Page 45 - Insurance Times February 2021

(a) Standard Proposal Form Removal of Debris and payment of Architect’s,

(b) Standard Prospectus Surveyor’s and Consulting Engineer’s fees.
(c) Standard Policy wordings (including optional covers 10. Optional covers
along with the basic cover)
In addition to the basic cover and in-built covers, Bharat
(d) Standard Key Features Document (KFD) Griha Raksha offers two optional covers, namely, (1).
(e) Standard Special Clause (Agreed Bank Clause) Cover for Valuable Contents on Agreed Value Basis
(under Home Contents cover) and (2). Personal Accident
6. Standard Proposal Form cover for insured and spouse where insured peril causes
While the Standard Proposal Form has been prescribed damages to Home Building and/or Home Contents and
by these Guidelines, insurers shall include questions also results in the death of either or both of them.
relevant to innovative add-ons, as the case maybe.
However, no other questions shall be added nor can the 11. Terrorism cover
proposal form be modified in any other manner. 11.1. Cover against terrorism is part of the basic product.
Insurers shall attach the relevant clause reflecting the
7. Policy Schedule standard wordings agreed upon in the Indian Market
7.1. Insurers shall design a Standard Policy Schedule which Terrorism Risk Pool (IMTRIP) and build the agreed
shall, at the minimum, contain the following rate into the pricing of the product.
information. Insurers shall also ensure compliance with 11.2. The same shall be reflected in the Technical Note
the relevant provisions of the IRDAI (Protection of when the product is filed with the Authority under
Policyholders’ Regulations), 2017. the File and Use procedure of the Product Filing
i. Details of Proposer Guidelines.
ii. Risk details 12. Basis of Sum Insured
iii. Details of Policy Period 12.1 Home Building and Home Contents shall be insured
iv. Details of basic cover/s opted for (Home Building on Reinstatement/Replacement value basis, as
or Home Contents or both) applicable. Insurance on market value basis either for
building or contents is not permitted. Each insurer
v. Details of in-built covers
shall necessarily capture the carpet area of the Home
vi. Details of optional cover/s opted for, if applicable. Building and define the cost of construction per unit
vii. Details of innovative add-ons, as applicable carpet area at the policy commencement date to
arrive at the Sum Insured of the Building. The Sum
viii. Details of Sums Insured as applicable
Insured for Reinstatement/Replacement value, as
ix. Details of premium paid applicable, can be higher than the defined cost of
7.2. The Standard Policy Schedule shall be filed with the construction at the policy commencement multiplied
Authority for prior approval, along with other required by carpet area but NOT lower.
documents following the procedure required under the 12.2 Optional cover for Valuable Contents on Agreed Value
extant Product Filing Guidelines. Basis shall be available on declaration of the details and
submission of a Valuation Certificate. The requirement
8. Policy Duration of submission of Valuation Certificate shall be waived if
Bharat Griha Raksha policy duration shall not be more the sum insured opted for is up to Rs. 5 lakh and
than 10 years. individual item value does not exceed Rs. 1 lakh.

9. In-built covers 12.3 Optional cover for Personal Accident (Death only)
In addition to the basic cover for Home Building due to an insured peril for the Insured and spouse
(including additional structures as the case may be) and/ shall be available for a compensation amount of Rs.
or Home Contents (including automatic cover for Home 5 Lakh per person.
Contents), Bharat Griha Raksha offers in-built covers 12.4 For long-term policy, the Sum Insured for Building of
for Loss of Rent and Rent for Alternative Bharat Griha Raksha shall auto escalate @10% per
Accommodation, apart from providing cover for annum. The auto escalation shall always be applicable

The Insurance Times, February 2021