Mumbai: Anil Ambani group firm Reliance General Insurance on 17 July launched a householders policy that will pay for the outstanding home loan instalments and the children’s education in case the insurer dies.
The country’s third largest private general insurer said in a statement Reliance Home Protect was the first-of-its-kind policy available to consumers over the counter without lengthy paperwork of asset valuation, list of household goods and even details about their valuables.
The policy has been launched in four variants Standard, Silver, Gold and Platinum and was available at a fixed price of Rs499 for Standard plan, Rs799 for Silver plan, Rs1,799 for Gold plan and Rs3,799 for Platinum plan.
“Reliance Home Protect is aimed to simplify the entire home insurance process and attract the large number of policy seekers who have not been insuring their homes either because of extensive formalities or inadequate value adds,” Reliance General Insurance CEO K A Somasekharan said.
The policy would also cover additional rent for alternate accommodation availed by the insured when the insured’s home is destroyed or damaged by fire and allied perils including earthquake and rendered unfit for occupation. The policy also offers to compensate for loss or damage of home content and appliances while shifting to new home.
As per first loss basis, the policy holder would receive the full amount of loss, irrespective of the ratio of insured amount and the actual value of insured goods. It also offers cover to the loss of passport expenses, loss of goods in transit and loss of title deed expenses as well as a terrorism cover for the insured at a marginal cost.