Home Building

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About Building Insurance

Building shall mean Flat or Apartment used for Resedential purpose owned by the Insured located in a multi storied Building and also Independent building used for residential purposes which is not of Kutcha Construction. The Building shall include the superstructure including doors , windows, electrical and plumbing works.It does not include any fixtures and fittings and other interiors.

Plans & Premium

This building insurance comes to you at customized plan options to suit your unique requirements. You can choose from the below plans, which best matches your sum insured requirement.

Bronze

Sum Insured upto

Rs. 15 Lakhs

Silver

Sum Insured between

Rs. 15 to 25 Lakhs

Gold

Sum Insured between

Rs. 25 to 50 Lakhs

Platinum

Sum Insured above

Rs. 50 Lakhs

Diamond*

Sum Insured above

Rs. 1 Crore

Key Benifits

Key Benefits

Higher SI

No documentation required for a SI of up to Rs 5 crore.

Lower Rates

Seperate lower rate for emerging affordable housing segment under Bronze Plan. ( 0.40 per mille rate for a SI up to Rs 15 lakhs)

Discounts for long term policies

Option to opt for Escalation Benefit (10% of increase in Sum Insured each year) OR Tenure Discount (10% to 50%) for long term policies.

Tenure

Tenure from 1 to 20 years

Add-Ons

Terrorism available as a add on cover if the tenure opted is for 1 year

Other Covers

Cover for loss due to burglary

Building Coverages

Fire, Lightning, Explosion/Implosion

Aircraft Damage

Riot, Strike and Malicious Damage

Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood, and Inundation

Impact damage by any Rail / Road Vehicle (other than vehicles belonging to the Insured person/ employees of the Insured person/any occupier of the Insured Premises) or Animal.

Earthquake (Fire and Shock), Subsidence and Landslide including Rock slide

Bursting and/or overflowing of Water Tanks, Apparatus and Pipes

Bush Fire excluding loss, destruction or damage caused by Forest Fire.

Leakage from Automatic Sprinkler Installations

Missile testing operations

Terrorism (Optional)

Burglary

Building Claims

Building - Claim Procedure

In the event of an incident that may give rise to a claim under this Policy, You must notify the Company immediately over phone or email us at customer.services@royalsundaram.in or provide written intimation and shall within 14 days thereafter furnish to the Company detailed particulars of the amount of the loss or damage together with such explanation and evidence to substantiate the claim as the Company may reasonably require.

Lodge a complaint with the Police forthwith in the event of theft and Burglary and take all practicable steps to apprehend the guilty person or persons and to recover the property lost.

Home Building FAQ

FAQs

Questions about HomeBuilding Insurance? Get your answers here.

Why do I need Home Insurance?

Your home is precious and worth Lakhs / Crores. It is not immune from perils such as fire accidents, floods, earthquake, etc. Disasters that last just seconds can drain your savings of years. Insuring your home protects you from losing your hard-earned money, by covering perils such as fire accidents, earthquake, cyclone, riot or malicious damage, etc.

Who is providing coverage under Gruh Suraksha Home Insurance Plan?

Your Coverage under Gruh Suraksha Home Insurance Plan is offered by Royal Sundaram General Insurance Co. Limited, a fully owned subsidiary of Sundaram Finance, one of the most respected NBFCs of India.

Who is eligible for the coverage?

Parameter	Eligibility
Age	Above 18 years

What is Replacement/Reinstatement value?

It is the approximate cost that would be required to reconstruct the Property (after damage or destruction), to its present form. As per Standard Procedure, the Reconstruction cost includes the value of plinth and foundation. It does not include the value of the land.

Can I opt for cover for Building or Household articles section alone?

Yes. You can opt either for Building or Household articles section.

Can I opt for different plans for covering Building and Household articles sections?

Yes, you can opt for different plans to cover Building and Household articles (for e.g. For Building a person can opt for Platinum/Diamond Plan and for household articles he can opt for Silver or Gold)

What is the minimum sum insured limit under the policy?

There is no minimum sum insured limit.

What is the minimum premium payable under the policy?

The minimum premium payable under the policy is Rs.250/- which shall be applicable separately for Building and Contents sections

What are the terms for Policy Cancellation?

The Company may at any time cancel the Policy on grounds of misrepresentation, fraud, non-disclosure of material fact relating to this insurance of the insured or non-cooperation by the Insured by sending 15 days’ notice in writing by Registered A/D to the insured at his last known address in which case the Company shall not refund to the insured any portion of the premium. The insured may at any time cancel this policy by giving 15 days’ notice in writing and in such event, the Company shall allow refund of premium after retaining premium at Company’s short period rate table given below for the period on risk subject to a minimum premium of Rs.250/-, provided no claim has occurred up to the date of cancellation Short period scales:

Period on Risk	Rate of Premium to be retained
Up to 1 month	25% of Premium
Up to 3 months	50% of Premium
Up to 6 months	75% of Premium
Up to 12 months	Full Premium

What is under insurance? How do I ensure the Sum Insured chosen by me is adequate?

The Sum Insured chosen by you should reflect the actual cost that will be incurred by you to reconstruct the home / flat completely, in the event of a total loss. This cost can be arrived at by multiplying the actual square feet area of your house (eg 1,000 sq ft) in to the present day cost of construction per sq ft (which is around Rs2,500/- today) As per the above example, the Sum Insured comes to Rs 25 lakhs. If this house were to be under insured for a Sum Insured of Rs 12.5 lakhs instead, then there will be a reduction in the claim settlement which will be in proportion to the percentage of under insurance. If the claim amount is Rs 10 lakhs in this case, we will settle only Rs 5 lakhs (as there is a 50% under insurance) The sum insured chosen by you should not be based on the loan value, but on the actual cost of reconstruction.(excluding the land value)

What is meant by Kutcha Construction?

Building(s) with walls and/or roofs made of wooden planks / thatched leaves and/or grass / hay or any kind of bamboo / plastic cloth / asphalt / cloth / canvas / tarpaulin etc, is considered as 'Kutcha' construction. Home buildings and boundary wall made of Kutcha construction are not covered by this product.

What are the discounts available under the policy?

The policy offers the following discounts:

Tenure	Discount
One year	Nil
Two years	7%
Three years	15%
Four years	20%
Five years	25%
Six years	30%
Seven years	35%
Eight years	40%
Nine years	45%
Ten years and above	50%

When does the coverage start?

Coverage will start from the date on which the premium is remitted to the Company.

I own a home let out for rent. Can I cover it?

Yes, you can insure your home, as long as it's occupied as Residence and not let out for commercial purposes. The home should not be a Kutcha Construction.

Are first year vaccinations covered in Lifeline for children?

First year vaccinations for New Born Baby is covered if claim for maternity benefit (covered only under Elite Plan) is payable.

My home is damaged due to fire accident. Can I go ahead, do the repairs and send the bills for reimbursement?

If your home is damaged, DO NOT undertake the repairs. First, intimate us online and through our Customer Support by calling 1860 425 0000 or e-mail us customer.services@royalsundaram.in Submit the duly filled Claim Form with an estimation of the repairs. We will send a Surveyor to your home to assess the damage. Only after we give a go ahead to your Claim, you can carry out the repairs, or we would be unable to accept your Claim. Once the repair/reconstruction work is completed, the Surveyor will revisit your home. You can send the bills and vouchers to us for reimbursement. Please visit the Claims page for detailed information.

I wish to employ an Architect to restore my damaged home. Is it acceptable under the Policy?

Yes, you can employ an Architect. We will also reimburse the Architect's, Consulting Engineer's and Surveyor's fees, subject to a maximum of 3% of the Claim amount.

Home Script

Home Building Terms and condition

Policy Terms and Conditions

We request you to carefully read and understand the Terms and Conditions, before you buy the Policy. All claims are processed strictly according to it. Please speak or chat with our Customer Support Team, if you need any clarifications.