IRDAI’s Bharat Griha Raksha Policy Will Protect Your Home Form All Calamities; Know What Is It And How To Buy It

by Shatakshi Gupta
3 mins read

Costly home insurance premium is the biggest reason why many people refrain from buying a home insurance policy. But now, the Indian Insurance regulator IRDAI has launched Bharat Griha Raksha Policy. It is a standard home insurance policy, which provides comprehensive coverage.  Bharat Griha Raksha policy covers the structure of the house as well as the items inside the house. Apart from the building, the structure of the house also includes lawn, parking space, water tank, garage, outhouse, permanent fittings.

Covers household items

Common items inside the house are automatically covered up to 20% of the sum insured of the building of the house. Its maximum limit is up to Rs 10 lakh. For example, if your house building is insured for 50 lakhs, then your household items will be covered to the extent of Rs 10 lakhs. There is an option to increase this amount by declaring the details. The premium for insurance of Rs 1 crore is Rs 2,500-4,200 per annum.

Tenure of Policy

 You can buy the policy for 10 years. Keeping inflation in mind, the policy also has the norm of auto-escalation. It will increase at the rate of 10% per annum to a maximum of 100% of the initial sum assured. For example, if the initial sum insured is 30 lakhs, it will increase to Rs 33 lakhs after the first year, Rs 36.3 lakhs in the second year and so on. Even under an annual policy, the sum assured will automatically increase each day by an amount representing 1/365th of 10% of the sum insured on the date of commencement of the policy.

Also read: How To Save Money On Car Insurance

Damages covered under the Policy

Bharat Griha Suraksha covers a wide range of damages, which are as follows:

  • Explosion.
  • Earthquake, volcanic eruption or major natural disaster.
  • Landslide, rock slide.
  • Lightning.
  • Hurricanes, cyclones, typhoons, tornadoes, tornadoes, tsunamis, floods and floods.
  • Collision damage.
  • Riot, strike, sabotage.
  • Bush fire, forest fire.
  • Missile Testing Operation.
  • Terrorist incident.
  • Leakage of Automatic Spraying Units.
  • Bursting or overflowing of water tanks, equipment and pipes.
  • Theft.

Who can buy this policy?

 Both the landlord and the tenant who is using the building for residential purpose is entitled to buy the policy.

Where to buy it?

The insurance regulator IRDAI has made it mandatory for all general insurance companies to offer Bharat Griha Raksha standard insurance policy and as a result, most insurers have started offering this insurance cover from April 1, 2021.

Read more: Your Guide To Travel Insurance and How To Apply For a Travel Insurance

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