NRI Home Insurance Policies

          Properties 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.

          Home 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.

          The 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 calamity.

          The home insurance policy insures the structure of the home for its reconstruction value and not for its market value.

          The 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.

          However, the contents within the home are computed on market value basis taking into account depreciation costs. Jewellery is exempt from depreciation.

Car and Two-Wheeler Insurance for NRIs

          Standard 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.

          The policies on car and two wheeler insurance are covered by the Indian Motor Tariff.

          NRIs 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 Rs.1500.

          The 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 Tariff.