General insurers to offer three standard products
General insurers dealing in Fire and Allied perils insurance business will offer three standard products, as mandated by insurance regulator IRDAI, covering the risks of dwellings and enterprises from Thursday. Bharat Griha Raksha, Bharat Sookshma Udyam Suraksha and Bharat Laghu Udyam Suraksha will be available both as new policies and renewals with effect from April 1, according to the regulator.
While Bharat Griha Raksha is a cover for residential buildings and home contents, Bharat Sookshma Udyam Suraksha is meant for enterprises where the total value at risk at any one location is up to ₹5 crore. Bharat Laghu Udyam Suraksha is for enterprises where the total value at risk at any one location is ₹5-50 crore.
IRDAI had in January unveiled the three policies as part of a process of de-tariffing and bringing various aspects of fire and allied perils segment of the general insurance business out of the ambit of the All India Fire Tariff 2001. It had issued guidelines replacing the Standard Fire and Special Perils (SFSP) policy under the AIFT 2001 with the three standard products.
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