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    Overview of Oriental Home Insurance (Sweet Home Insurance)

    Home insurance is an absolute must. There is no other way about it. Thinking that you can self-insure an asset as humungous as a house, which is your sweat and blood, is a folly. Coverage against hazards such as fire and damage incurred due to weather are not the only potential risks. What if someone stumbles and fall on your property and the injury is too big! You need indemnification even then. In addition, ensure that you insure for renovation as well as for everything (and everyone) inside the house too.

    Oriental insurance understands that one cannot take too many precautions when it comes to protecting yourself should something happen to your home. And this customized policy is aptly named as ‘Sweet Home Insurance’. This scheme is a minor version of the prevailing Householders´ Package Policy offered by Oriental and entails three different plans. Each plan consists of five segments with the first two sections deemed as `first loss basis´.

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    Oriental Home Insurance Policy Sections

    First Section (Building):

    • Against fire & related hazards.
    • Includes cover against earthquake.
    • You need not be the owner to pursue coverage for the building.
    • Individuals under tenancy can get insurance as per this section.
    • Policyholder can choose INR 4, 6 & 8 lacs under Plan A, B, & C.

    Second Section (Items except jewelry against fire and related hazards and earthquake as mentioned above):

    • Against fire to protect items kept and fitted in the building and premises.
    • You needn’t give out information of all the items too.
    • The price of one single article must not go beyond 10 percent of the amount chosen as per Plan A, B & C.
    • The accountability of the firm in this segment is INR 1, 2, and 3 lacs under Plan A, B & C in that order.

    Third Section (Items except jewelry against robbery and break-in):

    • The amount assured and the limits of accountability of the insurance firm in this segment is same as that mentioned in section two.

    Fourth Section (Electrical or mechanical failure of any device used in the house):

    • This is slightly different from the second and third section as you have to give detailed list of every such insured gadget used in the house, for which you need to submit a duly filled informational form.
    • Oriental will pay up to INR 30,000, INR 50,000 and INR 70,000 for Plan A, B & C accordingly.

    Fifth Section (Personal Accident Cover for insurance holder and his/ her partner):

    • The plan gives indemnification against accidental demise, loss of limb(s) and disability (temporary or permanent) on floater basis. But it is only available 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
    I (Optional) INR 4 lacs Fixed Premium – INR 240 INR 6 lacs Fixed Premium – INR 360 INR 8 lacs Fixed Premium – INR 480
    II (On first loss basis) 100 percent INR 1 lac       Fixed INR 2 lacs        Fixed INR 3 lacs Fixed
    III (On first loss basis) 100 percent 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/-
    IV Electric/ Electronic devices Up to INR 30,000 Up to INR 50,000 Up to INR 70,000
    V Personal Accident INR 2 lacs INR 2 lacs INR 2 lacs
       

    Features & Benefits:

    • The insurance holder is given the choice of not buying section 1 (against fire and related perils as well as natural disasters such as earthquake).
    • The remaining segments are mandatory. Those insure the house against fire, robbery, electrical and electronic devices against failure as well as personal accident of any family member residing in the house.
    • The most notable lure of the plan is that the policyholder need not inform the company of any extra details except those items for which coverage is bought.
    • Anybody including NRIs who owns a house can buy this policy.

    Star Attractions of ‘Sweet Home Insurance’ Policy’:

    • No small term plan.
    • No variation of sum assured.
    • No restoration of amount insured in the event of claim.
    • Stamp Duty to be attached is for INR 20.

    FAQs:

    1. What do you mean by First Loss Basis?

      2. First Loss basis is a conception in which the under-insurance section in case of a claim will be applied only if the worth of the whole property is way more than that of the property when its value is down in the market.

    2. Can you explain the term Floater Basis?

      3. Floater is a structure in which the amount insured is accessible to the policyholder as well as the spouse. For instance, if 1 lac floats between both policy owner and spouse, they can make use of the amount insured i.e. 1 lac.

    3. What are the prerequisites for buying an Oriental Home Insurance?

      4. You need to inform the company of complete value of the contents you are planning to insure. And as it is not mandatory that you submit a list of every item, the most you can claim will be ten percent of Plan Amount (INR 1 lac, INR 2 lacs & INR 3 lacs as per Plan A, B & C respectively).

    4. How do you gauge value of Breakdown of Machine as per this plan?

      5. If one of your mechanical or electrical device listed in the policy breaks down, you can claim for it to be repaired or replaced. If it exceeds the allowed cover, you must move to the next higher slab. If the worth of your apparatus exceeds beyond INR 3 lacs, then it would be better to shift to Householder Package Plan.

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