Insurance firm New India Assurance has introduced a home insurance product, Griha Suvidha, in India.
The company has designed the new product to provide insurance for various assets and belongings of the household against natural perils like flood, earthquake, fire, burglary and terrorism.
New India Assurance chairman and managing director G Srinivasan was quoted by Business Standard as saying that the firm is planning to sell 2.5 million Griha Suvidha policies in the current financial.
Srinivasan said: "It is a simple policy and will be available via all our channels of distribution, including agents and online portals."
The policy offers four options of sum assured, which include Rs1,00,000 to Rs10lakh for fire and allied perils, Rs1,00,000 to Rs1m for burglary, housebreaking and theft, Rs50,000 to Rs4,00,000 for valuables and jewellery and Rs50,000 to Rs2,00,000 for breakdown of domestic appliances.
In addition, the new product will provide Rs25,000 to Rs75,000 cover for television or desktop under four options.
For all the covers, the total premiums across the four options range from Rs1,125 to Rs7,175 annually.
New India has partnered with six public sector and eight private sector banks to provide various insurance products in the country.
Image: New India Assurance has launched new home insurance product. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.