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Section I - Building - FAQs

Home Insurance
 

You can opt for a separate SI for your
compound wall and landscaping!

Questions about Building Insurance? Get your answers here!

Why do I need Home Insurance?

Your home is precious and worth Lakhs / Crores. It is not immune from perils such as fire accidents, floods, earthquake, etc. Disasters that last just seconds can drain your savings of years.

 

Insuring your home protects you from losing your hard-earned money, by covering perils such as fire accidents, earthquake, cyclone, riot or malicious damage, etc.  

Who is providing coverage under Gruh Suraksha Home Insurance Plan?

Your Coverage under Gruh Suraksha Home Insurance Plan is offered by Royal Sundaram General Insurance Co. Limited, a fully owned subsidiary of Sundaram Finance, one of the most respected NBFCs of India.

Who is eligible for the coverage?
Parameter Eligibility
Age  Above 18 years
 
What is Replacement/Reinstatement value?

It is the approximate cost that would be required to reconstruct the Property (after damage or destruction), to its present form. As per Standard Procedure, the Reconstruction cost includes the value of plinth and foundation. It does not include the value of the land.

Can I opt for cover for Building or Household articles section alone?
Yes. You can opt either for Building or Household articles section. 
Can I opt for different plans for covering Building and Household articles sections?

Yes, you can opt for different plans to cover Building and Household articles (for e.g. For Building a person can opt for Platinum/Diamond Plan and for household articles he can opt for Silver or Gold)

What is the minimum sum insured limit under the policy?
There is no minimum sum insured limit.
What is the minimum premium payable under the policy?
The minimum premium payable under the policy is Rs.250/- which shall be applicable separately for Building and Contents sections. 
What are the discounts available under the policy?

 

The policy offers the following discounts:

 

 

Tenure

Discount

One year

Nil

Two years

7%

Three years

15%

Four years

20%

Five years

25%

Six years

30%

Seven years

35%

Eight years

40%

Nine years

45%

Ten years and above

50%

 

 

Note: Tenure discount for building shall not be allowed when escalation benefit is opted by the insured

 

Discount for opting for both building & household articles sections:  

5% discount in premium for opting for both building and household articles sections. The above discount is applicable only when both sections are availed. If any or both the policies are cancelled midway the discount shall be withdrawn & adjusted against refund to be made.

When does the coverage start?
Coverage will start from the date on which the premium is remitted to the Company.
What are the terms for Policy Cancellation?

The Company may at any time cancel the Policy on grounds of misrepresentation, fraud, non-disclosure of material fact relating to this insurance of the insured or non-cooperation by the Insured by sending 15 days’ notice in writing by Registered A/D to the insured at his last known address in which case the Company shall not refund to the insured any portion of the premium.

 

The insured may at any time cancel this policy by giving 15 days’ notice in writing and in such event, the Company shall allow refund of premium after retaining premium at Company’s short period rate table given below for the period on risk subject to a minimum premium of Rs.250/-, provided no claim has occurred up to the date of cancellation.

 

Short period scales:

Period on Risk  Rate of Premium to be retained
Up to 1 month  25% of Premium
Up to 3 months  50% of Premium
Up to 6 months  75% of Premium
Up to 12 months  Full Premium

 

For Multi-year policies refund of premium shall be calculated as follows:

  • The actual number of years completed will be rounded off to the next year (for instance 4 years 2 months will be taken as 5 years)
  • Premium calculated after allowing the discount applicable as per the actual period on risk shall be retained and the balance if any shall be refunded. 

My home is damaged due to fire accident. Can I go ahead, do the repairs and send the bills for reimbursement?

If your home is damaged, DO NOT undertake the repairs. First, intimate us online and through our Customer Support by calling 1860 425 0000 or e-mail us customer.services@royalsundaram.in



Submit the duly filled Claim Form with an estimation of the repairs. We will send a Surveyor to your home to assess the damage. Only after we give a go ahead to your Claim, you can carry out the repairs, or we would be unable to accept your Claim. Once the repair/reconstruction work is completed, the Surveyor will revisit your home. You can send the bills and vouchers to us for reimbursement. Please visit the Claims page for detailed information.

I wish to employ an Architect to restore my damaged home. Is it acceptable under the Policy?

Yes, you can employ an Architect. We will also reimburse the Architect's, Consulting Engineer's and Surveyor's fees, subject to a maximum of 3% of the Claim amount.

What is under insurance? How do I ensure the Sum Insured chosen by me is adequate?

The Sum Insured chosen by you should reflect the actual cost that will be incurred by you to reconstruct the home / flat completely, in the event of a total loss.

 

This cost can be arrived at by multiplying the actual square feet area of your house (eg 1,000 sq ft) in to the present day cost of construction per sq ft (which is around Rs2,500/- today)

 

As per the above example, the Sum Insured comes to Rs 25 lakhs.

 

If this house were to be under insured for a Sum Insured of Rs 12.5 lakhs instead, then there will be a reduction in the claim settlement which will be in proportion to the percentage of under insurance. If the claim amount is Rs 10 lakhs in this case, we will settle only Rs 5 lakhs (as there is a 50% under insurance)

 

 

The sum insured chosen by you should not be based on the loan value, but on the actual cost of reconstruction.(excluding the land value)  

I own a home let out for rent. Can I cover it?

Yes, you can insure your home, as long as it's occupied as Residence and not let out for commercial purposes. The home should not be a Kutcha Construction.

What is meant by Kutcha Construction?

Building(s) with walls and/or roofs made of wooden planks / thatched leaves and/or grass / hay or any kind of bamboo / plastic cloth / asphalt / cloth / canvas / tarpaulin etc, is considered as 'Kutcha' construction.

 


Home buildings and boundary wall made of Kutcha construction are not covered by this product.

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