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The Best Home Insurance Plan
What is Home Insurance?
Householders or homeowners insurance, commonly known as home insurance, is the type of property insurance that covers private homes and various contents in it against a variety of risks. This insurance policy combines various insurance protections such as losses arising due to damage to one's home and/ or its contents, loss of personal belongings or possessions of the homeowner and liability arising out of Homes that may happen at home. The policy document clearly lists down what will and what will not be paid in case of any unforeseen event.
What is Home Insurance Premium Calculator?
It is an online tool that helps you to calculate the life insurance cover you will need to financially secure your income and savings. This helps you estimate the life insurance cover amount needed to financially secure your income. Based on this cover amount, you can calculate the premiums to be paid for different policy Homes.
Who Should Buy Home insurance?
Home insurance is a must-buy for a person
- who is the bread earner of the family
- who has major financial responsibilities such as children's education or wedding expenses to be incurred in the future
- who doesn't have sufficient savings or investments but wants to safeguard financial sustenance of his family
- who has debts such as a home loan
Eligibility Criteria to buy Home Insurance Plan
General eligibility criteria for buying Home Insurance are -
Indian (NRIs & PIOs can also purchase Home Insurance plans from various Indian insurers)
Most insurers require you to undergo certain medical tests.
Both smokers & non-smokers are eligible to buy.
Buyer must possess basic KYC documents.
Best Home Insurance Plan In India in 2023
These are a few of the best Home insurance plans available in India. You can get various Home insurance comparisons on MyInsuranceClub.
Max Life Smart Home Plan
HDFC Life Click 2 Protect
ICICI Prudential iProtect Smart
Sampoorna Raksha Supreme Instaprotect
Smart Protect Goal
Mera Term Plan Plus
Kotak e-Term Plan
What are the types of Home insurance plans in India?
List below are some of the major coverages provided in the plans. Please check the policy details for exact nature of coverage
It indicates death of the policyholder in an Home. The Sum Assured under this plan is payable if death occurs from an Home. However, the death needs to occur within specified timelines of the Home for the claim to be payable, usually taken as 15 days. In that case,
It indicates that the policyholder is disabled from work, either partially or wholly. Again, the claim would be payable if the policyholder has been disabled from work for a period more than 180 days. In that case, if the policyholder is physically disabled,
It indicates that a part of the policyholder's body has been severed or dismembered. It means, if the policyholder loses his hand or leg or eyes, then he would be eligible to get a claim under Homeal Dismemberment. There are certain norms for the payment of the Sum Assured.
You will be provided coverage against the expenses incurred during hospitalisation due to an Home. You may also receive a daily cash allowance for the duration of hospitalisation