, upholstery, and domestic appliances that are on the premises against fire, lightning, implosion, explosion, riots, strikes, terrorism, damage, earthquakes, storms, cyclones, typhoons, tempests, hurricanes, tornados, floods, inundation, subsidence, and landslides. The insured household is not required to provide a detailed list of the items covered under this policy.

Exclusion under Section – I

• Loss or damage caused to consumables articles.
• Loss or damage caused to securities, stamps, money, bullion, livestock, motor vehicles, and pedal cycles.
• Loss or damage caused to bonds, bills of exchange, deeds, promissory note shares, stock certificates, deeds, business books, manuscripts, documents, precious stones, jewellery & valuables.

Excess under Section – I

1% of the Sum Insured (SI) and items/articles less than INR 1,000/- are not covered

Section II –Content Coverage (Excluding Jewellery) Against Burglary & Housebreaking, Theft Including Larceny

It covers household contents such as furniture and fixtures, fittings, clothing and apparel, upholstery, and domestic appliances that are on the premises against burglary, housebreaking, and theft, including robbery.

Exclusion under Section – II

• Loss or damage caused to the insured items due to burglary, theft, or housebreaking where any insured family member is involved as principal or accessory.
• Loss or damage caused to the livestock, vehicles, and pedal cycles.
• Loss or damage caused to bonds, bills of exchange, deeds, promissory note shares, stock certificates, deeds, business books, manuscripts, documents, precious stones, jewellery & valuables.

Excess under Section – II

• 1% of the Sum Insured (SI) and items/articles less than INR 1,000/- are not covered

Section III –Coverage for Jewellery & Valuables

It covers jewellery and valuable items worn or kept on the insured premises against fire, earthquakes, burglary, theft, housebreaking, accident, or misfortune. The insured household must describe the items only if their value exceeds 10% of the Sum Insured in this section. Further, they can only insure up to 5 such types of items.

Exclusions under Section III

• Loss or damage caused due to cracking, breaking, or scratching of lens/glass or any equipment/china marble, gramophone records, and other articles of fragile nature
• Loss or damage caused if there is mysterious disappearance, misplacement, or unexplainable loss of the insured items.
• Loss or damage caused to the insured articles due to moth, vermin, or mildew. Additionally, loss caused during the process of cleaning, dyeing, restoring, or repairing the insured property.
• Loss or damage caused by mechanical derangement or over-winding of watches and clocks.
• Loss or damage caused during conveyed by any carrier under a freight contract.

Excess under Section III

• 1% of the Sum Insured (SI) and items/articles less than INR 1,000/- are not covered

Section IV –Coverage for Breakdown of Domestic Appliances

It covers the physical damage caused by specific domestic appliances due to mechanical or electrical breakdowns. The insured must describe the appliance with details about its make and model.

Exclusions under Section IV

• Loss or damage arising due to willful act or negligence
• Loss or damage caused due to fraudulent activities at the time of commencement of the policy
• Loss or damage sustained due to manufacturer or supplier's fault before the beginning of the policy.
• Loss or damage to any insured property following any perils that are uninsurable under the policy
• Loss or damage arising while transporting damaged appliances to the repair shop and back to the insured's premises.

Excess under Section IV

• 1% of the Sum Insured (SI) and items/articles less than INR 1,000/- are not covered

Section V – TV/Desktop Insurance

It covers televisions or desktops on the premises against earthquakes, fires, burglary, housebreaking, and electrical & mechanical breakdown.

Exclusions under Section V

• Loss or damage to an external antenna or fittings by theft unless the TV or desktop is stolen at the same time.
• Loss or damage arising out by traceable to erection, repair, or dismantling of TV/desktop.
• Loss or damage sustained in the insured TV/desktop due to the manufacturer or supplier's fault before the commencement of the policy.

Excess under Section V

1% of the Sum Insured (SI)

Section VI – Optional Cover

It is optional and covers the entire residential premises on a full Sum Insured basis. The premium for this section depends on the value of the property. It will be added to the premium payable for the other sections.

Excess under Section VI

5% of the claim amount subject to a minimum of INR 10,000 (Ten Thousand) for AOG perils only

*Disclaimer- To understand the exact policy coverage, kindly refer to the policy wordings provided by the insurer.

Sum Insured on First Loss Basis

**Service tax to be applied

• For Sections I to V, the first loss basis depends on the pre-fixed premium
• No condition is used for average & under insurance for Sections I to V
• Section VI covers the residential premises on Full Sum Insured
• The condition of average & under insurance is applied only to Section VI
• Ease in policy administration and claim management both

Claim Process for New India Assurance Griha Suvidha Policy

The New India Assurance Griha Suvidha claim settlement process is hassle-free. It does not require any unnecessary documentation, bills of ownership, etc. Claims below INR 20,000 will be settled automatically, while for claims above INR 20,000, the surveyor will visit the incident site, damages will be assessed & claims will be settled.

FAQs