Bajaj Allianz General Insurance Revamps Home Insurance Product

Bajaj Allianz General Insurance, a private general insurer, has revamped its home insurance product, adding new and unique features so as to cater to the evolving needs of the customers. The revised ‘My Home – All Risk policy’ gives customer an option to buy a policy for a period as low as 1 day to a long term period of upto five years. Hitherto, this product was available on an annual contract basis.

It has also extended the coverage to organizations or firms who are owners of the property that is being used for residential purposes by employees, partners or other invitees. The company will pay the claim in case of theft and burglary even if the property remains unoccupied, which was earlier an exclusion under the policy.

Expanding the definition of coverage of personal items under the contents of ‘My Home – All Risk policy’, personal medical devices such as blood pressure machines, sugar testing machines and wearable devices such as fitness trackers, hearing aids, etc. will be covered along with spectacles and other similar personal items like drapery, bags, etc. The customer now also has the choice to insure jewellery and valuables on full sum insured basis as well as loss limit basis.

Commenting on the revision of 'My Home – All Risk Policy', Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said, “At Bajaj Allianz General Insurance, our aim is to help our customers stay worry-free by offering them holistic insurance solutions that safeguard their hard earned assets. We care about the feedback received from our customers and attractive revisions in our ‘My Home all risk policy’ is a result of it, which makes our product even more relevant to the customers of today. We are confident that with these range of features, customers can truly be at ease knowing that their worries are well taken care of.”

Bajaj Allianz General Insurance will also provide rent for alternate accommodation including brokerage payable towards such accommodation and additional benefit for emergency purchases under the revised policy, if the building becomes uninhabitable due to a loss covered under the policy. It has also defined age limits for which various types of contents will be covered and new competitive rates have been introduced considering the changes made.

My Home - All Risk policy, first launched in May 2014, had redefined the offering for the customers with the extent of coverage it provided. This policy covers structure of the house, contents, portable equipment, jewellery and valuables along with curios, works of art and paintings on agreed value basis, reinstatement value basis and indemnity basis as per the choice of the customers.

Srivats.kr@thehindu.co.in