Page 5 - Insurance Times August 2019

General Insurance

News

Insurers hold over Rs. Bajaj Allianz General Insurance restructures home insur-
32,000 cr as unclaimed ance product
deposits Adding new and unique features to cater to the needs of the customers, Bajaj
Allianz General Insurance has revamped its
As per information presented by home insurance product. The revised ‘My
government, Home – All Risk policy’ will enable custom-
more than Rs. ers an option to purchase a policy for a
32,000 crore is period of 1 day to a long term period of up
lying as un- to five years, making it available on the ba-
claimed de- sis of annual contract.
posits with banks and insurance
The product extension was also done in
companies.
terms of the coverage to organizations or firms who are owners of the prop-
Any account which has not been op- erty, used for residential purposes by invitees, employees and partners. How-
erated for 10 years is considered as ever, in case of theft and burglary, the company will pay the claim even if the
unclaimed account and the amount
property remains unoccupied; earlier which was an exclusion under the policy.
deposited is considered as un-
claimed deposit or amount. Finance Personal medical devices such as sugar testing machines, blood pressure ma-
Minister Nirmala Sitharaman men- chines, fitness trackers, hearing aids, etc. will be covered along with spectacles
tioned in a written response that and items like drapery, bags, etc. while extending the definition of coverage of
unclaimed amount with life insurers personal items under the contents of ‘My Home – All Risk policy’. Customers
as of September 30, 2018 is Rs. now also have the choice to insure jewellery and valuables on full sum insured
16,887.66 crore and non-life insur- basis as well as loss limit basis.
ance companies hold Rs. 989.62 Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said, “At Bajaj Allianz
crore as unclaimed deposits.
General Insurance, our aim is to help our customers stay worry-free by offer-
In accordance with the provisions ing them holistic insurance solutions that safeguard their hard earned assets.
brought in by the Finance Act, 2015, We care about the feedback received from our customers and attractive revi-
the Centre notified the Senior Citi-
sions in our ‘My Home all risk policy’ is a result of it, which makes our product
zens’ Welfare Fund (SCWF) Rules,
even more relevant to the customers of today. We are confident that with these
2015. It was amended during next range of features, customers can truly be at ease knowing that their worries
two years and made applicable to are well taken care of.”
insurers. Entities having unclaimed
amounts for more than 10 years are However, rent for alternate accommodation including brokerage payable to-
required to transfer the amounts to wards such accommodation and additional benefit for emergency purchases
the SCWF on or before March 1 ev- under the revised policy will be provided by Bajaj Allianz General Insurance, if
ery year. The SCWF is utilised for the building becomes uninhabitable due to a loss covered under the policy. It
schemes promoting the welfare of has also set age limits for which various types of contents will be covered and
senior citizens. new competitive rates have been introduced considering the changes made.

The Insurance Times, August 2019 5