Long Term Fire Policy

[Investor]

Hi,

Could you please guide me about the Long Term Fire Policy. I am looking to insure my flat.

1-Is it possible to issue Fire policy for more than one year?
2-If Yes, than for how many years you can take a fire cover?
3-Is there any discount under long term fire policy?

Thanks in advance!

[PolicyWala]

Hi,

Could you please guide me about the Long Term Fire Policy. I am looking to insure my flat.

1-Is it possible to issue Fire policy for more than one year?

Yes, you can take policy of more than one year.

2-If Yes, than for how many years you can take a fire cover?

You can take fire policy upto maximum 10 years.

3-Is there any discount under long term fire policy?

Thanks in advance!

Attachment 13

[CONFUSED]

Long Term Fire Policy
Long Term Policies can be issued for a minimum period of three years, based on either of the following two methods subject to the conditions below the house/flat owners only:

Method A:
Premium shall be charged in full without any discount. However sum insured under the policy shall be deemed to have increased by 10% of the original sum insured at the end of every 12 months period.

OR

Method B:
There shall not be any automatic increase in sum insured as in method A. however appropriate discounts shall be allowable as mentioned above by policywala.

Premium for entire policy period shall be collected in advance. Mid-term increase in sum insured shall be allowed on pro rata basis for the balance period.