Exclusive: Modi Govt Works on Home Insurance System; Cover up to 3,000 rupees – Damage caused by floods and earthquakes must be covered; Premium 500 rupees or 1000 rupees?

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Narendra Modi government is planning to launch a major scheme related to home insurance. Coverage will be increased by Rs 3,000. Damage caused by earthquakes and floods will also be covered. Anurag Shah reports from Zee Business.

Shah said the central government has been working on a grand scheme and plans to provide home insurance coverage across the country. The guaranteed amount will be Rs 3 lakh under this scheme. It will cover damages caused by floods, earthquakes and fires.

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Shah said the outlines of this policy had already been prepared. The quotations made by the companies for this policy are around Rs 1,000 as premium to this policy. However, the central government wants the insurance companies to keep a premium of around Rs 500. Shah said talks are underway on the issue.

Shah said it is now seen as a game-changing blueprint in the sector for consumers and businesses.

All that will be covered under this scheme: Shah says it is likely that all will be covered under this scheme:

Damage due to natural disasters like earthquakes and floods is up to Rs 3 lakh. home contents. There will be personal accident coverage for at least two people in the family. Accident coverage will be in the name of the owners or the owner’s spouse.

The government is moving quickly in this regard and the discussions now depend mainly on the amount of the premium.

Shares of general insurance companies are likely to be affected once the plan is rolled out.

Shares of General Insurance Corporation of India (GIC) were trading at 178.75 rupees on the New York Stock Exchange on Wednesday when the news broke and rose 2 per cent. Shares of New India Assurance also rose 2.5% and were trading at Rs 166.40 around this time.

In a parallel to the government’s flagship scheme of Pradhan Mantri Vasal Pema Yojana, Shah said companies have made significant gains with this scheme after a slow start at the time of its launch.

Watch the Zee Business Tweet video below:

ZEE BUSINESS EXCLUSIVE

Central government is preparing to launch a major scheme related to home insurance…Up to Rs 3 coverage will be covered in the policy, floods, earthquakes and fires – sources

To see the full story in detail, watch this video # HomeInsuranceAnilSinghvi_anuragshah_ pic.twitter.com/UJ4QJwIIAG

– Zee Business (@ZeeBusiness) July 28, 2021

Under the scheme, he said, millions of homes will likely be insured.

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