Oriental Bank Home Insurance

Getting home insurance is crucial. Your home is not just a building; it's an asset on which you invested your hard-earned money. Hence, to shield it against all types of damages is vital to the customer. Coverage against losses incurred due to weather and fire isn't the only potential risks to a building; there are many other.

Oriental insurance understands the needs of a traditional house owner. This insurance company offers a customized policy known as ‘Sweet Home Insurance.’ This scheme is a smaller version of the existing 'Householders´ Package Policy.' This policy entails three different plans and each plan consists of five segments with the first two sections deemed as `first loss basis.´

Oriental Home Insurance Policy Sections

First Section (Building)

• Includes cover against earthquake

• Cover against fire and related hazards

• You must remember that you need not be the house owner to gain coverage for the building. Tenants can also get home insurance according to this section.

• The policyholder can choose 4, 6 & 8 lacs under the plans A, B, & C

Second Section (Items excluding insurance for jewelry against fire and other hazards as mentioned above)

• Offers coverage against fire for protecting items fitted in the premises of the building

• You don't necessarily need to provide the details linked with the contents of the building

• Price of one item shouldn't exceed the amount selected under Plan A, B and C

• The firm's accountability in this segment is 1, 2, and 3 lacs under Plan A, B & C respectively.

Third Section (Cover against robbery and break-in)

Amount assured and the limit of accountability of the insurance firm in this segment is the same as section two.

Fourth Section (Electrical/Mechanical failure of any appliances used in the house)

This clause is slightly distinct from the second and third section since you will be required to give a detailed list of each such insured gadget used in the house, for which you'll be needed to submit a form as well.

Oriental Insurance can pay up to INR 30,000-INR 50,000 for such damages and 70,000 for Plan A, B & C accordingly.

Fifth Section (Personal Accident Cover)

This plan offers indemnification against accidental death or disability (temporary or permanent) to the dependents of the family or the insured. However, this facility can be availed only if you are aged between 18 and 70.

Sections & Amount Simplified

Section	Price of the Property as Stated by the Sponsor
	Plan A	Plan B	Plan C
Section I: Optional	INR 4 lacs Fixed Premium – INR 240	INR 6 lacs Fixed Premium – INR 360	INR 8 lacs Fixed Premium – INR 480
Section II: On first loss basis	INR 1 lac Fixed	INR 2 lacs Fixed	INR 3 lacs Fixed
Section III: On first loss basis	1,00,000/- (S.I .including M.B .section) Pr.Rs.43/-	2,00,000/- (S.I.including M.B .section) Pr.Rs.86/-	3,00,000/- (S.I .including M.B .section) Pr.Rs.129/-
Section IV: Electric/ Electronic devices	Up to INR 30,000	Up to INR 50,000	Up to INR 70,000
Section V: Personal Accident	INR 2 lacs	INR 2 lacs	INR 2 lacs

Features & Benefits

• The insurance owner has the choice of not purchasing part 1. This shows the flexibility offered by the insurance company.

• Rest of the segments are mandatory.

• The most distinguishing feature of the plan is that the policyholder doesn't necessarily need to inform the company of any additional details except the items for which the coverage is bought.

• Anyone can buy this policy (including NRIs)

Main features of ‘Sweet Home Insurance’ Policy’

• No small term plan

• No variation in the sum assured

• No restoration of the amount insured after the claim has been registered.

• The claimant must attach stamp duty for INR 20.

FAQs

What does First Loss Basis mean?

First Loss basis is a system in which the insurance section, in any case, will be applied only if the value of the entire property is much more than its value in the market.

What does the term Floater Basis mean?

A floater is a system in which the amount insured is available to the policyholder and the spouse. For instance, if 1 lac floats between the policy owner and spouse, both of them have the right to avail the amount.