Section II - Household Articles - FAQs
Questions about Household Articles Insurance? Get your answers here!
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.
What is the basis of coverage?
The coverage is against named perils with depreciation and with per item limits in respect of Bronze, Silver & Gold Plans. For Bronze plan, the sum insured limits are fixed for sections other than building. In respect of Silver and Gold Plan, the sum insured limits are flexible with only a maximum sum insured with per item limit There is also an option available in Silver and Gold plans to remove the per item limit in respect of Contents, Appliances, Jewellery & Valuables and Mobile equipment’s sections on payment of an additional 10% premium. Removal of per item limit shall be at a policy level and not at a section level.
Similarly, coverage on All risks basis for Contents and appliances sections together with named peril coverage for Jewellery & Valuables and Mobile equipment’s sections with depreciation but without per item limit is available in Platinum Plan. This cover is enriched with zero depreciation in respect of Contents, Appliances, Jewellery & Valuables and Mobile equipment’s sections without per item limit in Diamond plan.
Apart from the above, the following additional coverage’s viz Temporary Resettlement, Loss of Cash, Personal Accident, Employees Compensation and Terrorism are optional, with fixed sum insured limits based on plan opted.
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 a specific section only under Household articles section?
Yes. You can opt for Household contents section alone.
However, please note that coverage for sections other than Household contents under Household articles section can be availed only when coverage for Household Contents section is opted.
Can I renew my policy after expiry?
Yes, for subsequent renewals post the expiry of your policy period, you have the following options:
Pay through your credit card.
Provide a cheque in favor of Royal Sundaram General Insurance Co. Limited.
In addition to the above Royal Sundaram would also send you a renewal notice for your policy which will detail the terms of renewal.
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 upto 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
For Multi-year policies refund of premium shall be calculated as follows:
1. 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)
2. 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.
I bought a new Washing Machine. What do I need to do to include it in the Policy?
You need not take any steps to include it in the Policy. This product offers cover to your household items without any declaration.
I live in a rented home. Can I avail Household articles Insurance for my home?
Yes, you can avail Household articles Insurance for the items in your home. But if you change your residence, please do inform our Customer Support, so that we make necessary changes in our records.