Introduction
If you are a small or medium business owner, you know how important it is to protect your property and assets from unforeseen risks. Fire, natural calamities, theft, and other perils can cause huge losses and disrupt your business operations. That’s why you need a comprehensive insurance policy that covers your property and assets against such risks.
The policy also provides inbuilt covers for additions, alterations, or extensions, temporary removal of stocks, start-up expenses, cost of removal of debris, stocks on floater basis, cover for specified contents, professional fees, and costs compelled by municipal regulations.
ICICI Bharat Laghu Udyam Suraksha Policy is designed for small and medium level enterprises like hotels, restaurants, offices, and others who are eligible for this policy.
*all image Credit ICICI Lombard
ICICI Bharat Laghu Udyam Suraksha Policy
ICICI Bharat Laghu Udyam Suraksha Policy is a fire insurance policy that covers the property if the total assets value ranges above Rs 5 crore up to Rs 50 crore at the policy commencement date. It covers loss due to unexpected events that result in physical loss, damage, or destruction of building and structures, plant and machinery, stock, and other assets relating to your business.
Coverage of ICICI Bharat Laghu Udyam Suraksha Policy
The Bharat Laghu Udyam Suraksha Policy covers the following:
- Physical loss, damage, or destruction of building and structures, plant and machinery, stock, and other assets relating to your business due to fire, lightning, storm, cyclone, typhoon, tempest, hurricane, tornado, tsunami, flood and inundation, forest fire, bush fire, jungle fire, missile testing operations, acts of terrorism, bursting or overflowing of water tanks, apparatus and pipes, theft within 7 days from the occurrence of and proximately caused by any of the above insured events, explosion or implosion, earthquake, subsidence of the land on which your home building stands, landslide, rockslide, impact damage of any kind (e.g. vehicle, falling trees, aircraft, wall etc.), riot, strike, malicious damages, leakage from automatic sprinkler installations.
- Inbuilt covers for additions, alterations or extensions, temporary removal of stocks, start-up expenses, cost of removal of debris, stocks on floater basis (i.e. stocks at different locations), cover for specified contents (e.g. furniture, fixtures and fittings), professional fees (e.g. architects and surveyors), and costs compelled by municipal regulations.
- Underinsurance waiver up to 15%, which means that if the sum insured is less than the actual value of the property at the time of loss, the insurer will not reduce the claim amount proportionately up to 15%.
The policy also offers optional covers for loss of rent (if the property is rented out), increased cost of working (if the business incurs additional expenses to resume normal operations after a loss), deterioration of stock (if the stock is damaged due to breakdown of refrigeration or air-conditioning equipment), accidental failure of public supply (if the business suffers a loss due to interruption of electricity or water supply), money insurance (if the money in transit or in safe is lost or stolen), fidelity guarantee (if the business suffers a loss due to dishonesty or fraud of employees), plate glass insurance (if the plate glass in the premises is broken or damaged), neon sign insurance (if the neon sign or glow sign in the premises is broken or damaged), baggage insurance (if the baggage carried by the business owner or employee is lost or damaged during travel), personal accident insurance (if the business owner or employee suffers bodily injury or death due to an accident), and public liability insurance (if the business is legally liable to pay compensation for bodily injury or property damage to third parties).
Benefits of ICICI Bharat Laghu Udyam Suraksha Policy
Some of the benefits of ICICI Bharat Laghu Udyam Suraksha Policy are:
- It covers a wide range of perils that can cause loss or damage to your property and assets.
- It provides inbuilt covers for various expenses and contingencies related to your property and assets.
- It waives off underinsurance up to 15%, which means that if the sum insured is less than the actual value of the property at the time of loss, the insurer will not reduce the claim amount proportionately up to 15% .
- It offers optional covers for additional risks and liabilities that your business may face’
- It offers speedy claims settlement with single documentation and financial strength to settle claims of up to Rs 5 lakhs by MSMEs within 10 days .
Eligible for ICICI Bharat Laghu Udyam Suraksha Policy
ICICI Bharat Laghu Udyam Suraksha Policy is designed for small and medium level enterprises like hotels, restaurants, offices, and others who are eligible for this policy.
Documents required for ICICI Bharat Laghu Udyam Suraksha Policy
To apply for ICICI Bharat Laghu Udyam Suraksha Policy, you will need to submit the following documents along with the proposal form1:
- A copy of your business registration certificate or any other proof of legal existence of your business.
- A copy of your GST registration certificate or any other proof of tax compliance.
- A copy of your audited financial statements for the last three years or any other proof of your business turnover and profitability.
- A valuation report of your property and assets by a qualified valuer or any other proof of the value at risk of your insurable assets.
- A declaration of any previous claims or losses related to your property and assets or any other proof of your loss history and risk exposure.
- Any other document that we may require to assess your proposal and underwrite your policy.
How to apply for ICICI Bharat Laghu Udyam Suraksha Policy
To apply for ICICI Bharat Laghu Udyam Suraksha Policy, you need to follow these steps:
- Visit the ICICI Lombard or ICICI Direct website and click on the Bharat Laghu Udyam Suraksha Policy option under the SME Insurance section.
- Fill in the details of your company name, contact person name, mobile number, email ID, and pincode and click on the Get a Call Back button.
- You will receive a call from an ICICI representative who will guide you through the process of buying the policy online or offline.
- You will need to submit the proposal form for ICICI Bharat Laghu Udyam Suraksha Policy along with the required documents and pay the premium amount using credit card, debit card, net banking, or cheque.
- You will receive the policy document and schedule via email or courier after the payment is confirmed.
How to renew ICICI Bharat Laghu Udyam Suraksha Policy online
Yes, you can renew your ICICI Bharat Laghu Udyam Suraksha Policy online. There are two ways to do so:
- You can visit the ICICI Lombard website and click on the SME Insurance Policy Renewal option under the SME Insurance section. You will need to enter your policy number and mobile number and click on the Renew Now button. You will then be redirected to the payment page where you can pay the renewal premium using credit card, debit card, net banking, or cheque. On successful completion of payment, you will receive the renewed policy document via email or courier.
- You can also visit the ICICI Direct website and click on the Bharat Laghu Udyam Suraksha Policy option under the SME Insurance section. You will need to fill in your company name, contact person name, mobile number, email ID, and pincode and click on the Get a Call Back button. You will receive a call from an ICICI representative who will guide you through the renewal process online or offline.
You can also renew your policy offline by visiting your nearest ICICI branch or agent and submitting the renewal form along with the required documents and payment.
Claim process for ICICI Bharat Laghu Udyam Suraksha Policy
The claim process for ICICI Bharat Laghu Udyam Suraksha Policy is as follows:
- In case of any loss or damage to your property or assets due to an insured event, you should immediately inform the insurer by calling their toll-free number 1800 2666 or emailing them at [email protected].
- You should also take all necessary steps to minimize the loss or damage and preserve the affected property and assets for inspection by the insurer or their surveyor.
- You should submit the duly filled and signed claim form along with the following documents within 15 days of the occurrence of the loss or damage:
- A copy of your policy document and schedule.
- A copy of your FIR or police report (if applicable).
- A copy of your fire brigade report (if applicable).
- A copy of your invoice or bill of repair or replacement (if applicable).
- A copy of your valuation report or any other proof of the value of the property or assets before and after the loss or damage (if applicable).
- Any other document that we may require to verify and settle your claim.
- You can submit the claim form and documents online through the ICICI Lombard website or offline through your nearest ICICI branch or agent.
- The insurer will appoint a surveyor to assess the loss or damage and submit a report within 7 days of receiving the claim intimation.
- The insurer will verify the claim form and documents and settle the claim within 10 days of receiving the surveyor’s report, subject to the terms and conditions of the policy.
How to cancel ICICI Bharat Laghu Udyam Suraksha Policy and get a refund
Yes, you can cancel your ICICI Bharat Laghu Udyam Suraksha Policy and get a refund, subject to certain conditions. According to the policy wordings1, you can cancel your policy by giving a written notice to us at least 15 days before the date of cancellation. We will refund the premium for the unexpired period of the policy on a pro-rata basis, provided no claim has been made under the policy. However, we reserve the right to cancel your policy by giving a written notice to you at least 15 days before the date of cancellation, if we find any misrepresentation, fraud, non-disclosure or non-cooperation on your part. In such a case, we will refund the premium for the unexpired period of the policy on a short-period basis, as per the table given below:
| Duration for which the policy was in force | Percentage of premium to be refunded |
|---|---|
| Not exceeding 15 days | 85% |
| Exceeding 15 days but not exceeding 1 month | 75% |
| Exceeding 1 month but not exceeding 2 months | 65% |
| Exceeding 2 months but not exceeding 3 months | 50% |
| Exceeding 3 months but not exceeding 4 months | 40% |
| Exceeding 4 months but not exceeding 6 months | 30% |
| Exceeding 6 months but not exceeding 8 months | 20% |
| Exceeding 8 months | No refund |
To cancel your policy online, you can visit the ICICI Lombard or ICICI Direct website and click on the SME Insurance Policy Cancellation option under the SME Insurance section. You will need to enter your policy number and mobile number and submit your request. You will then receive a confirmation email or SMS from us. To cancel your policy offline, you can visit your nearest ICICI branch or agent and submit the cancellation form along with the original policy document and a copy of your ID proof. You will then receive a cheque or an electronic transfer for the refund amount.
Conclusion
ICICI Bharat Laghu Udyam Suraksha Policy is a fire insurance policy that provides comprehensive coverage for your property and assets against various perils that can cause loss or damage to your business. It also offers inbuilt and optional covers for various expenses and contingencies that may arise due to the loss or damage. If you are a small or medium business owner who wants to protect your property and assets from fire and other perils, ICICI Bharat Laghu Udyam Suraksha Policy is the rightchoice for you. ICICI Bharat Laghu Udyam Suraksha Policy is a policy that gives you peace of mind and security for your business. It is a policy that helps you to grow your business without worrying about the risks. It is a policy that is designed for you and your business needs.
Frequently Asked Questions
Q: What is the minimum and maximum sum insured for this policy?
A: The minimum sum insured for this policy is ₹ 5 crore (Rupees Five Crore) and the maximum sum insured is ₹ 50 crore (Rupees Fifty Crore) at the policy commencement date .
Q: What are the optional covers available under this policy?
A: The optional covers available under this policy are loss of rent, increased cost of working, deterioration of stock, accidental failure of public supply, money insurance, fidelity guarantee, plate glass insurance, neon sign insurance, baggage insurance, personal accident insurance, and public liability insurance .
Q: How can I make a claim under this policy?
A: You can make a claim under this policy by informing the insurer by calling their toll-free number 1800 2666 or emailing them at [email protected]. You should also submit the claim form and documents online through the [ICICI Lombard] website or offline through your nearest ICICI branch or agent within 15 days of the occurrence of the loss or damage.
Q: How can I check the status of my claim under this policy?
A: You can check the status of your claim under this policy by visiting the ICICI Lombard]website and clicking on the Track Your Claim option under the Customer Support section. You will need to enter your claim number and mobile number and click on the Submit button. You will then see the details of your claim status on the screen.
Q: How can I contact the customer care of ICICI Lombard for any queries or complaints related to this policy?
A: You can contact the customer care of ICICI Lombard for any queries or complaints related to this policy by calling their toll-free number 1800 2666 or emailing them at [email protected]. You can also write to them at ICICI Lombard General Insurance Company Limited, ICICI Lombard House, 414, Veer Savarkar Marg, Near Siddhivinayak Temple, Prabhadevi, Mumbai – 400025.
