Home Insurance Policies
owned by non-resident Indians have grown in numbers in the
last decade, as investment in realty for investment and
personal use has risen sharply. NRIs wishing to secure their
homes or investments in India are eligible to avail of home
insurance schemes offered by insurance companies like Standard
Chartered, ICICI Lombard and LIC.
Insurance Schemes protect the structure and contents of a home
and an NRI can choose
between insurance for only the building or its contents, or
both. Damage due to man-made and natural calamities like fire,
riots, terrorism, earthquakes, lightning, landslides etc. is
covered by the home insurance policy.
loss of assets within the home due to burglary can also be
reimbursed. Proponents can opt for coverage of additional
expenses incurred in case alternative accommodation needs to
be taken if the home has been destroyed by any insured
home insurance policy insures the structure of the home for
its reconstruction value and not for its market
location of the home insured determines the rate of
construction, recommended by insurance companies factoring in
the cost of the material used already in the home.
the contents within the home are computed on market value
basis taking into account depreciation costs. Jewellery is
exempt from depreciation.
Two-Wheeler Insurance for NRIs
Chartered and ICICI Lombard provide accident cover for four
and two wheelers with a third party liability covering
physical injuries and death, and a personal cover for the
owner of the vehicle and the damage to the vehicle itself. The
policy covers damage caused to the vehicle due to natural or
man made causes. Personal accident cover for passengers can
also be availed of through the insurance policy. Third party
legal protection is extended in case of accidental damage to
property or injury or death of a person.
policies on car and two wheeler insurance are covered by the
Indian Motor Tariff.
can avail of digitally signed policies online, and claims can
be settled at any of the enlisted cashless garage services. No
claims made within the policy period give the policy holder
upto 50% discount on the renewal charges. The policy comes
with an added perk of free towing charges of upto
insurance on two and four wheelers is based on the declared
value of the vehicle, which is computed on the selling price
of the vehicle and its accessories, less the depreciation for
every year as per the Schedule in the Indian Motor