Insurance Gyan: Type of Insurance-BGR

Bharat Griha Raksha is a standardized home insurance policy launched by the Insurance Regulatory and Development Authority of India (IRDAI) in April 2021. It's designed to be an affordable and comprehensive insurance plan for residential properties in India. Here's a breakdown of the key features:

Coverage:

  • Home Building: This covers the structure of your home against various perils like fire, earthquake, floods, riots, etc. The insurer will pay you the amount required to rebuild the house in case of damage.
  • Home Contents (Optional): This covers the belongings inside your home like furniture, electronics, and appliances. You can choose to add this coverage along with home building insurance.

Benefits:

  • Standardized Policy: The policy wording and coverage are the same across all insurance companies offering Bharat Griha Raksha, making it easier to compare plans.
  • Affordable Premiums: The policy is designed to be affordable for most homeowners in India.
  • Quick Claim Settlement: The standardized format simplifies the claim settlement process.

Additional Points:

  • Sum Insured: You'll need to decide on the sum insured for both the building and contents (if opted for). This determines the maximum payout in case of a claim.
  • Automatic Cover for Contents: There's an automatic cover for general contents included for a limited amount if you purchase building insurance. You can choose to increase this limit if needed.
  • Personal Accident Cover (Optional): Some insurers offer an optional personal accident cover that provides financial assistance in case of death due to a covered peril.

Here are some resources for further reading:

  • #BharatGrihaRakshaPolicy
  • #BGRPolicy
  • #HomeInsuranceIndia
  • #ProtectYourHome  
  • #StandardizedHomeInsurance 
  • #AffordableHomeProtection
  • #BGRPeaceofMind
  • #QuickClaimSettlement

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