The policy offers 4 variants which come with five built in-sections and pre-defined sums insured for covering contents in the house on a first loss basis.
- Under the first option, for a fixed annual premium of Rs. 1125, an individual will get a cover of Rs. 1 lakh for damage to contents due to fire and allied perils and Rs. 1 lakh for loss due to burglary and theft.
- Jewelry and valuables will be covered to the extent of Rs. 50,000.
- The individual can choose to insure the premises, too, but it will be covered on a full sum insured basis - the premium and sum insured will depend on the value (cost of reconstruction) of the property.
NIA, which operates both in India and foreign countries, is the largest general insurance company in India. It has a huge distribution network, through some of the leading public sector Indian Banks, such as, State Bank of India, Central Bank of India, Corporation Bank and United Western Bank.