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ICICI Lombard General Insurance Co. Ltd

 

ICICI Lombard General Insurance Co. Ltd was established as a joint venture between ICICI Bank Limited and Fairfax Financial Holdings Limited, based in Canada. In India ICICI is the second largest bank, and on the other hand Fairfax Financial Holdings is a corporate entity that is mostly occupied with insurance, general insurance, reinsurance investment management and insurance claims management. ICICI Lombard General Insurance Co. Ltd has introduced new home insurance schemes and policies keeping in mind the benefits of the house owners.

 
Home Insurance
 
ICICI Lombard General Insurance Co. Ltd has come up with some effective home insurance schemes and policies that work towards the security and benefit of the people. The home insurance policy thus takes charge and provides security for the housing structure and the contents of the house against all natural and man-made upheavals. The prime benefits of the home insurance scheme are:-
 
  • The policy takes accountability and ensures insurance coverage for the entire house and also its components.
  • The scheme provides insurance coverage for a continuous period of 5 years for the house and its components.
  • The policy provides protection and security against all mishaps caused due to fire and other related perils. Security is also provided for theft, burglary, terrorist attacks and the like. At times an alternative housing option is provided by the company.
  • The policy can be accessed online through ICICI Bank, Citibank and HDFC Bank credit card. The payment can be done in installments with no additional charges. The EMI options are only accessible for these three banks. The EMI would be applicable with a minimum premium of Rs.1500.
Coverage for the Home Insurance Policy
 
Under this home insurance policy an individual policy seeker or holder can buy insurance for the house or the components. You can also purchase both as per your requirement. The policy provides insurance and covers for the following mishaps and upheavals:-
 
  • Earthquakes
  • Fires and Bush Fire
  • Damages caused to the house due to thunders and lightning
  • Impact Damage
  • Damages caused to aircraft
  • Mishaps that are caused due to any leakage from the installations of automated sprinkler
  • Testing of missile operations
  • Implosion and or explosion
  • Damage and loss duet to landslides
  • Damage caused due to earthly perils like inundation, tornado, cyclone, storms, flood, hurricanes and the like
  • Household loss due to any accident caused by the bursting, overflowing of the water tanks and other related equipments like pipes and apparatus
  • Man made calamities such as strikes, social riots, terrorist attacks and so on.
 
Coverage offered for theft and burglary
 
The constituents of your house too are insured and covered against any attacks of theft and burglary, and even attempted theft or burglary. Adding on to that it also takes charge of the loss of jewellery, precious and silver ornaments. This is done up to 25% of the total sum or to an amount of a lakh approximately.
 
Miscellaneous Covers ICICI Lombard General Insurance Co. Ltd
Other or miscellaneous coverage for the home and its components would include security provided against terrorist attacks and the like. In case, you are asked to shift base to another accommodation due to the damages caused to your home, the ICICI home insurance policy will compensate for the added rent. The maximum limit for the same is fixed at one lakh for a period of six months.
 
Issues not covered by the home insurance policy
 
ICICI Lombard General Insurance Co. Ltd has certain points or issues under its home insurance policy that remains uncovered by the company. Some of the can be listed as:-
  • If the property is destroyed on purpose the company does not take charge of it.
  • If the damages and the loss are caused due to the attacks of any fight, wear and tear.
  • Losses are not covered that has occurred in your house, which remained vacant for a stretch of thirty days without any prior notice to the organization.
Home inventory and insurance
Our house is one of our greatest investments that we make in our lifetime. We can invest in numerous precautionary, safety and security measures to protect our home from all hazards. Irrespective of all these measures the threat of fire, theft, natural calamities causing damage to our home remains always present. It is due to this that our home insurance policy comes to our safeguard.
In case there has been an unforeseen attack or loss, all you would want at that moment is a simple and easy process to settle the damages done. Therefore, to make the claim for a speedy settlement, a detailed inventory of your components and belongings needs to be compiled. It is always advised that you should maintain a complete and detailed inventory list for your house. This is done in order to have an accurate check of things.
The detailed inventory list can comprise small descriptions of objects, receipts, pictures of objects and the like. It takes sometime to create and arrange a detailed inventory.
ICICI Lombard General Insurance Co. Ltd understands the importance of home security and insurance in today’s world where security is a concern. With an attempt to help people secure their homes the company brings forth some home insurance policies along with their benefits.