HOUSEHOLDERS POLICY: UNITED

INDIA vs. BAJAJ ALLIANZ

Presented by: Group 12

Arnab Das (09DF012)
Jitendra Kumar (09DF024)
Pallab Sen (09DF036)
Sanghita Chowdhury (09DF048)
Sumit Kumar (09DF060)
 House Holder Policy

• An insurance policy that covers the structure

of a home (often called buildings insurance).
• An insurance policy that protects against loss
or damage to the property caused by fire,
some natural causes and acts of vandalism.
Why do I need a Householders
Insurance policy?
There is no place like 'Home,' it's our most
valued possession and our heaven on earth.
But often our heaven is insecure with risks. We
realize your needs and provide you with an
Insurance policy specially designed to cover
various risks and contingencies faced by
householders under a single policy. It provides
protection for property, your domestic and
electronic appliances, interests of the Insured
and his family members.
United India Insurance
• UI is a leading General Insurance Company.
• More than three decades of experience in Non-
life Insurance business.
• Formed by the merger of 22 companies,
consequent to nationalization of General
Insurance.
• Head Quarters at Chennai.
• The Company has variety of insurance products
to provide insurance cover from bullock carts to
satellites.
 United India Insurance House
Holders Policy
What is Covered
• Building and its contents
• Jewellery and valuables
• Domestic appliances, TV, VCR, Audio Systems, PC etc.
• Baggage while on travel
• Accidental injury causing death/disability
• Liability to third parties
• Personal Accident
 Who can be Insured ?
• Any householder exposed to any of the above
contingencies. Benefits under
four (minimum) or more sections can be
chosen. P.A Cover available for
insured's spouse and children (Age: 12 to 70)
 What will Policy Pay and How Much ?

• Actual extent of loss/damage to property

under respective sections
chosen;
• Sum Insured is the limit of maximum liability
under respective sections;
• Limit of liability to third party for Personal
injury/Property damage is
up to Rs.25,000 / Rs.10,000 / Rs.3000 under
TV/Pedal Cycle/TV Antenna sections
respectively.
 Personal Accident
If injury directly/solely causes within 12 months of its
occurrence:
• Death / loss of two limbs / eyes / Total permanent
disablement : Full sum insured
• Loss of a hand / foot / eye / use of hand / foot : 50%
Sum Insured
• Specified Percentage (%) of Sum Insured in other
cases of permanent
disablement [partial]
• Weekly benefits (Rs.3000/- max.) upto 100 weeks
payable for Temporary Total Disability.
 What will Policy not Pay ?
Loss/damage due to :

• War and war like perils

• Wear and tear, depreciation, consequential loss
• Nuclear group of perils
• Gross and willful negligence of Insured
• Violation of policy conditions
• Loss/damage/liability where Insured's family or Insured's
employee are involved as principal/accessory
• Intentional act/self injury/ influence of drug/intoxicant.
Bajaj Allianz
 Bajaj Allianz General Insurance Company is a
dynamic partnership between two giants:
Bajaj Auto Ltd. India's largest 2 & 3 wheeler
giant and diversified into Auto Finance, Steel,
etc. & Allianz AG, Germany the world's largest
insurance company with 700 subsidiaries
across 70 countries.
Bajaj Allianz Householders Policy –
Security for Your Home
 Single policy covering all risks related to home
 Complete coverage at reduced and very

competitive premium rates

 Simple and quick documentation
 Related items get covered under respective

sections
 No strain on pockets of insured
 Customized cover option available
 Benefits on sectional discount which will

reduce the premium.

What does the Householders policy
cover ?
1) Fire & allied perils: Fire can cause huge damages,
which can affect your finances. It provide a policy
which covers dangers such as:
 Building and contents

 Fire, Lightning, Explosion/Implosion, Aircraft

damage, damage from rail/road, vehicle or animal,

Riot/Strike, Storm, Cyclone, Flood, Earthquake,
Landslide including rock slide, Missile testing
operations, Leakage from automated sprinkler
installations and bush fire.
 The electronic equipments/TV etc. which you wish

to cover under the respective section need not to

be insured under this section.
Exclusion:

 - 5% of the claim amount for every claim

arising out of Act of God perils
 - Damage due to terrorist activities
 Note: Terrorism Cover Extension can be

opted by paying extra premium

Cont..
2) Burglary & Robbery: This policy provides you the peace
of mind you need, it covers :
 - The damage caused due to housebreaking and thefts

 - Protection provided on first loss basis i.e. 40% of the

total value of
contents along with list of value needs
 - The total sum insured should be the market value of

the property

 Exclusion:
 It excludes loss of livestock, motor vehicles, pedal cycles
and money
stamps (Unless specifically declared.) Burglary/House
breaking
where any member of the insured's family is the principal
Cont..
3) Jewellery and/ Precious stones : - It provide
a policy which safeguards the asset by
covering:
Jewellery kept in specified bank lockers and
also list of items covered with their value to
be provided
Cont..
4) Plate Glass: - Coverage against accidental breakage of glass.

5) Domestic Appliances: - Covered against any electrical or mechanical

breakdown.

6) Electronic Equipment: - All risk coverage

7) Pedal Cycles : - All risk coverage with a third party liability extension.

8) Baggage Insurance:- Covers loss of baggage while traveling.

9) Personal Accident Insurance: - Coverage for the insured and his family for
any death or disability

10) Public Liability :- Covers any injuries or damages caused to third parties.

11) Workmen's Compensation: - Covers workmen whom you have employed

on wages.
 Premium Table
Sec. Description Premium Remarks
Rate(% 0-
Rs. 1000)
1. Fire Building and 0.5
contents

Terrorism Cover .10 0.5% of TSI subject to

Extension minimum
of Rs. 25,000/-
2. Contents - 2.25 First loss cover 40% with
Burglary 150%
premium on first loss
amount
3. All Risks Jewellery 10 First loss cover 40% with
& Valuables 150% premium on first loss
amount
 Claim Procedure
 The loss or damage should be reported to the insurer immediately.
 On receipt of claim intimation, the insurer will forward a claim
form.
 Submit the completed claim form along with an estimate of the
loss to the insurer. It is preferable to submit an itemized estimate
with separate values.
 The insurer will arrange for inspection of the damaged items to
assess the loss. In case of major losses, a specialist-licensed
surveyor is deputed.
 The insured has to provide the required documents to substantiate
the extent of loss.
 In case the cause of loss is not established, it is for the insured to
prove that the loss or damage has occurred due to an insured
peril.
 On agreement of claim amount between the insured and the
insurer, the claim is settled.
 Average Clause - As per the Terms and Condition of the Policy ·
 POINTS OF DIFFERENCE
United India Insurance
Bajaj Allianz Householders Policy
Householders Policy
 Does not provide workmen’s  Covers workmen who have been
compensation (it is covered employed on wages by the
under 3rd party cover). insured.
 Does not cover
loss/damage/liability where  Covers consequential loss and
insured's family or insured's loss/damage/liability where
insured's family or insured's
employee are involved as
employees are involved.
principal/accessory.
 Does not provide any cover
 Provides Terrorism Cover on
related to terrorism risk. payment of extra premium.
 CONCLUSION
 Bajaj Allianz provides extra benefits like Terrorism
Cover, Workmen’s Compensation on payment of extra
premium while United India Insurance does not provide
such benefits.
 So we can conclude that Bajaj Allianz Householders
Policy is suitable for high-end individuals who want
extra benefits while United India Householders Policy is
more suitable for people who want a basic policy.