Insurance Regulatory and Development Authority

Date:31-03-2021

Standard products on Fire and Allied perils insurance business

PRESS RELEASE

1.  On 4th January, 2021, the Authority had announced the launch of the following three standard products by all general insurers carrying on the business of Fire and Allied perils insurance business, with effect from 1st April, 2021

(i) Bharat Griha Raksha (meant for Residential Buildings and Home Contents)

(ii) Bharat Sookshma Udyam Suraksha (meant for enterprises where the total value at risk at any one location is upto Rs. 5 Crore)

(iii) Bharat Laghu Udyam Suraksha (meant for enterprises where the total value at risk at any one location is more than Rs. 5 Crore and upto Rs. 50 Crore)

2.  All the above products are available with the insurers for issuance as both new policies and as renewals with effect from 1st April, 2021.

3.  For the information of proposers and policyholders, each of the three products issued by the insurers will bear a Unique Identification Number (UIN).

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