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Bajaj Allianz General Insurance Co. Ltd. All Rights Reserved. | IRDA Reg. No. 113 | An ISO 27001:2005 Certified Company | Tollfree: 1800-209-0144
Insure the building based on
Agreed value basis – If the insured property gets destroyed or damaged, the insured will get indemnified of an amount agreed by the insured and the insurer at the time of insuring the property, which is usually higher than the market value.
Reinstatement basis – If the insured property gets totally destroyed, or cease to function due to damage, the insurer will either get them replaced or will pay full amount as repair costs for those damaged parts if they can be returned to the original state, without taking pre-loss condition into consideration.
Indemnity basis – If an insured property is damaged or destroyed, the repair cost for the damaged parts will be indemnified or they will be replaced by the insurer based on their value at the time of a claim.
Insure the content including portable devices based on
New for old basis – If the insured items get totally destroyed, or cease to function due to damage, the insurer will either get them replaced or will be paid full amount as repair costs for those items if they can be returned to their original state without taking pre-loss condition into consideration.
Depreciation value (Indemnity basis) – The insured household items would be replaced based on their value at the time of a claim.