Is bank locker the safest option to store your valuables? Here is a better option

Updated: April 20, 2019 1:59:17 PM

Even today, the most common and traditional method of securing these valuables is by keeping them in bank lockers.

 bank locker, bank locker insurance policy, insurance, bank, jewellery insurance, claim processAll you need to know about the bank locker insurance policy

In India, the importance of jewellery has been great and is considered as the main element of Indian culture and tradition. Even today, the most common and traditional method of securing these valuables, preferred by most Indians, is by keeping them in bank lockers. But the question is “Are bank lockers the safest options to store your valuables?”. It is obvious that bank lockers are more secure and reliable to keep the valuables as compared to your home. However, considering that these bank lockers are the “Safest Option” is not completely correct.

There has been a substantial increase in the number of bank robbery in India in the last few years. As per statistics, banks in India have lost more than Rs.235 crore in the last five years due to incidents of burglary, robbery, dacoity and theft. The number of such acts has been increasing in the last few years. Hence, it is very significant to analyze and understand how safe these bank lockers are to keep your valuable which are purchased from your hard earned money.

However, Bank Locker Insurance Policy is the perfect solution for your concerns as it protects the contents of your bank lockers and ensures that you stay tension free.
Features of the policy

By opting for this policy, the policyholder is provided with coverage for jewellery and other valuables kept in a bank locker. It also offers an add-on cover that insures important documents kept in a bank locker. Even the entire process including the claim process is quite easy and hassle-free. It needs a self-declaration up to a specific limit. In addition to this, the policy can be sold both as group policy and as a retail policy for banks.

What does the policy cover?

The policy covers the damage or loss caused to the contents of the bank lockers if there is an occurrence of an accident, infidelity of bank staff, burglary or holdup. Moreover, it also covers the contents if there is an act of terrorism.

Under this policy, documents such as share and stock certificates, deposit receipts, title deeds, manuscripts and plans, passport, insurance policy, title deeds and other personal records and certi­ficates are covered.

Exclusions

Some of the major exclusions include any excess mentioned in the policy schedule, any items which are not stored within a secured bank locker, unexplained loss or mysterious disappearance from the locker, any loss in value or loss due to accounting errors or omission or any claim due to the unauthorized use of the documents.

The bottom line is that though banks have their own security measures but they cannot guarantee that your valuables are not stolen and hence the Bank Locker Policy helps in bridging the gap by offering a shield to your valuable contents stored in a bank locker.

(By Rakesh Goyal, Director, Probus Insurance)

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