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Home >Insurance >News >You can buy these standard insurance policies from 1 April

Standard fire and allied perils (SFSP) policies, namely Bharat Griha Raksha, Bharat Sookshma Udyam Suraksha and Bharat Laghu Udyam Suraksha, are available with insurers from Thursday for fresh issuance as well as renewal.

“It’s a great step by the Insurance Regulatory and Development Authority of India (Irdai) in introducing these three new products. The wordings are simple to understand, and the coverage is much wider," said Sanjay Datta, Chief-Underwriting, Claims and Reinsurance, ICICI Lombard General Insurance.

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These products are created to address the specific needs of retail customers.

“We believe this step would help in increasing the insurance penetration in the Home, SME & MSME segments in the country. We are observing multiple natural catastrophes happening every year, effecting the lives and livelihood of millions of people. These products would go a long way in providing insurance protection and support needed in such times. We at ICICI Lombard have already developed these products in our IT platform to make sure that policy delivery is fast to enable distribution," said Datta.

Take a look at details of these standard products on fire and allied perils insurance business.

Bharat Griha Raksha policy is meant for covering home building and/or home contents. The policy also offers in-built covers for loss of rent and rent for alternative accommodation, apart from providing cover for removal of debris and payment of architect’s, surveyor’s and consulting engineer’s fees.

Bharat Sookshma Udyam Suraksha policy is meant for enterprises where the total value at risk at any one location is up to 5 crore. It will cover temporary removal of stocks, start-up expenses, professional fees, removal of debris, costs compelled by Municipal Regulations, floater cover for stocks etc. The policy can be issued for a term not exceeding 12 months.

Bharat Laghu Udyam Suraksha policy is meant for enterprises where the total value at risk at any one location is more than 5 crore and up to 50 crore. It covers temporary removal of stocks, start-up expenses, professional fees, removal of debris and costs compelled by municipal regulations. The policy, however, does not cover floater cover for stocks. This policy also issued will not have to exceed a term of 12 months.

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