Overview of TATA AIG Home Insurance
Home is the most prized possession for which everyone works hard and saves every penny. No matter how big or small it is, home is a place which gives the comfort, security and warmth to our body and mind. Securing the home against any unforeseen catastrophic situation is hence so critical. Home insurance plans are the most apt financial tools to secure the home. Home insurance plan offers the dual advantage of not only protecting your house from any external means, but also covers the assets and valuable along with the structure. A Good home insurance plan endows the individual to stand in any predicament situations.
TATA AIG Home Insurance Plans are designed and crafted to perfection keeping in mind the array of upheaval events.
The various types of plans offered under Home Insurance Plans are
- Instachoice Home Insurance Plan
- Home Secure Supreme Plan
- Home Coupon Plan
- Standard Fire and Special Perils Cover Plan
To know the premium of any of these insurance plans, you can use a home insurance premium calculator.
Instachoice Home Insurance Plan
Key Features of the Home Insurance plan
- Simple and hassle free plan enrollment with no documentation required
- Option to choose premium as per the requirement and coverage amount opted by the applicant in the plan.
- Complete protection of gold jeweler and other valuable ornaments against burglary.
- Coverage protection for domestic appliances available under plan scope of benefit.
- Plan is available for anyone who resides in self owned or rented house.
- Simple process of enrollment by filling up the details in the “Have us call you” form
Plan Benefits
- Protection against Fire and Special Perils to home structure as well as contents including the events such as fires, earthquakes, floods, lightning, thunderstorms, storms, inundation, cyclones, etc.
- Protection coverage against man-made threats like terrorism, riots and strikes
- If the sum insured under fire Benefit is equal to or less than 85% of the full value of the property at the time of breaking out of fire allied perils then the insured shall be considered his own insurer for the difference and shall bear a ratable proportion of the loss
- For the cases where the house is severely damaged and rendered uninhabitable under Fire and allied perils , the Cover for additional rent is included in the plan to a maximum limit of Rs.30,000 for 3 months.
- Protection against Burglary & Theft of household contents on 1st loss basis subject to a maximum payment of 10% of the benefit sum assured or INR.5000/- whichever is less.
- The plan Coverage is extended in the case of any Public/third party Liability against any damage caused to them or their property in the insured’s home. This shall include Claims payable by plan holder to their domestic staff under the fatal accident Act 1855, Workmen’s compensation act 1923 or any amendment three to or common law subject to the benefit sum assured.
- The Plan would recompense Accidental loss/damage/theft anywhere in India of accompanied personal baggage whilst on travel outside municipal limits of city.
- A Comprehensive cover against loss/ damage to Audio/AV appliances at home due to fire and allied perils, Burglary/theft, Accidental external means, Mechanical and electrical breakdown, legal liability.
- Comprehensive protection cover in the event of breakdown of Domestic Appliances against Mechanical &/or Electrical Breakdown to other domestic appliances at your home.
- Worldwide Personal Accident covers for self and family member in case of death or disablement of the insured person due to accidental bodily injury anywhere in world.
- Exclusive feature of Purchase Protection to cover New Items purchased under Benefits: Fire & Burglary / Theft up to 30 days from the date of purchase.
Standard Fire and Special Perils Cover
- A home insurance plan designed to provide complete protection against fire and some special threats.
- Sum insured is derived on the basis of Cost of reconstruction excluding land value as per current day value and the value of contents is calculated as per market value.
- Available for Anyone who resides in self owned or rented house.
Benefit coverage
The building structure and its contents is covered against any loss of damage due to the below mentioned events.
- Fire
- Lightning
- Explosion/Implosion
- Aircraft Damage
- Riot, Strike and Malicious damage
- Impact damage by any Rail/Road, vehicle or animal by direct contact(excluding damage by own vehicle)
- Subsidence and landslide including rockslide
- Bursting and/or overflowing of Water Tanks, Apparatus and Pipes
- Missile Testing operations
- Leakage from Automatic Sprinkler Installations
- Bush Fire
- Flood, Storm, Inundation etc.
- Earthquake
General Exclusions Under the home insurance plans
- The plans benefit shall not be pertinent for any consequential loss or losses, destruction, damage, or bodily injury due to
- War, invasion, the act of a foreign enemy, hostilities (whether war be declared or not), civil war rebellion, revolution insurrection mutiny, military, or usurped power, seizure, capture, arrest, restraints, and detainments of all kings, princes, and people of whatever nation, condition or quality what so ever.
- Ionizing radiation contamination by radioactivity from any nuclear fuel or any nuclear waste from the combustion (including any self-sustaining process of nuclear fission) of nuclear fuel or Nuclear weapons material.
- Willful act by self or family member or domestic staff.
- None of the Home Insurance plans offered by TATA AIG shall include loss, damage cost, or expenses of whatsoever nature directly or indirectly caused by, resulting from, or in connection with any act of terrorism regardless of any other cause or event contributing concurrently or in any other sequence to the loss.
- For each variant of the plans, first Rs. 250/- in respect of every claim shall not be reimbursed.
- Any event of loss, destruction, or damage to bullion or unset precious stones, curious or works of art for an amount exceeding Rs 10000/-, manuscripts, plans, drawings, securities, obligations or documents of any kind, stamps, coins, or paper money, cheques, books of accounts, computer system records, explosives shall be covered under the scope of plans, unless otherwise expressly stated in the plan.
- The plan's benefits shall not cover any loss, destruction, or damage to any electrical and/ or electronic machine, apparatus, fixture, or fitting (excluding fans and electrical wirings in dwellings) arising from or occasioned by overrunning, excessive pressure, short-circuiting, arcing, self-heating, or leakage of electricity, from whatever cause (lightning included).
- No Expenses necessarily incurred on Architects, Surveyors, and Consulting Engineer's Fees shall be a part of the claim in the Home Insurance plans.
- The scope of home insurance plans shall not cover the expenses towards debris removal incurred by the Insured following a loss, destruction, or damage to the property insured by an insured peril over 3% and 1% of the claim amount respectively.
- Loss of earnings, loss by delay, loss of market, or other consequential or indirect loss or damage of any kind or description whatsoever is not a part of plan benefits in TATA AIG.
- Loss by theft during or after the occurrence of any insured peril except a provided under riot, strike, and malicious damage cover.
- Any loss or damage occasioned by or through or in consequence directly or indirectly due to volcanic eruption or other convulsions of nature.
- For accidental death, bodily injury, or property damage arising out of or incidental to occupational hazard or nature of the business, trade, or employment.
- Any loss or damage due to any structural alterations, additions, repairs, or decorations to the property.
- If the loss or damage occurs while your home is unoccupied.
- If the plan holder or his family member and/or domestic staff are directly and/or indirectly in any way involved in or concerned with the actual or attempted burglary or theft.
- No claim under any of the plans shall be accepted in respect of any Kutcha Construction.
- The cost of repair associated with any malfunction for which the manufacturer or supplier of the domestic appliances is responsible.
- The cost of repair associated with loss or damage caused by or in the process of cleaning, maintenance, repair, dismantling;
- Loss or damage caused by atmospheric or climatic changes, moths, insects, and vermin;
- The first 1% of Benefit Sum Insured or Rs. 250, whichever is the greater of every Claim.
- For the accidental death benefit under its plan, the benefit shall not include any expenses in respect of any death, disablement, or bodily injury caused by, contributed to by, or howsoever arising from your and/or your family’s use or misuse of any drugs, alcohol or solvents; actual or attempted suicide, whether assisted or not or intentionally self-inflicted injury; engagement in dangerous activities; mounting into, dismounting from or traveling in any aircraft other than as a fare-paying passenger on a scheduled flight; sexually transmitted diseases insanity mental disorder or psychosomatic dysfunction; commission of any actual or attempted illegal or unlawful act; pregnancy, aggravated or prolonged childbirth or in consequence thereof.
- The aggravation of any injury, sickness, or disease for which medical care, treatment, or advice was recommended by or received from a physician or from which you and/or your family suffered or which was present before the commencement of the Period of Insurance.
- Seepage Losses: Damage to the house because of seepage.
- Damage caused because of pollution.
- Unmaintained property: If you do not maintain your property and then it gets damaged. In this case, the policy will not cover the damages.
- Self-Damage to Property: Any intentional losses to the property such as if the policyholder damages his/her property by him/herself, the damages will not be covered by the insurer.
- Impact of Government: Property loss as per the order of any court or government property.
- Pre-existing Losses/ Damages: Any pre-existing damage such as any wear and tear or any defects.
- Home Business: If you have a small business that you are running in your home, then its equipment is as well not covered under a home insurance policy.
- Damage Due to Rodent: Your home or property can get damaged because of rodents and a standard home insurance policy like Reliance Home Insurance does not provide coverage for the same.
Claim Procedure
In the event of any accident, loss or damage of the insured property and the damage or loss falls under any of the plans benefit schedule, the plan holder should inform TATA AIG on urgent basis and further lodge the claim as per plan details. The plan holder may
- Call at 24 X 7 Toll Free number of the company
