Country's largest non-life insurer, New India Assurance on Friday announced launch of its home insurance product called 'New India Griha Suvidha Policy'.
Country’s largest non-life insurer, New India Assurance on Friday announced launch of its home insurance product called ‘New India Griha Suvidha Policy’. This is an insurance product for homes covering various assets against natural perils like floods, earthquake, fire and also burglary and terrorism.
The policy has four specific option and each options have five built-in sections with pre-fixed Sum Insured on a first loss basis and for the first option the annual premium is R1,125. For this option individual will get cover of R1 lakh for damage to contents due to fire and allied perils and R1 lakh for burglary, housebreaking and theft. While valuables and jewellery and breakdown and domestic appliances will be covered to the extent of R50,000. In other options sum insured increases along with annual premium.
G Srinivasan, CMD of New India Assurance at the announcement said, “While there is demand of health and personal accident insurance, the demand for home insurance plans was low despite natural calamities and fire-related incidents as they are perceived as complex and cumbersome. This is a simpler product designed to addresses the issue.” The company also expects to have 25 lakh policies through this policy.
The policy also has an optional section VI where the resident premises can be covered on full sum insured basis.