1. Now, home insurance based on market value

Now, home insurance based on market value

With home insurance penetration in India a dismal 0.07%, Bajaj Allianz General Insurance Company has come up with a plan...

By: | Pune | Published: June 10, 2015 12:10 AM

With home insurance penetration in India a dismal 0.07%, Bajaj Allianz General Insurance Company has come up with a plan, which, it claims, is simpler and cuts down on documentation significantly. The “My Home All Risk Policy” offers insurance for homes based on the market value, unlike existing plans that take into consideration only the construction value of the property.  The policy will cover not only the home, but also its contents.

Bajaj Allianz promises to replace damaged home equipment, such as laptops, smart phones and cameras, as well as offers cover for jewellery and works of art.  Tapan Singhel, MD & CEO, Bajaj Allianz home, said: “Policies were not taking off because they offered only one-third cover and did not consider the market value of the property. So, there was a need for a cover that not only protected the home at the right value, but also provided a wider security blanket for its contents.”

  1. D
    DB
    Jun 11, 2015 at 7:30 pm
    There are such good, improved products coming in the market but because of IRDA's policy of not keeping open architecture model for agents these products can not reach to the customers as expected. Those who are agents of bajaj allianz will only sell this, others will not even they wish to. This also allowed the other companies to continue to sell the old products and many without facing any compeion.
    Reply
    1. D
      DB
      Jun 11, 2015 at 7:32 pm
      Though such improved products are launched by insurance companies these reach to very few customers because tied up agency model of the IRDA. Agents of other companies can not sell it and that's why other companies continue to sell the old versions putting the customers at disadvantage. There must be open architecture in insurance.
      Reply

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