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SBI Long Term Home Insurance

Remember the moment you stepped into your dream home - the happiness of having a roof for your loved ones, the comfort of having a place for yourself, the warmth of a shelter and the feeling of impending responsibility? Buying a home is probably the biggest purchase and the costliest investment most of us have ever made. It is also our responsibility to protect that place which shelters our aspirations and dreams of future. With a comprehensive home insurance cover, you can guard yourself against sudden mishaps that affect your property - be it something small like a theft or something serious, like damage by a natural disaster.

With a home insurance, you will be able to monetarily recover fast and also rebuild your home. When we talk about insurance, there comes the question of also paying the premium every month or year and renewing the policy annually.

With SBI long term home insurance policy, you can save the hassles of having to renew and pay the premium at constant intervals.

Features and Benefits of SBI Long Term Home Insurance

The following features and benefits offered by SBI home insurance sets it a league apart from other home insurance products in the market.

  • SBI long term home insurance is a comprehensive product that offers coverage against all major risks.
  • All man-made and natural calamities that might strike the structure of your home is covered.
  • Additional covers like that against terrorism can be opted for an extra cost.
  • Customers will be able to renew the policy online.
  • The home insurance policy is offered for up to a period of 30 years.
  • SBI long term home insurance policy comes with an in-built cover for earthquake.

Coverage Offered by SBI Long Term Home Insurance

Some of the risks covered by SBI under the long term home insurance policy is as follows.

  • Fire, lightning and aircraft damage.
  • Damages caused by explosion/implosion excluding that caused by economizers, pressure vessels and boilers.
  • Natural calamities like Storm, typhoon, hurricane, tempest, tornado, inundation and cyclone.
  • Loss or damage due to malicious acts, strike and riot.
  • Landslide, rockslide and subsidence
  • Impact Damage
  • Loss or Damage caused by missile testing operations
  • Overflowing and bursting of apparatus, pipes and water tanks
  • Loss or damage caused by fire/shock during earthquake
  • Bush fire

For a complete list of policy inclusions, refer to the policy wordings carefully before applying for a long term home insurance policy.


Policyholders must also be familiar with the major risks that are excluded under SBI long term home insurance policy. Loss or damage caused by the following disasters will not be covered under this policy.

  • Willful acts causing loss or damage or gross negligence
  • Explosion or implosion caused by damage to boilers
  • Damages due to centrifugal forces
  • Consequential losses
  • Nuclear and war related perils
  • Loss or damage caused by forest fire
  • Pollution and contamination
  • Loss or damage to bullion or unset precious gems, works of art, curios for an amount greater than Rs.10,000 unless explicitly specified.
  • Convulsions of nature and volcanic eruption
  • Mechanical and electrical breakdown
  • Burning down of property by public authorities.

Do enquire with SBI for the complete list of exclusions under long term home insurance policy.

Add-On Covers under SBI Long Term Home Insurance Policy

Cover against terrorism is offered as add-on feature with SBI long Term Home Insurance Policy. This add-on cover will guard you against loss to personal possessions and property caused due to acts of terrorism. This add-on cover can be opted for by paying an extra premium.

Sum Assured and Discounts for SBI Long Term Home Insurance Policy

Read on to find more about how the sum insured for home insurance policy is calculated.

  • SBI long term home insurance policy is offered for a period of minimum 3 years and maximum 30 years.
  • The premium amount for the entire policy period is collected in advance.
  • Under one method of premium calculation by SBI for long term home insurance, the amount shall be charged in full with no discounts. At the end of every 12 months, the sum insured shall be considered to have increased by 10% of the original sum insured.
  • Alternatively, the other method of premium calculation considers no increase in the sum insured. But, discounts will be appropriately applied on the gross premium as described below.
Policy Duration Premium Amount (in advance)
3 years 3 years premium minus 15% discount
4 years 4 years premium minus 20% discount
5 to 7 years 5 to 7 years premium minus 25% discount
8 to 10 years 8 to 10 years premium minus 30% discount
11 to 15 years 11 to 15 years premium minus 35% discount
16 to 20 years 16 to 20 years premium minus 40% discount
21 to 30 years 21 to 30 years premium minus 45% discount


  1. What is the duration that I can choose for my SBI long term home insurance policy?
  2. Policyholders can select any period ranging from a minimum of 3 years to maximum 30 years.

  3. Does my insurance cover the costs incurred for debris removal following a natural calamity?
  4. Debris removal by the insured after a destruction, loss or damage to the home by an insured peril in excess of 3% and 1% of claim amount is specifically excluded under SBI long term home insurance policy.

  5. What is impact damage as listed under policy inclusions?
  6. Visible physical damage or loss caused to the insured property due to an impact caused by road or rail vehicle or animals, that does not belong to the insured or their employees, by direct contact is impact damage. Your SBI home insurance policy covers loss or damage due to impacts.

  7. How do I file a SBI home insurance claim?
  8. In case of emergency, you can call, fax or send an email to SBI General Insurance. SBI representatives will guide you with respect to filing a claim. You will be asked to submit certain documents supporting your claim to initiate the settlement process. Also, a surveyor might be assigned to assess the extent of damage.

  9. How do I buy a SBI Long Term home insurance policy?
  10. You can buy the policy online at SBI General’s web portal. You will be asked to fill in details like policy tenure, policy start and end date and building sum insured. The premium will be calculated after which you can apply for home insurance policy online.

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