What is Jewellery Insurance?

• Jewellery insurance covers the loss or physical damage of jewellery, precious stones, and gold or silver ornaments.

• It can cover jewellery against risks such as fire, landslides, and natural calamities.

• Jewellery insurance is available as an inbuilt cover or an optional add-on under home insurance.

• The sum insured can be determined based on the declared value or a valuation certificate, as applicable.

• You can compare the different plan options online and choose to buy

A jewellery box or a safe locker can help keep valuable pieces secure, but neither can eliminate every risk. Fire or any other accidental damage or loss can happen at any time. Jewellery or gold insurance can provide financial protection and reduce the financial impact of an unexpected incident.

Let's understand with an example,

Suppose a fire at home damages your wedding necklace. The damage costs ₹2 lakh to repair. If your housing society insurance policy includes jewellery coverage for loss or damage to jewellery, the policy can pay the repair cost.

Here are some of the key features and benefits of jewellery insurance:

Jewellery refers to any personal ornaments made of gold, silver, platinum, precious metals or gemstones. It also includes gold coins and bars if specifically listed in your policy.

Jewellery insurance covers physical loss or damage caused by various unexpected events such as the following:

• Fire, Lightning, and Explosion - Covers jewellery damaged or destroyed due to fire, lightning, explosion, or implosion.

• Natural Calamities - Covers damage caused by earthquakes, floods, storms, cyclones, and other specified events.

• Impact Damage - Cover for damage caused by external objects, such as a falling tree or vehicle.

• Riot and Malicious Damage - Cover for physical damage caused by riots, strikes, or malicious acts.

• Water-related Damage - Cover for damage caused by the bursting or overflowing of water tanks, pipes or apparatus, and leakage from automatic sprinkler installations.

• Theft after an Incident - Theft occurring within seven days of an event covered under the policy may also be covered.

• Theft and Burglary - Covers loss of jewellery due to theft or burglary, unless specifically excluded under the policy.

Knowing the exclusions helps you understand situations in which a jewellery claim may not be payable:

• Undeclared Jewellery Items - Jewellery items that are not declared in the policy will not be covered.

• Wear & Tear - Normal ageing, gradual deterioration and damage caused by regular wear are not covered.

• Wilful Negligence - Loss or damage caused intentionally by the insured or household members is excluded.

• Missing Jewellery - Jewellery that goes missing, is mislaid or cannot be linked to a specific identifiable event is not covered.

• Claim Preparation Costs - Costs and expenses incurred to prepare a jewellery insurance claim are not covered.

Disclaimer: This is not an exhaustive list of inclusions and exclusions. Refer to the relevant policy document for complete details of the coverage, terms, conditions and exclusions.

TATA AIG offers jewellery insurance under its Bharat Griha Raksha, Home Protect, and Smart Home All-Risk Policies.

Key Features and Benefits Under TATA AIG Bharat Griha Raksha Policy and TATA AIG Home Protect Policy

• Optional Jewellery Cover - Choose Cover for Valuable Contents on Agreed Value Basis, which includes jewellery.

• Agreed Value - Jewellery is covered based on the value agreed upon with TATA AIG or the value stated in a valuation certificate.

• Repair or Total Loss - Get coverage for repair costs in case of damage or the sum insured in case of total loss.

• Coverage Limit - The maximum amount payable is subject to the applicable sum insured.

Key Features and Benefits Under TATA AIG Smart Home All Risk Policy

• Inbuilt Jewellery Cover - Get jewellery protection under the Jewellery All Risk Cover.

• Agreed Value - Jewellery is insured at an agreed value.

• Repair or Total Loss - Get coverage for repair costs in case of partial damage or the agreed value in case of total loss.

• Overall Sum Insured - Get coverage for all insured jewellery up to the selected sum insured.

• Single-item Limit - A single-item limit applies when the value of an item is not separately declared.

• Pairs or Sets - If only one item from a pair or set is lost or damaged, the claim is based on the value of the affected item or its proportionate value.

• New Jewellery - Newly acquired jewellery can be covered up to the specified limit when added within 30 days.

• Pan-India Coverage - Jewellery is covered for loss or damage anywhere in India, unless otherwise specified.

As you choose the best jewellery insurance, compare what each plan covers, how jewellery is covered, the applicable limits and the premium.

Here are a few pointers that can help you choose the right insurance for jewellery:

• Compare the available house insurance policies and check whether jewellery cover is included or available as an add-on.

• Check how the jewellery is valued under the plan, such as the agreed value or valuation certificate, and understand the applicable sum insured.

• Look at what the policy covers, including physical loss or damage and the specific insured events covered under the plan.

• Go through the exclusions carefully so you know which situations or jewellery items are not covered.

• Check the limits and single-item limits for different jewellery items, as these can affect the amount you can claim.

• Compare the premium with the protection offered and consider any applicable deductible or excess you may need to pay during a claim.

• Understand the claims process and documentation requirements to make the experience easier when you need support.

If your jewellery is lost or damaged in an incident covered by your policy, knowing what to do next can make the claim process easier.

Here is how you can file a claim easily:

• Notify TATA AIG: Call TATA AIG at 022-6489-8282 at the earliest to report the loss or damage and share the basic details of what happened.

• Notify the Necessary Authorities: Inform the relevant authorities about the incident, whether the police or other local authorities. In case of theft, burglary, or fire, you must inform the relevant authorities within 48 hours.

• Initiate the Claim: Visit TATA AIG’s claims page and click on “Initiate Claim”, and then on “Home.”

• Provide the Required Details: Provide the required personal and policy details, including the date of loss and time of loss. Upload the required documents, if requested, and submit.

• Claim Assessment and Approval: TATA AIG will review the claim and supporting documents before approving the claim based on the applicable policy terms.

You can submit your claim offline by contacting TATA AIG or visiting the nearest branch.

In case of an unfortunate event, keeping the right documents ready can make the jewellery claim process smoother. Here are all the documents you will need:

• Submit a duly completed claim form with accurate details of the incident and the jewellery involved.

• Keep a copy of your TATA AIG Home Insurance policy ready for verification during the claim process.

• Provide the relevant fire brigade report if the jewellery loss or damage results from a fire.

• Submit a copy of the First Information Report (FIR) in cases involving theft or burglary.

• Provide photographs or videos that clearly show the loss or damage to the jewellery.

• If needed, submit your Know Your Customer (KYC) documents, such as your PAN and address proof, as part of the claim process.

Please note: These are some of the key documents required. Please refer to the policy document for complete details. TATA AIG may request more documents based on the nature and circumstances of the claim.