What is the Property Insurance offered by Sundaram BNP Paribas Home?
Sundaram BNP Paribas Home Finance Limited offers a low cost property insurance scheme in association with Royal Sundaram Alliance Company Limited. Through this scheme the property financed is protected against the perils listed below for the entire tenure of the loan providing peace of mind to the customer and his family.
What are the perils that the property Insurance cover ?
What are the perils that are excluded from the cover ?
- Fire, Lightning
- Explosion / Implosion, Aircraft damage
- Riot, strike and malicious damage,
- Storm, cyclone, typhoon, tempest, hurricane, tornado, flood and inundation
- Impact damage, Subsidence and landslide including rock slide
- Bursting, Missile testing operations
- Bush fire, Earthquake
War and allied perils Pollution or contamination damage Radiation Terrorist acts
What happens in the event of damage to the property ?
Royal Sundaram would pay the amount caused by the damage as assessed by their surveryors to Sundaram BNP Paribas Home. The family is not burdened with the repayment obligation and they can continue to live in the property without any hassle.
Is this property insurance cover mandatory?
Yes, this one time low cost property insurance is mandatory.
What is the premium payable ?
The premium payable is subject to change as governed by RSAIL. Check with our customer relations officer for the current rates.
Should the premium be paid upfront to Sundaram BNP Paribas Home?
Yes the premium has to be paid upfront to Sundaram BNP Paribas Home. Once the premium is paid Royal Sundaram assumes the liability to pay the insured value of the property to Sundaram BNP Paribas Home.
Will the insurance cover continue in case of preclosure of the housing loan?
In the event of preclosure of the housing loan, the insurance cover will be reassigned in favour of the home loan customer
Does the customer have to go through lot of paper work?
No. there will be no paper work for the customer