SBI General Insurance Company Ltd, one of the leading general insurance companies in India, has launched its Simple Home Insurance Policy – a package product providing coverage for a term period up to three years. The SBI General Simple Home Insurance Policy comes with a unique feature to cover Apartments on agreed value basis as against reconstruction cost.
This cover also offers comprehensive package for your home including protection for Public Liability, Personal Accident, Breakdown of Domestic Electric & Electronic Appliances, Loss of Cash whilst in Transit, amongst others.
Simple Home Insurance Policy by SBI General, a comprehensive cover, can be availed for owned as well as rented properties. With a policy period of 1, 2 and 3 years, the insured can avail of tenure discounts as well as discounts on the number of sections covered by the policy. Starting with a premium as minimal as Rs. 250, a customer can buy this cover from any of the State Bank of India Group branches.
Commenting on the launch of the new home insurance policy, Puneet Sahni, Head- Product Development, SBI General Insurance said, “We have perceived a gap in the coverage for home insurance Apartments specifically, where most of the insurance coverage is for cost of reconstruction. We have gone a step ahead and provided the cover on the Agreed Value for Apartments. Under this, the insured will be compensated on an agreed value which could be the value of the property as notified by revenue department for stamp duty or property tax purposes. This would give our customers the freedom to relocate to a new home immediately instead of waiting for the society to rebuild the flat/apartment.
Our product is available across the country through a wide network of branches of the State Bank Group. We hope the benefits of this product will be taken cognizance of and will help the insured cover their assets adequately against any potential hazard”
Mr. Sahni further added, “The Government agenda of ‘Housing for all by 2022’ and the recent RERA implementation will lead to an incremental demand for homes. In the wake of this, SBI General Insurance recognizes the importance of safeguarding your most prized possession. Through this simple and comprehensive cover, we will assist individuals to insure their owned as well as rented homes not just for property but also for the contents of their home.”
Some of the key features of Simple Home Insurance Policy are:
- A Comprehensive package policy that covers various aspects under 10 different coverages
- Death and Permanent Total Disablement caused by accident – Worldwide cover for Self and family members
- Covers like Burglary and Theft, Public Liability, Plate Glass, Loss of Cash while in Transit
- Breakdown of Domestic Electric and Electronic Appliances
- All Risk Cover- Portable Equipments, Jewellery & Valuables
- Optional Cover for Property of Domestic help
(*For detailed information on the product please contact nearest branch)
A home insurance can be used for a variety of contingencies – ranging from catastrophes to lesser known ones like lawsuits due to injury on the property or collateral against home loan. This policy has been launched with the aim of protecting the insured against any of the above mentioned misfortunes that the property or its contents may be exposed to.
