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.”